In today’s fast-paced market, homeowners who want to move probably can’t count on being able to coordinate the timing of their home sale with their next home purchase. With demand from buyers outstripping housing supply, most sellers have no incentive to accept a buyer’s home-sale contingency.

In this market, buyers have to act quickly when a home is listed, but this is hard to do if you’re not financially able to buy before selling. In this case, selling first and moving into temporary housing is probably your best option. You’ll then be well positioned to move forward with an offer as soon as a house you like comes onto the market.

If you’re a homeowner who can buy before selling, you have more flexibility. You can make an offer as soon as a home is listed without worrying about having a place to go, and you can have work done on the home you purchase before moving in. Another advantage of buying before selling is that you can move some of your belongings into your new home so that it’s easier to declutter and stage the home you plan to sell.

If you’re unsure whether you can buy before selling, start by talking to a lender to determine if you can qualify for your current mortgage plus the mortgage on a new home. Next, review your finances. Will you need the proceeds from the sale of your home for the down payment and closing costs, or do you have enough savings to cover them? You should then have a good idea about how best to move forward with finding your next home in today’s competitive market.

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See more of Annette articles on related real estate topics. If you’re planning to buy or sell a home, contact Annette Nelson at (610) 247-7892 or annette@preferredhomes.com

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