SHOULD I BUY OR SELL FIRST?
Friday Oct 18th, 2019
IS IT A BUYER'S OR SELLER'S MARKET IN DURHAM?
Should I Buy or Sell First? The sellers answer depends on your personal circumstances. Take a look at the examples below to decide what might be right for you.
EXAMPLE 1 If it's a sellers market. If you are in a seller's market you would want to buy first since finding the right home to purchase will likely take more time than it will to sell. You would also have to consider the transaction that would take the most amount of time.
EXAMPLE 2 If you are in a buyer's market. If you are in a buyer's market you will usually sell first and then buy.
EXAMPLE 3 If you are able to write a conditional offer on the sale of your property. An offer conditional on the sale of your property allows you to purchase a home first. Not all sellers will accept a subject to sale offer, especially if you are in multiple offer situation, but in a buyer's market they are more likely to do so. You must also consider if your property is in good condition and ready to sell quickly. So you can buy and sell at the same time.
EXAMPLE 4 Can you afford to own two properties? Always check with your bank or mortgage broker if you can get bridge financing to pay the mortgage on two properties temporarily. Make sure your finances are in order and can buy first before you sell.
EXAMPLE 5 Do you have another place to live in the interim? There is always the risk that closing dates on both properties don't line up. Always ask yourself do you have somewhere to stay while waiting to move into your new home. When you sell first you usually have more control on closing dates.