SHOULD I BUY A HOME OR SELL MY HOME FIRST?

By
Real Estate Sales Representative with RE/MAX Camosun Victoria BC Real Estate BC Licence #001159
https://activerain.com/droplet/Y7Z

SHOULD I BUY A HOME OR SELL MY HOME FIRST?

 

In over 40 Years of Selling Real Estate In Victoria, BC This Question is the most common question my Clients ask me.

 

My Answer always is the Same...SELL FIRST

SHOULD I BUY A HOME OR SELL MY HOME FIRST?

WHY?....So You’ll know:

 

  • How much money you’ll have from your sale of your home

  • When you need to move to your next house ie Buyers possession.

  • You’ll have little to no stress and enjoy the whole Selling and Home Buying experience.

 

If You Do Try and Buy before you list and sell your home, you’ll need to make an offer subject to the sale of your home. In most cases Sellers will want a time clause as part of the Contract If you have not Sold your home.You’ll now be under a lot of pressure to sell and probably sell for alot less money to get your home Sold. Talk to your Realtor about Time Clauses, here typically the Seller is Open to calling you to remove your Subject to the Sale of your home if they receive a better offer. You will then have 24-48 hours to remove your Subject to the Sale of your Home condition.

 

The Best Part of Selling first, you will not get frustrated or be disappointed. Too many times Sellers go looking and fall in love with a house then want before they have put their home on the market yet.

 

There is a time line when Selling every Home Rarely if ever do homes sell in one day and complete in one day. Some Sellers Markets see one day sales, but rarely the same day completion.

 

A Selling Timeline:

  • Listing waiting time-when you actually list your home on MLS- you could delay listing 7 to 30 days from when you meet your Realtor to discuss listing your home. Your Realtor may recommend Decorating or Staging before you list.

  • Marketing Time 45-60 Days-recent sales stats will indicate marketing time for homes in your area.

  • Offer and Processing time. 7-10 days-This is when you have an accepted offer and the Buyers needs to get their mortgage Financing approved and do their building inspection.

  • Possession Time: most home seller need time to move 30-90 Days, sometimes they have already moved and the house is vacant.

 

SHOULD I BUY A HOME OR SELL MY HOME FIRST?

 

From the Time a Home is First listed For Sale to receiving the cash and moving typically can be 6-9 Months. You can of course Speed up the home selling Process by being aggressive with pricing and curb appeal. Listen to your Realtor’s advice they are the professional who knows your local Real Estate Market.

 

Note: Home Buyers are Comparative Shoppers and they decide what they’ll pay for their next home, you of course will do the same when you become a Home Buyer.

 

SHOULD I BUY A HOME OR SELL MY HOME FIRST?

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HAVE YOUR BEST YEAR EVER IN 2015 !

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  "Selling Victoria Residential & Income Producing Properties since 1971"

 

Cheers

Fred Carver

Personal Real Estate Corporation

RE/MAX Camosun
Accredited Consultant in Real Estate®

“Recognized by ActiveRain as a 2013-2014 Top Contributor for Real Estate Blogging.”

Direct 250-598-2963   

Over 40 Years Experience selling Real Estate does make a Difference.. call Fred today to Put his 40 years experience to work for You.

4440 Chatterton Way, Victoria, BC V8X 5J2
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Post Copyright © 2016 By Fred Carver Real Estate Corporation All Rights Reserved

Fred Carver Top Realtor Victoria BC

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 07/07/2013 07:01 AM
  2. LINDA SABO 07/07/2013 01:58 PM
  3. Praful Thakkar 08/09/2018 09:26 PM
  4. June Piper-Brandon 08/10/2018 11:07 AM
Topic:
Home Selling
Location:
British Columbia Capital Area Victoria
Groups:
The Art Of Marketing You
Canadian RE/Max Agents, Mortgage Brokers, Home Staggers Etc.
Fairfield Victoria Real Estate Blog
Oak Bay Real Estate
HyperLocal Neighborhood and Community Posts
Tags:
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buy or sell my home first

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Rainmaker
1,546,677
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

I am with you on this one as well. My brother is doing that right now.  And he got that advice from the mortgage person at his bank although he qualified for the new mortgage easily.

Jul 07, 2013 08:43 PM #27
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Jon...I've been in a few Sellers Market, and trying to Buy a Nice home with other competing offers and you clients hasn't Sold Yet...Very Stressful for your Buyers. Many decide to make what we call a clean offer and write an offer WITHOUT their offer being Subject to the Sale of their home. I've seen Buyers not get what they want or need from the sale of their home....Not Fun! In a Sellers Market why not try for a long completion date then go shopping, knowing your home is Sold.

