Which Comes First, the Buyer or the Seller?

    Which Comes First, the Buyer or the Seller?

    Mar 29, 2018

    You’ve heard the old adage about the chicken and the egg. But which comes first when you’re buying and selling a home? Maybe you’ve decided to move, but you’re not sure whether you should sell your current home before buying another one, or should you buy a new home, then sell your current one?

    Like with a lot of the decisions involved with moving, you really have to figure out which is the better option for your individual needs. There is no single best answer. Here are some facts about both options.

    Buying A New Home Before You Sell-

    You can take your time- One benefit to buying a new home before selling your current residence is the luxury of time. Since you won’t have to be out of your current residence, you won’t be in a hurry to find a new home. This may allow you to conduct a more thorough search to find your next home.

    One thing to keep in mind, however, is the state of the market. Currently, things are moving quickly in East Tennessee. Homes are selling fast and because of the low inventory, often multiple buyers are competing for one property. You can always talk to your real estate agent to find out more about the state of things in the market when you are looking to buy.

    Stress of moving- Buying first means you only have to move once. You won’t have to empty your current house into an apartment or storage units, then into a new home later. You move from point A to point B and it’s over. Moving can be a high stress endeavor, so only having to do it once is definitely a bonus.

    Buying A New Home After You Sell-

    Funds- If you sell your current home before buying a new one, you may end up with money that can be used as a down payment.

    Avoid Two Mortgage Payments- This is pretty self explanatory. If you sell first and then buy, you won’t have two house payments at the same time. Plus, if you can manage to crash with friends and family in the short interim between homes, you may be able to pocket some of the money you would have spent on rent. That money can be applied to the additional costs associated with a new home purchase.

    One thing at a time- Shopping for a new home while simultaneously trying to sell your current home can be a stressful task. The good news is that when you work with a real estate professional who understands the market and has the industry experience, he or she can be your trusted advisor to make the process much more smooth. Another reason you might want to consider selling first is that it will allow you to focus on repairing, polishing, and staging your home to make the most of your sale.

    Remember, there’s no right or wrong way to do things. Just make the choice that’s going to serve your individual needs the most. It will pay off in the end.