Welcome to our weekly feature, “Ask the Rocca Sisters”, where we answer the important questions we get from clients, colleagues, and members of our community. This week’s question comes from Steph D., who says: “I’m looking to relocate from my home after a loss in the family. I’m very motivated to sell, but have not found my dream home yet. Should I buy a new house before listing my current home? Or should I wait until my current home sells before listing?”
Question: Should I Sell My Home Before Buying a New One?
Hi Steph, Cathy Rocca here to answer your great question! This is one that we get very often, and I’m happy to share my insight on this with you!
Firstly, if you are motivated to sell due to a sudden and unexpected set of circumstances, chances are that your timeline might be outside of your control. That being said, there are certain advantages and disadvantages to each scenario, and only you will know which one feels right for your specific situation.
Buying a Home First:
Advantages – The advantages tend to be emotional ones. If you have already purchased a new home, it does make the move easier to handle on an emotional level. If you are looking forward to, and picturing your life in your new home, it becomes less stressful to pack up all of your possessions and make that move. Remember, leaving your current home can be tough, and having something that you are working towards makes it a little easier and more joyful.
Disadvantages – The disadvantages tend to be financial ones. It can cause stress if you do not know how much money you can spend on a new home because you do not know how much your current home will sell for and how quickly it will move. This is where a knowledgeable agent can really help, as we do know the markets we serve very well and can often let you know what to expect when it comes to the value and sellability of your home.
Selling Your Home First:
Advantages – As above, when you sell your home first you know exactly how much money you will have to invest in your new home, which can be very comforting if you are working with a strict budget.
Disadvantages – We recently had a client who sold their home before buying the next one, got a great price but a very short closing. As a result, her family did have to put many of their belongings in storage and rent an apartment for several months while they looked for their forever home. The happy ending for this family is that they did find their dream home, but they had some hurdles to overcome with packing and planning for their short-term housing options. They were a little bit flustered about all of the unknowns, so if you are the kind of person who gets stressed out by unfamiliar situations, this may not be the option for you.
Whether you are thinking about buying or selling, regardless of what order, please contact us at any time for a FREE home evaluation and consultation. We love using our experience and knowledge of the market to help people in any situation find the right home for them! If you have any questions that you would like to see answered here, please do not hesitate to let us know!
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