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Buying with a home to sell


Whether to sell your home first then buy or vice versa is a question I get asked often. The  eventual method you choose will depend on a number of factors. Factors such as your current  equity situation, the type of loan you qualify for and from a personal standpoint, and what your  individual needs are. It is also important to consider the current market conditions we are in.  

Things to consider if you’re set on buying in a Sellers market with a home to sell. To gain a clearer understanding of these factors, consider asking yourself the following questions: 

• Will it be easy to sell my home quickly? Demand might not be the same from suburb to  suburb. 

• How long will it take for me to find a new home? How competitive is it in the suburb I’m  interested in? 

• Do I have enough equity to consider a bridging loan? 

• Do I have a high enough income to consider owning both at the same time without a  bridging loan? 

To help answer these questions make sure to do the following 

Speak to your financial advisor, mortgage broker and/or bank so that you have a clear  understanding of your financial position.  

Be well informed (With a trusted advisor) 

– Make sure you are fully aware of the market value of your home. Walk through comparable  properties so that you can see for yourself what differentiates these homes from yours. Seeing  a sold price and deciding the homes are generally the same isn’t enough.  

– Visiting home opens also allows you to overhear the feedback provided on those  comparable properties.  

Do your research (With a trusted advisor) 

– Pay attention to the property values of the homes and suburbs that you’re interested in, visit  home opens regularly, review sales trends and communicate regularly with your trusted  advisor. 

Make sure that your home is ready 

– It is important to be proactive when the market is moving at such a rapid pace.  – Being prepared to go to market allows you to have control over positioning. (With analysis of 3  major data points) 

– This alone done correctly can increase the likelihood of you gaining thousands of dollars from  your home.

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