It’s possibly the most common question for home owners once they’ve decided they want a new home: is it better to buy or sell first? It’s always a tough choice, with pros and cons for each option. These home seller tips can help homeowners weigh in on what feels like the best path to take.
The main struggle with buying a home first is a financial one. Not many homeowners are in the position to carry two mortgage payments for very long. However, for home sellers who know where they want to live next, an opportunity may arise that’s too good to pass up. In that case, working with a mortgage broker to settle financing will be essential. Another pro to buying a house before selling is that it ensures only moving once!
Most people will sell their home first before buying one. It’s obviously an easier position to be in as a home buyer because financing is easier when you already have equity to work with. The problems with selling first include potentially missing out on a home and having to spend time renting while waiting for the right home to appear. These are inconveniences that can be tough on families with school aged children or people who are looking to increase living space as apartments can be both expensive and feel small.
Buying with contingency on sale of a home
The final option is popular today in the Nashville market: buying a new home with a contingency on the sale of the old home. This does run the risk of losing a house to buyers without contingencies and/or any issues that cause the sale to fall through. However, for a Nashville homeowner confident in the sale of his home, it’s possible to close on both transactions within days or even hours of each other.
Are you looking to sell or buy a home in Nashville? Call DeSelms Real Estate today at 615.550.5565 and let one of REALTORS help you decide which path is best for you!
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