Timing the Sale of your Home

Timing the sale of your home depends on many factors. First make sure that you have your mind made up, and that you are ready to sell. Then you have to think about coordinating the sale of your home with the purchase of another home. Will you sell your home first? Or will you find another home first and then put your home up for sale?

Coordinating the sale of your home with the purchase of a another home can be tricky. What should you do? Buy First? or Sell First? Maybe you should do both at the same time. All of these situations have their pros and cons.

Pro's of Buying First:
*You will have somewhere to live once your current home sells
*You won't feel rushed to find a home once your current home has been sold

Con's of Buying First:
*You may end up with 2 mortgage payments
*Many sellers do not want to accept offers with a contingency, they do not want to tie their property up until your home sells.
*Buying first can sometimes make you feel pressured to sell your home fast, and you may be more willing to take less money for your current home.

Pro's of Selling First:
*You know exactly how much money you have made or lost
*You may be in a better bargaining position

Con's of Selling First:
*You may end up selling your home and not having a place to stay until you find your new home.
*You may end up living in an apartment or with family until you find and close on your new home.

Putting your home up for sale and looking for another home at the same time is most common.