Should You Sell or Buy First?

Should you wait for the right home to come on the market before putting your current home up for sale or should you sell first and then go out and find what you want?

While there is no simple answer to this question, you will probably come to a definite decision based on your personal comfort levels with regard to the following...

Sell First

Pros

Cons

You know exactly how much money you have from the sale of your first home and can comfortably choose your next home's price range and negotiate accordingly.
With cash in hand you can immediately make firm offers on any property that meets your needs. If a property pops up that is perfect or extremely well priced you can be the first in the door with an offer.
You have more negotiating power. When Sellers turn down or counter an offer that is conditional upon the sale of a home, they usually believe that the Buyer will come back with a more serious offer if and when the Buyers' home has finally sold. Sellers give much more consideration to unconditional offers since they usually realize the Buyer does have other options and may move on and pursue a different property if their final offer is rejected.
If more than one property interests you, you can shop around, negotiate, and finally settle on the best deal.

If the right home is not currently on the market when you finally sell, and nothing comes up before your closing date, you may have to find alternative accommodation until something appropriate comes along.

Questions you should ask yourself:

Do you have reasonable options available if your closing dates do not line up and you cannot move into your new home the same day you move out of your current home?
How would you and your family react to the stress of having to rent for an unknown period of time?