Homes and Condo Mississauga

Buy First or Sell First?


If you are a homeowner and decide to enter the market, you are faced with a difficult question: especially if you have never sold your home.

Did you buy your next home before you sold it? Or do you sell your current home before you buy?

We have contacted our RE / MAX influencers – a panel consisting of RE / MAX sales staff from across Canada – to find out whether homeowners re-enter the market first must buy or sell first.

It all depends

The majority of our RE / MAX influencers agreed that each situation is unique and that several factors need to be considered to determine the answer to that question. For example: what are the current market conditions? And are you financially capable of transporting two objects with ease?

"It absolutely depends on the market situation," says Justus Smith, RE / MAX Crown Real Estate (East). "If the customer sells from a hot seller on the market, they probably want to find their next home and buy it, but if they sell on a buyer's market, it's better to sell their property before they move to another house. buy. "

Advantages of first buying

By buying first, homeowners are less in a hurry to find the right home, so they can spend time making sure that the new home fits as much of their needs as possible.

"The ideal situation is to buy a house and then sell your current property," says Sarah Leib, RE / MAX River City.

"Buying without first having to sell allows buyers to find the right house at their own pace," adds Shauna Bailey, RE / MAX Crown Real Estate North.

Although buying first has some advantages, this situation is not financially feasible for everyone. There may be a possibility to add a sale of the home condition to the offer; however, competitive offers without that condition are likely to be more desirable.

"Buyers have to consult their lender to discuss the possibility of arranging interim financing, so they allow them to make an offer without this condition – on condition that they are eligible – with the intention of ultimately sell current home as soon as they confirm the new purchase, "says Glen Darough, RE / MAX RHC Realty.

Advantages of selling first

Many are unable to pay the cost of carrying two properties, and trying to do so can cause considerable stress.

"The risk that you have to shorten your home to create a quick sale is simply not pleasant experience," says Eric Steinbach, RE / MAX Kelowna. "(Customers) can negotiate a better purchase price that is strong on finance."

"It really depends on how comfortable my customers are to have the ability to build a bridge between finances or two mortgages I always suggest to sell first, but there are many buyers who fear that they do not find what they are looking for, "says Elio Parente, RE / MAX City Realty.

RE / MAX sales staff can guide you through your unique situation and help you determine whether buying first or selling first is the right decision for you.

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