Which Would I Do First? Buy or Sell??
When I meet with prospective vendors, one of the questions I am asked more than any other is whether they should buy or sell first. It’s a tough question because there are so many factors that can influence your decision in either direction, including your financial situation, the property market and your property itself.
This subject of buying or selling first is something I discuss in a video from my video series on buying and selling property, which you can receive access to by subscribing at my website. With that in mind, I won’t go into too much detail here, but I would like to point out a couple of things that you need consider.
If you buy first:
The upshot to buying first is that you’re in no rush to find a new home — a huge benefit to vendors selling their home in a seller’s market, where properties, particularly on the Lower North Shore, spend fewer than 30 days on the market. Do consider the following, though:
- Bridging finance may be necessary, so you should always speak to your finance lender, as this will play a key role in whether you buy or sell first.
- If your home sells for less than you were expecting, you may end up needing to borrow more money than you first thought.
If you sell first:
The biggest benefit here is that you can take your time to sell. There is no pressure to accept the first offer that comes along, which means you can hold out for the best offer. When you go to buy, it also means that you’ve got a firm budget to work off. But, again, there are some other things to consider:
- There may be some pressure, once you’ve already sold, to then find your new home and line up both the sale of your home and the purchase of your new one, so you can move out of one into the other.
- If you’re not able to find a place to buy in time, you may have to rent or stay with friends. This could mean storing some of your furniture, and involve moving twice, which can be tricky, particularly if you have young children or a lot of belongings to sort through and store.
Consult your local real estate agent before you make a decision. They will be able to tell you whether your home will be hard or easy to sell, given the current market conditions, and so forth.
If you’re thinking of selling (and you’re not sure whether to buy first or not!), contact me for a free, market appraisal of your home. I have over six years’ experience selling properties on Sydney’s Lower North Shore, including North Sydney, Naremburn, Crows Nest and Neutral Bay through to Mosman. Alternatively, to learn more about buying and selling property, subscribe to receive access to my series of educational videos.Do you like what you've read? Subscribe for free to receive my blog posts in your email inbox. While you are at it you can tick the box and get access to all my real estate training videos.