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Q & A – Should I buy or sell first?

Posted by Milana Cizmar on June 19, 2012

Question: My wife and I are thinking of buying a larger home for our family but are not sure if we should buy first or sell first? What is the right answer?

Answer: The classic dilemma for many homeowners is whether to buy or sell first. There is no “right” answer. It really depends on your specific circumstances.

Most homeowners agree it is more prudent and less stressful if you sell your existing home before you buy a new one. You can often get top dollar for your home if you are not under pressure to sell. You are also in a better position to negotiate on the buying side of the transaction.

  • If you have to make an offer contingent on the sale of your home, you can lose some negotiating power as many sellers do not look very favorably on this type of an offer.
  •  Sellers have the right to refuse your offer entirely if, they think they will get another offer from someone else without this condition.
  •  If you sell your current home and the home you select is not available when you’re ready to move, you may end up with cash in hand in a short-term rental. No one wants to move twice, but it may be well worth it to eliminate any potential risk and have more money to work with.

If you currently own a home I would be happy to provide you with a complimentary market evaluation so you know what your home is worth in today’s market.

If you provide me with some basic information on your home, I’ll be able to give you a price range. The range will be determined using the information you provide to establish a list of comparable properties in your area as reported by the Multiple Listing Service (MLS).

Or I can provide you with a more precise evaluation by briefly visiting your home.

In either case, there is no obligation to you.  I often recommend you have a market evaluation done on your home every once in a while to know exactly what your home is worth. Afterall, knowledge is power!

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