The housing market is still moving quickly as we enter the fall of 2022, even if you’ve heard that it’s slowed down! If you own a home and are looking to sell, this is a great time and opportunity. One thing you want to consider is, do I need to find another house before selling my house? You may think that you need to sell your current home before buying one, but it might be better for you to buy a home and then put your house on the market! There are many ways to handle this situation.
Let’s find out if sellers out there need to find another home before selling a home. We are going to go over a few options for current homeowners that are selling their homes and buying new ones in the section below.
Should You Find a New House Before Selling Your Current One?
So, should you find a new house before selling the old one? Read on to find out!
There are pros and cons to buying before you sell. If you purchase a home before you sell, then you don’t have to worry about finding your new home and winning the offer and closing in time to move out once your house sells. Right now the market is still hot, so your chances of selling your current home quickly are high, even if houses are staying on the market a little bit longer.
There are some drawbacks to buying before you sell, such as it’s a risk on your timeline to get your current home sold before you close on your new home. Another factor to take into consideration is whether or not you still owe a mortgage on your current home. You don’t want to have to pay two mortgages, so take this into consideration on whether you should buy a new home before you sell your current home, or sell before you buy your new home.
There are options to get cash for your downpayment on a new house if you don’t want to sell your current home first, so talk with your mortgage lender about the different options that could work for your situation. If you plan on buying a home before selling your current home, then also talk to your real estate agent and come up with a plan to get your home sold quickly when you list it! Be prepared to move quickly and to have plans together to get your home sold as quickly as possible when you are ready.
Should You Sell Your Current Home Before Buying a New Home?
The other option would be to wait until your house sells to find a home to buy. This is going to depend on how the current housing market is doing and whether or not it’s a buyers or a sellers market. As of fall 2022, homes are starting to stay on the market longer, but by all standards homes are still selling quickly. If you sold your home before you bought another house, you may have to move out before you can move into the new home.
You can talk to your realtor about possibly putting a contingency in your offer that the buyers cannot move in until you sell your home. Or you may be okay with temporarily moving somewhere before you purchase your home. Each situation and home seller are different, so it’s important to have a real estate agent you can trust to guide you through this circumstance.
How to Buy and Sell at the Same Time!
We have covered a lot in this post. So, is it better to sell your house first before buying another? You tell me! Depending on your situation, you may prefer buying a new house before you sell your current home.
Make sure you have a real estate agent and mortgage lender you can trust that will help you decide what options are best for you.
Have more Questions About Selling in Birmingham, AL?
Do you have more questions about selling your home? Contact me and let me help you through the process of selling a home in the Birmingham, Alabama area. I would love to help you with all of your real estate needs.
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If you’re new to the Birmingham area and have any questions, please feel free to reach out to Dianna Howell with The Howell Group: 205-568-5435 or firstname.lastname@example.org for information on Pelham, Alabama real estate by Dianna Howell, top listing agent in the Birmingham, Alabama area. Visit our website for more information on the Birmingham area: https://howellgrouphomes.com/category/lifestyle/
🔑🏡 Want to learn more about the selling process? Then read this article for 6️⃣ easy tips:
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