North Texas residents looking to move to a new home are faced with some difficult questions. Should you get a home evaluation and proceed straight to selling without securing a new property? Or, does it make sense to buy first – and hope your existing property doesn’t take long to sell?
Is It Best to Buy a New Home Before Selling Your Old Home?
Assessing the pros and cons of these questions will prepare you for the process of moving to a new home. Our expert realtors at D&R Home Solutions gathered together and shared these tips to help you make your decision.
The Pros of Buying a New Home Before Selling Your Old One
- You can take the time to find the perfect house without a time limit.
- You can buy when prices are low, ensuring you aren’t forced into overpaying.
- The buying process is less stressful and a more pleasurable experience.
- Sellers will be glad to work with a buyer if they can offer immediate purchase.
The Downside of Buying a New Home Before Selling
Many buyers aren’t in a position to buy before securing the funds for their existing home. If funds are contingent on you eventually selling your home, then sellers may be reluctant. You need to assess any tax implications from owning multiple properties. Plus, the market could change and your existing property could lose value.
The Pros of Selling Your Home Before Buying a New One
- You won’t feel rushed into selling at a low price.
- You can buy a new home knowing you have secured funds from the sale.
- After a sale, you will have a clear understanding of the budget for a new home.
- An effective option if you have somewhere to live while you search for a new home.
- You could avoid foreclosure with a fast sale.
The Negatives of Selling Before Buying a New Home
You could be forced to rent a home while waiting to buy a new property. House prices could rise after the sale and your budget might not stretch as far. Some sellers drag their heels waiting for the perfect offer, extending the process indefinitely. If the market favors buyers, you could be waiting a long time to reach your target sale price.
Buying or Selling a Home First Can Be a Tough Decision
Every homeowner will face different circumstances, and these influence how each will decide to proceed. Look at your individual situation, but also consider the overall North Texas property market. Experienced realtors can advise on the best time to sell a home, and when the market is perfect for buyers.
The constantly evolving nature of the property market makes it difficult to time a home purchase or sale exactly in your favor. But with the guidance of a realtor, you can ensure you have expert negotiators in your corner to help acquire your ideal home.
Need Help Buying or Selling a Home?
When you have expert realtors on your side, buying or selling a home doesn’t need to be stressful. At D&R Home Solutions, we can help you sell your home and buy your dream property. We work in Allen, Frisco, Plano, Dallas and across North Texas. Call us today at (214) 494-6222 or request a home evaluation today.
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