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Q: Should I sell my existing home before looking for a new one?
Answer(s) to this Question (
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Timing Your Move
If you are currently a renter, timing your move is a little simpler than if you own your own home. Renters have the luxury of scoping out the residential real estate market and viewing real estate for sale. When the time comes to place an offer on a property, renters can structure the offer to allow enough time to give the landlord the required notice. For people who already own a home, it's not always that simple. If you find a new home you want to buy, the deal hinges on you selling your existing home and could put you in a less advantageous position than another buyer placing an offer on the same house who does not have a home to sell. Some people are more comfortable placing their current home on the market--some even wait until it's under contract--before finding a new home. Your real estate agent can help you figure out what the best strategy is for your circumstances depending on the market dynamics in your area.
Timing Your Move
If you are currently a renter, timing your move is a little simpler than if you own your own home. Renters have the luxury of scoping out the residential real estate listing market and viewing real estate for sale. When the time comes to place an offer on a property, renters can structure the offer to allow enough time to give the landlord the required notice. For people who already own a home, it's not always that simple. If you find a new home you want to buy, the deal hinges on you selling your existing home and could put you in a less advantageous position than another buyer placing an offer on the same house who does not have a home to sell. Some people are more comfortable placing their current home on the market--some even wait until it's under contract--before finding a new home. Your real estate agent can help you figure out what the best strategy is for your circumstances depending on the market dynamics in your area.
