Real Estate Downsizing - Should I sell my home first or buy a new home first?
There is one question we get over and over again about real estate, especially from folks who want to downsize. They want to know with Real Estate Downsizing - Should I sell my home first or buy a new home first? "How do I stay in the area, and what do I do first? Do I buy first, or do I sell first?"
Let's explore some of the ways we help our clients make that decision, and maybe we'll find the answer that's right for you.
What about selling before I buy? Real Estate Downsizing - Should I sell my home first or buy a new home first?
The pros of selling first include that you'll have the cash for a down payment, and you'll know what you're getting from your existing home. You run no risk of juggling two mortgages at the same time, and there's no pressure to lower your price to sell quickly.
Of course, there are downsides as well. You may need to move twice if your existing home sells quickly and the buyers want to move in right away.
What about buying before I sell? Real Estate Downsizing - Should I sell my home first or buy a new home first?
So what about buying before selling? The pros are that you only have to move one time. You buy now, move what you want into your new home, and put your old home on the market. This really works well for people who have other family members living with them, or pets. It's much less stressful to go through the home selling process if you live elsewhere.
Another pro: you know how much space you'll have in your new home, and this is going to help you greatly understand what you can bring and what you're going to leave in the downsizing process.
The cons to buying first means more pressure on the price tag you put on your existing home. Additionally, for many, the stress of possibly carrying two mortgages is a less viable option.
When it comes to real estate downsizing and the question of should I sell my home first or buy a new home first? There are solutions to all of these problems. There's bridge loans to help you finance a buy first approach. And for those who choose to sell first, there are usually ways we can help you avoid two moves, including rent-back options.
If you have questions about real estate downsizing and you are asking yourself, should I sell my home first or buy a new home first? We can help you explore your best options by providing you with the real estate education you need to make the right decision. Call us today to get started, at 301-656-7700. And we really appreciate you watching this video.