Sell first or buy later depends on your financial circumstances, what the current housing market is, and your tolerance for temporary displacement. The ideal in an appreciating market is to buy first and then sell your current home. In a depreciating market, it’s better to sell your home and then buy. Currently, in Santa Barbara, we are in a stable and gradually appreciating market.
For most people, the idea of purchasing first and then selling is simply not possible. To buy first, if you have an existing mortgage, means you have to qualify and pay for two mortgages plus come up with a down payment. Most homeowners need their equity from their current home to purchase.
The idea of purchasing and selling concurrently is not realistic and simultaneous closes are rare. You could make a “Contingency Offer” but there is a myriad of problems that include the inability to make a strong offer to put you in the awkward position of accepting an offer that may not be ideal. How best to proceed then? This is where you need to seek the advice and counsel of a local real estate professional that knows your market and has a razor-sharp knowledge of sales and values in your neighborhood.
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