Issue link: https://nest.uberflip.com/i/1234437
So, you may be wondering, can I buy another house before I sell mine? The answer to that is, yes, you can, but the bigger question is whether you will want to once you understand the entire process. First, consider what you have to gain and lose by either selling before buying or buying before selling. There are real challenges either way, but sometimes the best path is clear. The route you choose depends on your finances, local housing market, and whether you can stomach letting go of your home without knowing exactly where you'll land. Know the market first Before you start seriously searching for a new home—or put your current home on the market—make sure you have a solid understanding of the housing market in your area (and the area where you're planning to buy). Ask your real estate agent: Is the market weighted toward buyers or sellers? Only then will you be able to fully strategize. In real estate, your best plan of action may depending on whether sellers or buyers are in the more powerful position. One way to play it safe is to keep your mind open to lots of buying options. If it's a seller's market, you might find that you're able to get your home sold quickly, but that the homes you tour with your real estate agent just aren't up to par. If you can widen your search and find multiple homes you're interested in, you're less likely to find yourself in trouble if a purchase falls through—selling your current home won't leave you stranded. Another way to protect yourself is to hire an appraiser and price your old home fairly. If it's a buyer's market, you have to know that your home has lots of competition. You may not have the time or energy to update your home, but one thing you can do is set a reasonable price that will get buyers interested. Now is decidedly not the time for delusions of grandeur: Two extra months on the market because you couldn't humble yourself to lower the price means two months that you'll be paying double mortgages. Two very long months... Four different scenarios when selling and buying at the same time explained 1. You're in a hot sellers market where it can take a year to buy a house. 2.You have enough funds available to make an offer now. 3.You've found a job in a new city and start work in three months. 4.You're selling in a hot market and moving to where the market is slow.