Maybe you have decided to upsize to a larger home, or want to downsize to better fit a new lifestyle.
No matter your motivation for moving, you have probably asked yourself, “Should I sell or buy first?” It’s a great question, and I’m here to answer it for you.
Selling First
When it comes to real estate, timing can make or break your experience. It’s currently a seller’s market here in Toronto, which means that you will most likely see a quick sale if your home is priced correctly. In this case, it pays to sell your home first. This way, you can search for your new home with the assurance that you won’t have to carry two mortgages.
Buying First
Those eager buyers looking to purchase a property might make selling easier, but it also gives you some tough competition when it comes to finding your next home. You may face bidding wars or go through multiple offers, so having a realtor on your side that can negotiate on your behalf is vital. The downside to buying first is that you are banking on a sale; you have to be financially prepared to carry two mortgages if your home doesn’t sell quickly.
At the end of the day, each real estate process is unique. Although selling first is the ideal situation for many homeowners, it is smart to prepare for any outcome.
