Wednesday, October 6, 2021 / by Tara Turner
Is it better to sell your current home first and then look for a new one? Should you buy your next home first and then try to sell? The answer? Well...it depends.
If you sell first, you might find yourself being pressured to find a new home quickly and if you're feeling rushed, you might end up settling for something that is less than what you want or end up overpaying. Of course, if you decide to buy first, you could end up saddled with the expenses for both homes until your current home sells. For most people, finances dictate the answer since they'll need the equity from the sale of their current home to use as a down payment.
There are options. Some people secure a bridge loan that is paid back when their home sells. Others negotiate to sell, but then rent their current home back from the buyer for a period of time. Some people move in with family members or rent until they find their next house.
It is a difficult decision and there is no right answer. Your realtor can talk through the options with you and help you decide which way is best for you.
If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070. Mitchell Stein License# 0208163