If you are considering selling, the question of whether you should sell your existing home first or wait until you have found a new home to move into is probably on your mind. Perhaps your dream home just went on the market. Lets explore the options and benefits in light of today's market.
If your current home is sold first you will know precisely how much money you have to work with, allowing you to zero in on the pool of homes in your price range and negotiate accordingly. Your offer will likely be clean (not conditional on financing). Sellers will normally give an unconditional offer more consideration. You probably do have the best chance of finding the best deal in this scenario.
You may not find your dream home before the closing date on the sale of your current home and may have to look for temporary housing and bridge financing until you find what you are looking for and you are able to move in. Each situation is unique, assess your options and determine how your family would deal with a transitional living arrangement.
This may occur if you are interested in a specific home or neighbourhood. Timing may be an issue if the seller's personal situation dictates a short closing or the home is vacant. There may be some urgency if the target home is situated in one of Hamilton-Niagara's most desirable neighbourhoods/communities. In a hot market you may want to lock in today's price and may feel pretty confident that you can sell your existing home quickly.
The “emotional” aspect of buying a home comes into play and may affect your decision. The Hamilton market is strong, which may provide more comfort should you decide to buy first. Be cognizant of the fact that not all homes sell quickly and there is a possibility that you may have to finance both homes. If your budget is tight there may be a problem. You may have to reduce the sale price to increase buyer interest and align the closing dates.
The condition and location of both homes are factors. We can help you assess the market and more specifically, will review what you can expect in your target neighbourhood. You do have options. Lets discuss!