Consider this before selling your home...
Buy or Sell First?
One question I'm often asked is "Adam I want to buy a home, but how soon should I sell my current home?”
A few factors to consider:
-Are you pre-approved have you talked to a lender regarding where you currently stand in relation to income, credit, and assets?
-If you buy a new home first, can you afford to make two mortgage payments?
-Do you need the proceeds (for down payment) in order to buy the new home?
-If you were to sell your current home first and take your time to buy a new house, the thing to consider will be on that is do you have temporary housing set up? Stay with family, maybe do a month-to-month rental until you find the right home for you.
-Do you want to have a contingency in the offer on the home you're looking to buy? If you're trying to do everything simultaneously (sell the house that you currently have and purchase a new home) do you want to have a contingency in your offer giving a little bit more complexity for the seller to consider when accepting your offer. A lot of times in this market there are several offers on the table if there's a contingency on the offer that you need to sell your current home first, the seller may be less likely to consider that offer if there are other buyers don't have a contingency. So in this case first-time homebuyers actually might have a little bit more of an advantage if they are not needing sell first because they're probably renting or maybe with family at the time.
Feel free to call me directly 248-894-2763 for anything you may need more clarity on.
Good luck with this heating up market!