Don’t consider buying new property if you have yet to sell your Windsor home. This is rarely in your best interest as it can create a financial hardship that in today’s buyer’s market is the last thing anyone wants or needs. As the busy summer buying season is underway, sellers often panic if their home doesn’t sell. Often they figure it’s easier to buy a home because they just know their Windsor home will sell any second. Don’t do it if you can’t handle two mortgages. Here are some reasons why you SHOULD sell before you buy.
1. No Stress. It is expensive to maintain two homes. The longer your Windsor home is on the market, and you are carrying two mortgages, the more you lose. Ask yourself if you can afford to keep two homes during the holidays and winter months if your home doesn’t sell.
2. Negotiate: Without the worry of panic selling, you can successfully negotiate a price that is more reasonable. You have time on your side and you won’t have to take the first offer that is made because you fear you may not receive another one.
3. Higher Sales Price: Because you are not desperate, buyers won’t take advantage of you. A buyer’s real estate agent often knows when a seller needs to sell which can result in a low bid offer. Sellers panic and often take the lowest bid.
But despite all best advice, there are often those buyers that NEED to buy a home before selling their current property. Is it ever a good idea?
1. It CAN be a good idea, and this word is used cautiously, when it is a seller’s market and homes can’t be sold fast enough. Unfortunately, this is currently not the case.
2. You Find A Bargain: Sometimes, a seller comes across a home to buy that is such a deal and the price is so low, that it is almost considered stealing. If this is the case, and you and your realtor have some incredible negotiating tricks, and the payments are manageable for the unforeseen future, then you may want to consider.
3. You Found Your Dream Home: This is very difficult because this is when a seller is acting on their emotions. But sometimes, a person can’t be talked into waiting when they find the dream home they have been looking for. If this is the case, and again, money is not an issue, then discuss with your real estate agent about lowering the price and adding incentives to sell your current Windsor home while you make an offer on your dream home.