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Most people would choose to sell their current home and buy a new one at the same time. However, this is not exactly the best move for some. If this is the case with you, consider going the other way around. Selling before you buy might have its risks, but it also has great advantages. Go through some of them below, and learn additional tips on how to execute this properly.
🏬Advantages of Selling Before Buying
Selling your property before buying puts you in a stronger position. The seller you’re buying from would prefer a buyer with cash in the bank instead of getting into a chain where their sale will depend on you finding someone to purchase your home. You’re also more in control in the sale of your house; you won’t be pressured into making a quick sale and selling cheap.
By selling first, you give yourself more time, so you can still negotiate. If you find a seller who’s keen to move immediately, there’s a high chance that you’ll get a better price. And since you’ll have money from the sale in your bank, you will know the exact amount that you can spend. If prices are going down, you can wait it out to get a more affordable house.
🏬Disadvantages of Selling Before Buying
If you sell first, one disadvantage is that you might not be able to quickly buy after. In some cases, you might have to rent, which is not exactly cheap. Also, you might be selling and buying in a bad time where prices are rising. So after selling your house, you’ll find that a new house is less affordable. Renting can be stressful, but the feeling of being undersold is worse.
🏬6 Helpful Tips on Selling Before Buying
- To ensure a seamless transaction, ensure that you get everything prepared, including all the necessary paperwork.
- Research well before you sell. Determine what kind of property you’re looking to buy, and where exactly you want to buy.
- Constantly check in the property market while selling. Take this opportunity to find the perfect house.
- Develop relationships with realtors before selling. This way, you can get firsthand news on good listings recently placed up for sale.
- Pre-approve your mortgage to make yourself more attractive to sellers.
- Slow down the selling process so you can buy yourself enough time to get a new place.
Selling before buying can indeed bring you great benefits – you just have to do things right. The tips above should get you started. If you need assistance on how to do so, contact the real estate experts at RL Real Estate Group. Call or text them at 605-212-8431 now. You can also visit their website www.rlrealestategroup.com for more information.