In a perfect world, you would sell your home and buy another one all in the same day; unfortunately this isn’t a perfect world! While a select few can afford to pay two mortgages for a short time, for most of us, it’s out of the question. This brings the age-old question, “do I sell first or buy first?”
The answer isn’t all that easy: it depends. And it depends on several different factors; your financial situation (can you afford to pay two mortgages if you buy first), the real estate market conditions (is it a buyer’s or seller’s market) and your own comfort level. Are you going to get stressed if you sell your home and haven’t found another one yet? Or do you want to know you’ve sold your home before searching for another one? As you can see, there are pros and cons to each option. Realtors offering real estate services in Milton and the surrounding area can help you decide which option is right for you, but ultimately, the decision will be yours to make.
Once you’ve sold your home, you know exactly how much money you have to work with and can potentially make a better mortgage deal with your lender. Knowing that you’ve sold your home can relieve some of your stress so that you can shop for a new home at your leisure and gives you an advantage when negotiating with the buyer (you want have to put a condition on selling your home first).
If you’re looking for new properties for sale in Milton, or surrounding areas, the closing date can get pushed back, so if you haven’t planned the closing right, you may find yourself either paying for two properties, or having nowhere to go when the closing date arrives. This could create an incredibly stressful situation for you and your family.
Generally speaking, a seller’s market can demand higher prices for your home, but not a lot of selection once you start looking to buy. Again, real estate services in Milton and the surrounding area offer qualified professionals who can help you with your decision. They will be able to tell you exactly what is going on in the real estate market.
Many real estate professionals agree that buying first makes the most sense in a hot seller’s market. Whether you’re looking for new properties for sale in Milton, or a farmhouse on the outskirts of Oakville, you can find your dream home and then have confidence that you will sell your home in a timely fashion.
Consider also that home prices, particularly new properties for sale in Milton and Oakville as well as the surrounding areas, are rising. This means you could buy your new home at a reasonable price, and demand a higher price for your existing one based on market values.
Beware of buying based on emotion; it may seem like you’ve found the perfect home, but if you let emotions get in the way, you could be in for a letdown later on. Don’t buy first unless you know it’s a good financial decision for you. Real estate services in Milton and surrounding area professionals will be able to help you find the perfect home in a timely manner.
As you can see, there are many variables that will influence your decision on whether to buy or sell first. Since this is a major financial decision, it’s not one that should be made without much thought and consideration. Real estate services in Milton can help you find new properties for sale in Milton, as well as homes in established neighbourhoods.
Call Hafeez today and get professional help. 416-606-3625