Should I Buy or Sell My Home First?
This is the age old question and the single most asked question among downsizing, upsizing or relocating home owners. The answer is mostly sell first but it really depends on your financial position and whether you can qualify for a mortgage without selling your home or whether you have enough money in the bank to pay for your new home without selling your current one first. I very rarely meet homeowners who are in either situation, then the answer is list your home for sale with an attractive price, then start looking for a new home. You can always make your contract contingent on selling your home first, and you can always make the contract you receive on your home contingent upon finding a home of choice. The best advice, however, is hire an experienced agent (like myself) that has experience in these situations to guide you through the process.
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
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.
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.
HAVE YOUR BEST YEAR EVER IN 2015 !
"Selling Victoria Residential & Income Producing Properties since 1971"
Personal Real Estate Corporation
Accredited Consultant in Real Estate®
“Recognized by ActiveRain as a 2013-2014 Top Contributor for Real Estate Blogging.”
Over 40 Years Experience selling Real Estate does make a Difference.. call Fred today to Put his 40 years experience to work for You.
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