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Moving House: Should You Sell or Buy First?

Moving House: Should You Sell or Buy First?

A Guide for London Homeowners

With London, Ontario’s relatively active real estate market over the past few years, one question often arises: Moving House: Should You Sell or Buy First? This is a significant decision, and every situation is unique. Ultimately, the choice usually requires a leap of faith, careful planning, and consideration. This guide for London homeowners will hopefully help you make your choice.

When to Decide

This is not a decision to be made lightly or in haste. Before making your choice, take the time to evaluate your circumstances and weigh the following factors:

Do You Need to Move Now?

You may have limited flexibility if your move is time-sensitive, such as for a job relocation or family needs. Alternatively, if you can afford to wait, it might be worth seeing if the market balances out.

Can You Compete in a Busy Market?

In a competition, the ability to act quickly is crucial. Assess whether, in a competitive marketer, you can meet the demands of fast-paced negotiations and multiple-offer situations.

What Is Your Tolerance for Risk?

Some people are comfortable taking calculated risks, such as buying before selling or vice versa, while others prefer more certainty. Be honest about your risk tolerance and how it could impact your stress levels during this process.

Can You Afford to Bridge a Mortgage?

Bridging a mortgage involves temporarily financing two properties until your current home sells. While this can ease the transition, it requires financial stability and approval from lender approval.

Are You Open to Renting Short-Term?

If the timing between selling and buying doesn’t perfectly align, consider temporarily renting. Consider whether this is a viable option for you and your family.

Moving House: Should You Sell or Buy First? A Guide for London Homeowners - Elevate Real Estate Group - Royal LePage Triland

Moving House: Should You Sell or Buy First? A Guide for London Homeowners – Elevate Real Estate Group – Royal LePage Triland

Matching Selling and Buying Dates

In theory, aligning the closing dates of selling and buying seems ideal. However, in a heated market, this is often challenging to achieve. If you sell your home first, you’ll have a clear timeline for when you need to move, but it can create pressure if you haven’t found a new home yet. Conversely, buying first can leave you scrambling to sell your current home in time.

A guide for London homeowners

This mismatch in dates often becomes part of the negotiation process. It is essential to understand the financial implications of potential delays or overlaps and how they could impact your family. While dates may occasionally align perfectly, it’s more common for one party to need to compromise.

Pros and Cons of Buying First

Pros

  • Time to Search: You can take your time finding the perfect home without feeling rushed.
  • Better Preparation: You’ll have ample time to prepare your current home for sale, potentially maximizing its market value.
  • Exploration: You can carefully consider different property types and neighborhoods to find the best fit.

Cons

  • Deposit Challenges: Your deposit money may be tied up in your current home, complicating the purchase process.
  • Carrying Costs: If your home doesn’t sell in time, you may face the financial burden of paying for two properties.
  • Market Risks: In rare cases, your current home may not sell as quickly as expected, leading to unexpected costs and stress.

Pros and Cons of Selling First

Pros

  • Control Over the Sale: Selling first allows you to focus on achieving the best possible price for your home without the pressure of needing to close quickly.
  • Financial Clarity: You’ll have a clear understanding of your budget once your sale price is finalized.

Cons

  • Pressure to Buy: Once your home is sold, the clock starts ticking to find a new place to live. This urgency can lead to settling for a less-than-ideal home.
  • Temporary Housing: If you can’t find a home in time, you may need to rent, adding additional costs and inconvenience.

Finding the Right Solution

There’s no universal answer to the question of whether to sell or buy first. The best approach depends on your financial situation, personal preferences, and the current market conditions in London, Ontario. Here are some final tips to help you make the decision:

  1. Trust Your Instincts: While logic and planning are important, trust your gut feeling about what’s right for your situation.
  2. Work with a Trusted Realtor: A knowledgeable real estate professional can guide you through the process, help you weigh your options, and provide insights into the market.
  3. Plan for Flexibility: Be prepared for unexpected challenges, such as timing mismatches or fluctuating market conditions.

