Seller Dilemma: Should I Sell Before Buying A New Home?

Reblogger Nancy Milton Holtzscher
Real Estate Agent with RE/MAX Preferred Partners in St.Louis' Illinois suburbs

My blogging colleague Debe Maxwell in Charlotte, NC has a great post that I'd like to share with those of you trying to make a decision about selling your existing home and buying your next place. 

If you have questions about how the process of selling and buying can work in your favor, contact me at 618-791-8007 or email Nancy@GoshenRealtyGroup.com. We can talk about these pros and cons and assess your current situation together.

Stay cool out there today!

Original content by Debe Maxwell 228209

Should You Sell Your Charlotte Home Before Buying a New One?

Buy Before or After?  

When planning a move from your current Charlotte home, does it make the most sense to buy first or wait until your current property sells?  There are multiple factors that go into that decision and this is most definitely an individual decision primarily based upon financial means.  Below are a few pros and cons of each, to help you decide which factors are higher on your specific list of priorities.

Selling your Charlotte home before or after you buyBUY first if…

  • It’s the Charlotte home you’ve always wanted.  If you’ve absolutely found your dream house, you should consider buying it now — even if your current house hasn’t sold. You might regret it later if you let the opportunity pass you by.  Just make sure the house is truly worth it.
  • It’s too good of a deal to pass up.  If you’ve researched the comparables and you know the home you want to buy is a great deal, then you should consider going ahead with the purchase.  Waiting to sell might actually wind up costing you more in the long run if you lose out on this bargain.
  • There’s more demand than supply.  In a seller’s market (not right now in most communities here in Charlotte), you won’t need to worry about selling your property.  What is the market absorption trend in your community?
  • You have the money.  Check with your real estate agent to find out how long it’s taking to sell homes comparable to yours these days.   Then, do the math to determine if you have enough in savings to make the down payment on your new home and pay the mortgages of both homes while you’re waiting for your current home to sell.  Work with your lender or financial planner to help you design a strategic plan.

SELL first if …

  • You want to get the most money for your home.  If you’re not in any hurry, you’ll be less tempted to take a lower offer.  You also have more negotiating power.  It’s hard to hold firm on a price, if you’re carrying two mortgages AND if the home is already vacant and the buyers know that you’re carrying two mortgages.
  • You can include a contingency clause in your contract.  Add a contingency that allows you to remain in your house until you close on a new property.  It may be difficult to get the buyer to agree, but if they do, you’ll have plenty of time to find the perfect new house.  This one may be very difficult to accomplish because you certainly do not want to lose a buyer in this real estate market just to be able to stay in your home longer.
  • You can handle moving twice.  If you sell your home first, you can always live in a short-term rental until you find your new place.  Moving twice in a period of time less than 5 years is often quite traumatic though!
  • You don’t want to be stressed about selling.  The idea of carrying a second mortgage is enough to cause many people to reach for their blood pressure medication!  To many, it’s simply not worth the stress involved in buying first.

Give me a call or email me if you need help deciding the right timing to buy or sell a Charlotte home. 



Read more: http://www.icharlotterealestate.com/should-you-sell-your-charlotte-home-before-buying-a-new-one/#ixzz1So9sFeSf

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Spam prevention
Show All Comments
Ambassador
1,274,247
Debe Maxwell
www.AtHomesCharlotte.com | Savvy + Company Real Estate - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Nancy!  Thank you so much for the re-blog!  It's a dilemma that many buyers/sellers are facing today.  The lack of willingness of sellers to take a contingency is putting an extra burden on those who have the ability to buy before selling but, are fearful to do so.  

Have a wonderful weekend...

Jul 22, 2011 10:13 PM #1
Rainmaker
562,555
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Nancy,

Great repost; the facts are well presented. It helps to have wise counsel when making these large decisions.

Best,

Steve

Jul 23, 2011 09:52 AM #2
Anonymous
Karson
A bit surprised it seems to spimle and yet useful.
Nov 22, 2011 01:31 PM #3
Show All Comments
Rainmaker
205,887

Nancy Milton Holtzscher

Edwardsville/Glen Carbon, Illinois Broker, REALTOR
Ask me a question
*
*
*
Spam prevention

Additional Information