If you are looking to relocate, move-up, downsize or otherwise move from one house to another, the age-old question is whether to buy or sell first. While there are pros and cons of each decision, the answer to this basic question is as individual as you are, and there is no one universal answer. If you are embarking upon a move that involves both buying and selling a home, here are some things to consider during the initial stages of the process.
Generally speaking, under most market conditions, real estate professionals advise listing your present home and shopping for your new home simultaneously. Nonetheless, you should talk to a real estate sales professional about your personal situation so you can consider how fast you need to sell, and how long you should expect it to take given current market conditions.
If you have very specific criteria – like location, size, views, age, etc. – that could lead to a time-consuming home search, you should consider finding and buying a home first before you sell your existing home. If necessary, your offer to buy a home can be contingent on selling yours. On the other hand, if you sell first, you can make your sale dependent on finding a home to buy.
Seasonality can also play a role in deciding when to sell – with spring and fall being the most popular seasons to put a home on the market. Your Weichert sales associate can help you consider the effect of other factors like interest rates and consumer confidence in the economy.