By considering these factors and working closely with a Realtor, you can confidently navigate the complexities of buying and selling. Remember, there’s no one-size-fits-all solution—but with the right preparation, you can best choose to fit your needs and goals. Hopefully this guide for London homeowners has been helpful.

Elevate Real Estate Group

The Elevate Real Estate Group ( Brittany, Victoria, Stewart, Jeremy, and Caitlyn)

Why Choose Elevate Real Estate Group?

At Elevate Real Estate Group, we understand that buying a home is a significant decision. That’s why having the right team by your side is essential. Our experienced realtors—Stewart Blair, Jeremy Odland, Brittany Wurfel, and Caitlyn Ford—bring unmatched expertise and dedication to every client.

Additionally, our in-depth knowledge of the London, Ontario, market allows us to confidently guide you through every step of the process. From the initial consultation to the moment you receive your keys, we’re committed to making your journey smooth and stress-free.

Learn more about Elevate here, Meet the Elevate Real Estate Team

Elevated Excellence in Real Estate

When you ask our clients, you’ll hear time and time again how we stand out in a competitive market. Our unwavering focus on Ethical Behaviour, providing the Best Client Experience Possible, and maintaining a Commitment to Excellence sets us apart.

Unlike others in the industry, we do not chase awards, focus on sales volume, or rush through deals to move on to the next client. Instead, we care about Every Client, Every Deal, Every Time. Whether you’re a first-time buyer or a seasoned investor, you can trust us to deliver the care and respect you deserve.

Get Our FREE Guides Today

Thinking of selling your home? Find out its true market value with our Free Home Evaluation! Get expert insights and a precise estimate to help you make confident, well-informed decisions.

Click here to access your free evaluation.

Ready to start your home-buying journey? Download our Home Buyers Guide today and get practical tips and expert advice to make your dream home a reality.

Click here to access the guide.

Contact Us

Do you have questions or need personalized advice? Call us at 519-933-6198. Let’s work together to find the perfect home for you! You can also use the Contact Us page.

More From The Elevate Real Estate Blog

Exploring real estate in London, Ontario? We’ve covered you with various blog posts designed to guide you through every step of the buying or selling journey. Whether you’re considering a move to London, preparing your home for showings, or looking for expert tips on navigating the real estate market, our curated resources are here to help. Dive into the posts below for actionable advice, local insights, and strategies to make your real estate experience seamless and successful. Each blog is tailored to provide you with valuable knowledge to make confident, informed decisions in the London, Ontario, real estate market.

10 Reasons To Consider Moving to London, Ontario 

The Importance Of Working With A Local Realtor

Your Essential Home Buyers Guide: Top 10 Tips for Buying a Home

How to Sell Your Home in Just One Week [A Free Guide]

🏛️ Explore London’s Historical Treasures

Discover fascinating landmarks and heritage sites by visiting our guide to London’s historical treasures.

Buying vs. Renting in London, Ontario

Explore the key factors to consider when deciding between buying and renting a home in London, Ontario

Supporting Local: Why It Matters

Discover the benefits of shopping and investing in your community with our guide: Supporting Local.

A Guide to Selling Your Own Home

Thinking of selling your home without an agent? Explore our detailed guide: Selling Your Own Home to learn about the steps, challenges, and tips for a successful sale on your own.

Thinking About Buying a Fixer-Upper?

Before taking on a renovation project, explore the key factors to consider in our guide: Thinking About Buying a Fixer-Upper?.

Should You Buy Property with Family?

Explore the pros and cons of buying property with family to help you make a well-informed decision before sharing homeownership.

Find Us Online

Stay connected with the Elevate Real Estate Group and discover more tips, insights, and updates about the real estate market. Follow us on YouTube for informative videos, Instagram for property highlights and updates, and Facebook to stay informed about the latest listings and real estate news. You can also connect with us on LinkedIn to learn more about our team and professional services. Join our community today!

 

 

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