Uh-Oh, here is a tough one and honestly, it is going to depend on your goal and market conditions. Let's take a look.
Should You Buy or Sell First?
The classic dilemma for many homeowners is whether to buy or sell first. There is no “right” answer. It depends on your specific circumstances as well as current market conditions.
Most homeowners believe that it's more prudent and less stressful if you sell your existing home before you buy a new one. You can often get top dollar for your home if you are not under pressure to sell. And you're in a better position to negotiate when buying a home.
If you have to make an offer contingent on the sale of your home, you often lose negotiating leverage; even worse, the majority of seller's are going to flat out decline your offer if your house is not even listed yet.
While there is certainly a risk of being pressured into finding and purchasing a new home once yours goes under contract, in a competitive real estate market, you may be surprised how many seller's are willing to work with you regarding the contract dates making it possible to stay in the house longer and often even after it has been sold (remember though, there is typically a 60 day window that the new owner has to move into the property in order to satisfy the mortgage).
Your best course of action in this particular situation is to discuss your goals with your agent. If loan approval for your new home is not contingent upon the sale of the one you are currently in, then a good, trustworthy agent is going to let you know the pros and cons of both options.
Daniel French
Broker @Coldwell Banker Sea Coast Advantage
Broker/Owner @ Your ENC Home Rentals, LLC
910.381.5975
NC Lic: 284336
danfrenchrealtor@gmail.com