One of the most common questions that homeowners face when thinking about buying a new home is whether they should buy or sell first. There's no easy answer, as the best course of action will depend on your unique circumstances. Here are a few things to consider as you weigh your options.

Reasons to Sell Your Home First

Financial Clarity

If you sell your home first, you'll have a clearer picture of what you can afford in a new home. This knowledge can be incredibly valuable, as it allows you to narrow your search and avoid disappointment.

Avoid Carrying Two Mortgages

If you buy your new home first and your old home hasn't sold yet, you could end up paying two mortgages at the same time. This can be a financial strain that many people want to avoid.

Negotiating Power

If you've already sold your home,you're in a stronger negotiating position when it comes to buying a new one. You're a more attractive buyer because you don't have to worry about the sale of your old home falling through.

Things to Keep in Mind

It's important to note that the timing of your home sale and new home purchase may not align perfectly. You could end up without a home for a period of time, which can be stressful. However, seeking a long closing date on your home sale can buy you more time to find your new home. And if you do end up needing temporary accommodation, make sure you're prepared for that possibility.

It's also worth noting that there are some situations where buying first might be the better option. For example, if you're in a hot market where homes sell quickly, you might want to secure your dream home before it's snapped up by someone else.

Seek Out a Professional Opinion

Ultimately, the decision to buy or sell first depends on your personal circumstances. If you're unsure about what's best for you, consider consulting with a real estate professional who can help you weigh your options and make an informed decision.

At the end of the day, it's never too early to start exploring your options. If you're curious about what your home is worth in today's market or looking for advice on what fixes or upgrades will add the most value, reach out to a trusted real estate professional. They can provide you with a confidential, no-pressure consultation and market evaluation to help you make the best decision for your situation.