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Should I BUY a home or SELL my home first?

Starfish The Gray Team Ucluelet Real Estate

Buy or sell - Tofino & Ucluelet Real Estate

Should I buy a home first or sell my home first? This Question is one of the most common question Clients ask me.

My Answer is normally the Same...SELL FIRST WHY?

So You’ll know:

  • How much money you’ll have from your sale of your home
  • When you need to move to your next house i.e. Buyers possession.
  • You’ll have little to no stress and enjoy the whole Selling and Home Buying experience.

If You Do Try and Buy before you list and sell your home, you’ll need to make an offer subject to the sale of your home. In most cases Sellers will want a time clause as part of the Contract If you have not Sold your home.  You’ll now be under a lot of pressure to sell and probably sell for a lot less money to get your home Sold. Talk to your REALTOR® about Time Clauses, here typically the Seller is Open to calling you to remove your Subject to the Sale of your home if they receive a better offer. You will then have 24-72 hours to remove your Subject to the Sale of your Home condition.

The Best Part of Selling first, you will not get frustrated or be disappointed. Too many times Sellers go looking and fall in love with a house they want before they have put their own home on the market.

There is a time line when Selling every Home.  Rarely if ever do homes sell in one day and complete in one day. Some Sellers Markets see one day sales, but rarely the same day completion.

A Selling Timeline:

  • Listing waiting time-when you actually list your home on MLS- you could delay listing 7 to 30 days from when you meet your REALTOR® to discuss listing your home. Your REALTOR®  may recommend Decorating or Staging before you list.
  • Marketing Time 45-60 Days-recent sales stats will indicate marketing time for homes in your area.
  • Offer and Processing time. 7-14 days-This is when you have an accepted offer and the Buyers needs to get their mortgage Financing approved and do their building inspection.
  • Possession Time: most home sellers need time to move 30-90 Days, sometimes they have already moved and the house is vacant.

From the Time a Home is First listed For Sale to receiving the cash and moving typically can be as long as 6-9 Months. You can of course speed up the home selling process by being aggressive with pricing and curb appeal. Listen to your 'REALTOR'S® advice they are the professional who knows your local Real Estate Market.

Note: Home Buyers are Comparative Shoppers and they decide what they’ll pay for their next home, you of course will do the same when you become a Home Buyer.

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