“Should I buy now or sell my home first?”
This is a question I am asked frequently, especially in today’s market. The answer…it depends on your risk tolerance. No, that’s not a cop out. Everyone is different.
It’s a very individual decision. But there are advantages to buying first. For one thing, you know you won’t be sitting in a hotel room after you sell your home-you’ll have a place to go! And if you make on offer on a house that’s contingent on selling your current house, that puts you in weaker bargaining position when you are looking for a deal. Yes, even in the Newport Beach real estate market there are deals to be had. You just have to look a little harder.
If you want to buy now and sell your current home later, you can always look at getting an equity line on your property to use as down payment for the new house. Then after you buy the new house, you immediately put your old house on market to sell in a timely fashion. And if you time it right-with both houses closing concurrently-you make just one move just once, saving time, money and stress.
On the other side of the coin, in the current buyer’s market, some people are selling now, renting and waiting to see what happens in a few months…or next year. The folks that are selling now and renting are convinced prices are headed south and they will have more purchasing power later.
Which way is for you?
Stumble It!
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Sell your home first, then you know what you can afford for your new home