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Should you buy or sell your house first?

Should you buy or sell your house first?

So you’ve decided that it is time to sell your house, and start searching for a new home, but now comes the all-important question of which comes first? Do you buy the new home first, or do you sell your current property?

 

A lot depends on your own circumstances and the current property market - for example whether you are buying or selling in the same area - or whether you are moving to a new location. So to help you make your final decision, consider the following factors carefully and see how they affect your specific situation:

 

How easy will it be to sell your current home?

The average sale time can vary from suburb to suburb and from month to month. Your sales consultant can advise you about current market conditions, recent comparable sales in your area and the likely demand for your home, all of which should provide you with a clearer picture.

 

Do you know what your home is worth?

Until you have an approximate value it will be difficult to establish an accurate picture of what you can afford to spend on your next property. Your sales consultant can show you a Comparative Market Analysis of what similar properties have sold for in your area in recent times, this will help you gain an understanding of the potential market value of your property.

 

What if you sell and don’t find a new home?

If you choose to sell first, you will instantly become a cash buyer and be in a far stronger position to purchase as soon as you see what you like. And if you have already done your homework and have identified the area you are looking to buy in, you will be ready to confidently take that next step.

 

What if you haven’t sold and have found your dream home?

The best way to avoid the pressure of buying before you sell is to talk to the experts first. Obtaining quality advice on your own particular situation from your sales consultant will enable you to confidently make important decisions.

 

Choosing the time to sell?

The reality is peoples circumstances dictate when they decide to buy and sell. The most important lesson here is to where possible, buy and sell in the same market. When you buy and sell around the same time, market conditions are aligned, be they in a rising market or at a time when the market can be a bit slow.

 

When buying and selling in the same market, like conditions apply and you will prevent exposure to a changing market which could widen the affordability gap on your new home purchase.

 

At the end of the day, your Harcourts Property Consultant is going to be equipped with the information you need to make an informed decision. So do your homework and then enlist the help of one of our professional sales consultants to give you their opinion on your property, your area and the local market.

 

- Mark Forde