Explore the Pros, Cons, and Smart Options for Making Your Next Move
If you’re thinking about making a move, one of the biggest questions is whether to sell your current home before buying your next one. The right answer depends on your financial situation, comfort with risk, and local market conditions—and here in Monroe County, that means understanding today’s fast-paced and competitive environment.
💡 Here are a few key things to consider:
1. Current Market Conditions
In a competitive seller’s market, your home may sell quickly—sometimes even before you find a new place. If inventory is tight, buying first gives you more time to find the right property, but it also comes with financial risk.
2. Financial Flexibility
If you can afford to carry two mortgages temporarily, you’ll have more freedom in your search. If not, consider selling first or exploring financing tools like a bridge loan, which helps you buy before you sell without draining your cash reserves.
3. Using a Sale Contingency
Many buyers opt to include a sale contingency in their offer—meaning the purchase of the new home depends on the successful sale of their current one. This can protect you financially, though it may make your offer less competitive in a hot market.
4. Temporary Housing Options
Selling first and using short-term housing (like a rental or staying with family) can give you time to shop for your next home without pressure, even if it adds an extra move.
The Bottom Line...
There’s no one-size-fits-all answer. I can help you review your finances, evaluate the local market, and decide whether it makes more sense to buy or sell first based on your unique goals.
