If you plan to buy again after you sell, you’re likely wondering what should come first. You don’t want to sell and be caught without a place to live - even for a short time! Nor do you want the expense of two homes - in the case of buying before you sell.
By selling your current home first, you remove the burden of uncertainty and know exactly how much you’ve netted from the sale of your home - an important consideration in determining the price range for your next home.
Moreover, a seller usually takes unconditional offers more seriously. By selling first, you’ll negotiate the purchase price on your new home more confidently.
If you do buy first, when it comes to the contract and depending on the circumstance I will make your offer to purchase conditional on the sale of your current home. If you don’t sell within the specified time period, your offer simply lapses without penalty.
Bridge financing may also be a short-term solution when buying first. Based on your credit situation and the probability that your current home will sell quickly, some lenders will extend additional credit on a short term basis, using the equity in your current home as security.
*** Rule of thumb***
In a buyers market, many people prefer to sell first to limit risk. In a seller’s market, many consider buying first. All situations are individual and I will discuss this with you at great length.
I will prepare an in depth comparative market analysis (CMA) using advanced tools to help us determine a competitive price for your home. I also have a full time Real Estate assistant to research the information and carefully evaluate your home.
SETTING THE PRICE
Setting the price of your home is critical. it requires extensive knowledge, training and access to the latest market information. Unfortunately, in the Real Estate business over 63% of Real Estate agents are part time. Many of these agents lack the experience or qualifications to properly assess the value of your home. If an agent prices it too high, you could spend months on the market with few showings and no offers. If an agent prices your home too low, then you loose some of your equity.