Thinking of Buying But Own A Home Now?

Dated: December 4 2019

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Thinking of Buying But Own A Home Now?

Contemporary kitchen with chrome faucet and brown cabinets

Do You Want to Buy, But Need to Sell First?

If you are thinking of buying a home and you decide to sell your current home, versus holding it as an investment and renting it out, you have three options:

1. Sell Then Buy

Not having a home to sell puts you in a great position for negotiating the best deal when you buy your next home. The downside, though, is that you will need short term housing, plus need to move twice.

2. Buy Then Sell

Not having to coordinate two transactions at once makes for a less stressful experience, but you will have the expense of carrying two homes for some period of time. There is also some risk that the market could suddenly change and you'd be unable to sell your current home. In this happens you'd probably be able to rent the home to cover your carrying costs.

3. Buy and Sell Simultaneously

The advantage of this approach is that it minimizes the risk and expense of owning two houses at once. The downside is that most sellers don’t want the risk of agreeing to sell to you if you need to list and sell your current home first. If a seller agrees, the maximum time most sellers will allow is 30 days.

The best way to manage a buy and sell is to work with an experienced agent, get your home in tip-top condition and price it to quickly sell. This way you’ll quickly attract a good buyer who is motivated to close. Your offer on the home you want will be strengthened by a contract to sell your house to a strong buyer.


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Leslie Ebersole

I'm not happy unless I'm busy helping people. As the founder of the BRIX Group, I work as a real estate agent with eXp Realty in the western suburbs of Chicago, and as a marketing consultant to teams ....

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