Cheers

Jul 07, 2013 11:34 PM #28
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Pat and Steve...a possible ethics problem ?

 

Hi Brenda....so True, in a Sellers market home seller do not need to accept an offer contingent on the sale of a home...all the more reason to have at least have firm offer on your Buyers home. See my response to Jon at #28

Jul 07, 2013 11:38 PM #29
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Lora...Here the banks will not Advance funds for bridge financing unless you have a unconditional Contract...so the risk would be minimal for a buyer.

Jul 07, 2013 11:41 PM #30
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Ralph....so true, no matter what they tell us, they price their home in their mind based on what they want or need which can be a formula for disappointment, beside it's fun and not stressful to go house shopping when you know your house is Sold.

Cheers

Jul 07, 2013 11:43 PM #31
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Barbara...We're seen it all before :O)

Hi Bill...There are exceptions, I'm referring mainly to people moving from their principle residence.

Jul 07, 2013 11:46 PM #32
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Sharon...Huge advantages! Who doesn't like to go house shopping making firm offers.

Hi Michelle...we all have, I soon get disappointed as the Sellers motivation is week or non existent.

 

Jul 07, 2013 11:49 PM #33
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Aaron...Very True.

Hi Nina....very well said!

 

Jul 07, 2013 11:51 PM #34
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Gary...perfect, it's even better when another professional says to sell first.

Cheers

Jul 07, 2013 11:53 PM #35
Rainmaker
578,126
marti garaughty
garaughty.com - Montreal, QC
a highly caffeinated creative type...

garaughty, abstract art, graphic design, WordPress consultant

Jul 08, 2013 12:06 AM #36
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Marti....THANK YOU 

Have a fun and successful week!

Jul 08, 2013 03:30 PM #37
Rainmaker
526,550
Kathryn Acciari
Century 21 Real Estate - Shrewsbury, MA
Brand Ambassador and Business Coach

Juggling selling and buying is certainly complicated. Very often, people need to be prepared for some temporary housing and storage. A few have the luxury of buying before they sell their home, which makes things easier from a moving standpoint.  All good suggestions here - nice post!

Jul 09, 2013 01:58 AM #38
Rainmaker
4,383,064
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Fred, in our crazy Seller's Market, finding a replacement home is quite the challenge right now.  Limited inventory and multiple offers have put sellers in alternative housing.     I have had more sellers this year, buy first, sell second.

Jul 09, 2013 10:37 PM #39
Rainmaker
2,183,893
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Ideally it would have been great to sell our home before buying another.  However, we found the home we wanted before we had an offer on ours.  We wanted the home so badly, we had no choice but to buy first.  It wasn't easy, but we were very lucky we had the ability to purchase without having to make it contingent on selling ours. 

Jul 11, 2013 09:40 PM #40
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Kathryn...Thanks

Cheers, have a fun and successful day!

Jul 18, 2013 12:26 AM #41
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Joan...Being in a Sellers market makes it a challenge, still you Seller is Better to Sell First, even if they need to have temporary accommodation, Just Think of the advantage a Buyers has negotiating against competing offers on a home of their dreams with Cash or their down payment in the bank.

Have a fun and successful Summer.

Jul 18, 2013 12:35 AM #42
Rainmaker
1,059,619
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Sharon...not an option for most people these days with Tighter Credit requirements. Congratulations on your purchase. hopefully your home will sell quickly and the selling process is stress free.

Cheers, have a fun and Successful Summer

Jul 18, 2013 12:38 AM #43
Rainmaker
1,591,146
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

The best thing would be if a person can afford two homes at the same time! Then they can buy with no sale contingency and take their time moving from one home to the other.

However, that's not realistic for most people. I have had sellers successfully sold/bought with a sale contingency and others who were not so successful. The process works smoother if they can sell first, and then buy.

Aug 10, 2018 03:23 AM #44
Rainmaker
1,059,036
June Piper-Brandon
Houwzer Inc - Baltimore, MD
Piecing Dreams One Home at a Time

This is the age old question, great post, I missed it the first time thanks to a reblog I caught it.  

Aug 10, 2018 10:58 AM #45
Rainmaker
2,777,097
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

 It really does depend on the buyer/seller and their individual situation about what they will need to do when it comes to moving.  And, it also depends on the market.  If it is a balanced market where inventory and buyer activity is moving at a good pace, then it can be less traumatic.  I have often used bridge loans to move people to new homes, while waiting for their old one to sell.  It just depends on financial capability.

Aug 12, 2018 10:47 AM #46
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Rainmaker
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