Should you buy or sell first? It’s the home mover’s dilemma; to sell your current property before buying a new one, or vice versa? In this post I will list the pros and cons of each, and provide some tips to make the process as stress free as possible for you. Everyone is different; there isn’t a right or wrong answer. What’s right for you will depend on a number of factors including market statistics, budget, finances, and element of risk.
Let’s start with a quick look at the market. It’s changing. Canadian estate is predicted to see the largest price correction in over 50 years. This is triggered by inflation driving rates higher and reducing home sales. This results in higher inventories starting to appear. This should be a welcome relief for new homeowners who have perhaps struggled to get on the property ladder due to the financial burden. But it may also mean that current homeowners can ‘upgrade’.
With all this change expected to unfold over the next 12 months, it brings our question right to the front of the conversation. Should you buy or sell first? Here are some things that will help you move closer to your decision.
Buying your next home first before selling has become a very popular option for many homeowners for a number of reasons. Oftentimes it’s the fear that the right house may not be available, or that they won’t find the right neighbourhood to live in. If this resonates with you then you might want to consider buying before selling.
Selling your home first is a safer, more conservative approach and if you are tight financially then this is likely the best route for you.
The path up the property ladder is different for everyone, and in Canada’s evolving real estate markets, both buying and selling a home are very personal decisions. Both strategies have advantages and disadvantages, and you should only decide which way to go after you’ve thought carefully about what you’re looking for in a home, the current marketplace, your financial status and your tolerance for risk.
Whichever strategy you choose, your REALTOR® is a good resource. Armed with an understanding of the current real estate market, your needs and risk tolerance, I can help you make a plan.
If you have a questions about the home buying or selling process, please send an email to firstname.lastname@example.org
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RE/MAX All Points Realty
102-321 Sixth St,
New Westminster, BC, V3L 3A7