Thinking of Buying But Own A Home Now?

Dated: December 4 2019

Views: 503

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.

Blog author image

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 ....

Latest Blog Posts

Farmers Markets in the Western Suburbs of Chicago 2020

Home  |  Farmers Markets 2020 Farmers Markets in the Western Suburbs of Chicago 2020 One of my favorite summer activities is visiting local farmer markets to find fresh fruit,

Read More

2020 Real Estate Market Forecast Chicago Area

2020 Real Estate Market ForecastWestern Suburbs of ChicagoJoe The Guardian Troll photo courtesy Morton ArboretumHow’s the Market?If you’re thinking of buying or selling a home in 2020

Read More

Seller Love Letter

Seller Love Letter"Why We Have Loved Living Here"A Seller Love Letter tells the story of "why we have loved living here". When you are selling your home you can create an emotional connection with

Read More

How to Win in a Multiple Offer Situation

How to Win in a Multiple Offer SituationArrrggghhh! You've found the perfect home only to learn that you’ll be competing with other buyers! If you really want to buy the home you’ll need

Read More