After a bit of a slow start to the year, the spring market is in full swing. For many clients, it’s a bit of a chicken-and-egg game:
- Do I list my current home for sale first?
- Do I write an offer on a home I want to buy, then list my home?
- When is the best time to move? And how do I move out of one home and into the new one, all in one day?
It all depends.
Working with a knowledgeable realtor and mortgage broker is key to maintaining your sanity.
Did you know that in many cases, you can complete the purchase of your new home a few days before the sale completes on your current home?
This is known as bridging your mortgage.
With respect to the timing question, the answer will vary based on the reason that you are moving. If you have transferred for work in another community and are relocating, you will likely list your current home before you venture out house hunting in your new community.
There are considerations that may affect this. If you have children in school and they are close to the end of the school year, you may want to hold off on selling your home for a short time if the whole family is not moving together.
If you are close to the beginning of a new school year, you will more likely want to find a home and relocate your family as quickly as possible.
If an offer does come in on your home, you can try to negotiate with the buyers to find a date that works for your family.
Maybe your dream home came up for sale unexpectedly. Maybe you have decided to upsize or downsize your home. Maybe you have found yourself in the position of needing something more accessible because of changes in your health.
In an ideal world, the stars align and your current home sells quickly. Reality doesn’t always play out that way.