Should You Sell Your Durham Region Home Before Buying Your Next Home?

Should You Sell Your Durham Region Home Before Buying Your Next Home?

https://soldbymike.ca/

One of the biggest questions homeowners ask when they're planning a move is:

Should I sell my current home first or buy my next home first?

There isn't one answer that works for everyone.

The right strategy depends on your finances, the market for your current property, the type of home you're trying to purchase and your tolerance for risk.

Option 1: Sell Your Home First

Selling first provides one major advantage:

You know exactly how much money you have available for your next purchase.

Once your existing property has sold, you know the sale price, closing date and approximate equity available.

That can make it much easier to establish a realistic budget for your next home.

Selling first can also reduce the risk of owning two properties at the same time.

However, there is a disadvantage.

If you haven't found your next property before your existing home closes, you may need temporary accommodation or have to negotiate a longer closing date.

Option 2: Buy Your Next Home First

Buying first can give you more time to find the home you really want.

This can be particularly important when you have very specific requirements such as:

• A particular neighbourhood

• A large property

• A bungalow

• A certain school area

• A finished basement

• A specific number of bedrooms

• A pool

• A rural property

The risk is that you're committing to another property before knowing exactly what your current home will sell for.

That makes accurate pricing of your existing property extremely important.

Understanding Your Local Market Matters

Real estate conditions can differ significantly between communities — and even between neighbourhoods within the same city.

A detached home in North Oshawa may face different competition than a townhouse in South Ajax.

A property in Brooklin may attract a different buyer pool than one in central Whitby.

Bowmanville can behave differently from Courtice.

That is why looking only at an overall Durham Region average doesn't always tell you what is happening with your property.

Start With the Value of Your Current Home

Before making an offer on your next house, you should have a realistic understanding of what your existing property is likely to sell for.

That means looking at:

Recent comparable sales

What have similar homes actually sold for?

Current competition

What comparable homes are currently listed for sale?

Days on market

How quickly are similar properties selling?

Condition

How does your home compare with competing properties?

Location

Even properties only a few streets apart can sometimes have different values.

 

The Best Strategy May Be Different for Every Seller

If your current home is relatively easy to sell and you're searching for something unusual, buying first may make sense in some situations.

If your current property may require more time to sell, selling first can reduce financial risk.

Before committing to either strategy, it is worth working through both scenarios.

Planning a Move in Durham Region?

If you're considering selling in Oshawa, Whitby, Ajax, Pickering, Bowmanville, Courtice or elsewhere in Durham Region, I can help you determine what your current home may realistically sell for and build a buying and selling strategy around that number.

Michael Gallant Team
Century 21 Wenda Allen Realty

https://soldbymike.ca/