Buy or sell? Which one comes first?

As confidently and decisive as you serve our community, we don’t blame you if you’re not as confident and decisive about the decision on whether you should buy or sell your home first.  The decision is weighted by the considerations of your family as you transition homes. It also requires you to think about your finances and what you can afford. But, this is where my expertise is best used to serve you. Backed by experience and armed with helpful information, I will help you answer this question confidently.

Here are the benefits and drawbacks to both selling and buying your home first, and how to use this information to make this decision with confidence.


The Benefits of Selling Before Buying:

• Limit the amount of debt you take on by carrying one mortgage at a time
• You’ll know exactly how much equity you are getting out of your home
• Use the cash from your equity for the down payment for your new property
• Be patient with your asking price in the sale of your home
• Limit your responsibility to one home at a time

The Downsides to Selling Before Buying:

• You may have to find a temporary residence before settling into your new home
• You’ll likely need to move twice
• You may feel pressure to find a new home in a hurry
• Incur storage and additional moving costs

The Benefits of Buying Before Selling:

• A more enjoyable and stress-free home search
• Save money on storage fees or doubled moving expenses by moving once
• More flexibility to be patient in finding the right home
• You’ll have a place to call home throughout the entire process
• You will have your current home to go to if the offer on your new home falls through

The Downsides to Buying Before Selling:

• Equity locked up in your home can limit the down payment or offer on your new home
• You may feel the need to accept a lower offer on your home if you’re in a rush to sell it
• You may have two mortgage payments until you sell your home
• Responsibility for two sets of taxes
• Qualifying for a new mortgage is more challenging when you have your existing one

Taking these benefits and drawbacks into consideration are an important part to making the best decision for you and your family. However, you should also consider your personal financial situation and consult an experienced real estate professional for relevant and current information on your local real estate market. 

As your local Homes for Heroes Real Estate Specialist, I have been helping homeowners successfully navigate selling and buying a home since 2020. Not only do I take careful consideration of what solution is the best for you and your situation, I partner with lending  professionals who share these same values.

Do you know a hero that could benefit from saving extraordinary money on a home? 

Please share Homes for Heroes with them!


https://www.hagensteinrealestate.com/hfh