I get asked a lot about when the best time is to begin searching for a home.
“Should we wait until our home is listed to begin searching?”
“Should we wait until our home is under contract to begin searching?”
Most people need to sell their existing home before settling on the next one. This is really pretty common for people who currently own a home. This also is a common option when people aren’t really looking and then suddenly stumble on to their dream home.
The drawback either way, is that the home they want to buy can sell out from under them while they’re waiting for theirs to sell.
You should definitely be searching before listing your home or waiting for it to be under contract. By searching, I mean you have a search going and the agent also has a search running so we’re dialed in to the market. What you do want to limit is how much time you invest in actually looking at homes if the new purchase is contingent on the sale of the current home. Maybe go and visit some open houses, etc. At that point you just want to know what’s out there and have some good options for when yours sells.
There definitely is some faith involved in listing your home for sale without knowing where you’re going. But we do it all the time and we usually end up finding just the right home.
Here is another option to consider. You may have the ability to go out and buy a home before selling the current one. If we do this with our eyes wide open it will work well. Yes you will have two mortgages, but only for a short period of time. We’re going to price the home properly, have it showing really well and IT WILL sell in a timely manner. This eliminates the stress of, (a) not knowing where your going while waiting for yours to sell, and (b) finding a home you love and having someone buy it out from under you.(contingent) This last option is not for everyone, and people have gotten in to trouble with this. However, with proper guidance it is a very viable option.
Bottom line is, get a great Realtor to help guide you through the process. Not all agents are the same. Work with one that has helped hundreds of families through this exact process. Always lots to think about so don’t hesitate to ask for guidance.
Dave Mattes RE/MAX of Reading 610-670-2770