Buy or Sell?
Published on 08/23/04By Lewis J. Corcoran - Realtor-Associate - Weichert, Realtors

The classic dilemma for many homeowners is whether to buy or sell first? If you sell first, you may find yourself faced with a tight deadline, or you may even need to find a short-term rental.

If you buy first, you may be saddled with two mortgage payments. Or, you may need the cash from the sale of your home in order to qualify for the loan on your new home.

There is no "right" answer. It depends on your specific circumstances. Most homeowners agree that it is more prudent and less stressful if you sell your existing home before you buy a new one. You can often get top dollar for your home if you are not under pressure to sell. And you are in a better position to negotiate on the buying side of the transaction. If you have to make an offer contingent on the sale of your home, you often lose negotiating leverage.

If you sell your current home and the home you select isn't available when you are ready to move, you may end up with cash in hand in a short term rental. No one wants to move twice, but it may be well worth it to eliminate risk and have more money to work with.

Owner's Tip: Before you make the "buy or sell first" decision, get some professional advice.

Owner's Tip: In some active markets, sellers will not even entertain a contingent offer.

If you would like help coordinating your next move, please don't hesitate to call or email.