* This post is brought to you by RE\/MAX Canada*
If you are a homeowner and you decide to enter the market, you\u2019re faced with a difficult question: Especially if you\u2019ve never sold your home before.
Do you buy your next home before selling? Or do you sell your current home before buying?
We reached out to our RE\/MAX Influencers\u2014a panel consisting of RE\/MAX Sales Associates from throughout Canada\u2014to find out their opinion on whether homeowners who are re-entering the market should buy first or sell first.
It All Depends
The majority of our RE\/MAX Influencers agreed that each situation is unique, and several factors need to be looked at to determine the answer of that question. For example: What are the current market conditions? And are you financially capable of carrying two properties with ease?
\u201cIt absolutely depends on the market situation,\u201d says Justus Smith, RE\/MAX Crown Real Estate (East). \u201cIf the client is selling in a hot seller\u2019s market, then they would likely want to find their next home first and buy it. However, if they are selling in a buyer\u2019s market, it\u2019s better to get their property sold before venturing out to purchase another home.\u201d
Pros of Buying First
By buying first, homeowners are less rushed to find the right home, so they can spend time making sure the new house fits as many of their needs as possible.
\u201cThe ideal situation is to purchase a home and then sell your current property,\u201d says Sarah Leib, RE\/MAX River City.
\u201cBuying without having to sell first allows buyers to find the right home at their own pace,\u201d adds Shauna Bailey, RE\/MAX Crown Real Estate North.
Although buying first has some advantages, this situation isn\u2019t financially feasible for everyone. There may be a possibility to add in a sale of home condition to the offer; however, competing offers without that condition will likely be more desirable.
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