The ultimate question in real estate for buyers: Do I have to sell my existing home before I buy a new home? It’s not uncommon for home buyers to qualify for a mortgage on a new home while still living in their existing home.
If you buy something and the clock starts ticking on selling the home you currently occupy because you need that money to close on the house you are ready to purchase. During the time that the market is scary-slow and sales are plummeting, this could be a scary proposition. So you sell first….
But what if you can’t find anything you like in the neighborhood you want. Are you prepared to rent?
It’s a tough decision to make. Realtors alike will say that you should sell your home and then start shopping for a new one. But in the current housing market, with multiple offers being the norm and the average time a home on the market is about 30-40 days, the process is now reversed. Realtors are their clients to start buying first, knowing that their home will sell quickly and easily.
Ultimately it comes down to your view of the market. You want to buy first, you have to be confident that your home will sell.
Your Local San Diego Real Estate Expert,