It depends on several factors - the state of the real estate market, your personal financial situation, and your plans for the future.
Let's talk about selling your home first!
If you're looking to sell your home first, it can work better in a slow market. You can get a nice deposit on it, negotiate for longer closing dates and once it becomes firm, you can then buy with confidence because you know exactly what you can afford. Imagine you find the house you love and there is another buyer who loves the same house, since you've already sold your house and you know your numbers, you can act more confidently in negotiations.
Now let's talk about buying your home first and then selling.
If you have a stable financial situation and can afford to buy first, this may be a better option for you. But you have to strongly consider a few things.
If you buy first and currently own a home, during this time you are on the hook for 2 houses. So you have to ask yourself how do you feel about that stress until you currently sell your own home. A lot of people say its no problem and then we go through the process and the stress level goes from 0 to 100. You have to realize that once you buy that house you are on the hook for 2 homes.
The other downfall of buying a home first is that if you need to sell your current home, you are kind of under the gun to get that done. you are not at the luxury of testing the market and trying for a high price. You are more likely to take a reasonable offer that comes along the table.
Ultimately, there is no right and wrong answer. It all depends on your financial situation, lifestyle, how much stress you can take and what your prefer.
If you are thinking whether you should buy or sell first, please give us a call and we'll be happy to help you!
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PJ @ 604-725-1258 | Razaik @ 604-537-8447
Cheema Real Estate Group