Halifax Real Estate: Should You Buy or Sell First?
Sell or Buy First?
If you already own a home in Halifax and want to make a move within the city, you might be wondering whether you should sell your current house before buying a new one. The answer depends on your specific situation and what’s happening in the local housing market. This is a question we get asked a lot, and instead of providing a one-size-fits-all answer, we prefer to work closely with our clients to find the best approach for their needs.
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When you choose to sell first:
Congratulations on taking the first step towards becoming a homeowner!
Advantages: Selling your current home before buying a new one provides financial security and peace of mind. It ensures you know your budget for your next property, eliminates the risk of owning two homes simultaneously, and gives you better negotiation power when making an offer.
Challenges: However, this approach may require temporary housing, exposes you to potential market price increases, and could limit your options in competitive real estate markets.
When you choose to buy first:
Advantages: You secure your dream home with your desired features, ensuring that you don’t have to compromise on your vision. This can be especially important if you have specific requirements that are challenging to find in the market.
Challenges: It comes with the financial burden of potentially owning two homes concurrently, which can be stressful. Owning two properties means juggling mortgage payments, property taxes, and maintenance costs. Additionally, there’s the pressure to sell your old home quickly, which might lead to accepting lower offers if you’re in a hurry.
Given these considerations, we often advise caution when it comes to buying your dream home before selling your current one. It’s crucial to have a well-thought-out financial plan in place to manage the temporary double ownership, and patience during the selling process can be key to securing the best possible deal.
Consider Your Reasons For Moving:
To decide whether to buy or sell first in Halifax, consider your reasons for moving:
Do you have a very specific type of home in mind? If you’re looking for your “dream home” with specific features and won’t settle for anything less, you’ll likely need to buy your new home before selling your current one. However, this approach comes with the risk of owning two homes for a while. It can also make you feel pressured to sell your old home quickly, which might lead to accepting lower offers.
Would showing your current home to potential buyers be a challenge? When your Halifax home is listed for sale, it needs to be available for viewings and look its best. Showings can happen with little notice, and if your home is full of activity with kids, pets, or tenants, it may not show well. If we think your home could sell for a higher price if it’s vacant, we might suggest moving out before listing it.
Are you planning to build a new home? Building a new home in Halifax has its opportunities and risks, depending on the real estate market’s changes. If you decide to keep your current home while your new one is being built, you should be prepared for potential market ups and downs. If the market goes down during this time, you may face a larger financial gap between the two homes’ prices than you expected. Conversely, if the market goes up, you could benefit.
What’s a Possible Solution for Halifax Homeowners?
Many Halifax homeowners find this approach comfortable:
- We start by having a registered Realtor® assess your current Halifax home and provide suggestions to enhance its value. This assessment will help you understand your budget and what improvements might be needed before selling.
- Next, we look at available homes in Halifax within your price range. If you find suitable options, we list your current home and track its performance.
What About a “Sale of Home” Condition in Halifax?
When you make an offer on a Halifax home, you can include a “sale of home condition,” meaning your purchase depends on selling your current property. However, getting this condition accepted by the seller can be tricky.
If your Halifax home is already on the market, competitively priced, and actively promoted, negotiating with a “sale of home” condition might be more feasible. Keep in mind that if this condition is necessary, you may need to be flexible in other negotiation aspects, such as the price.
Remember, there’s no one-size-fits-all solution. Our team of qualified real estate experts in Halifax is here to discuss your unique situation anytime. Please feel free to contact us. We’re here to help you navigate the Halifax real estate market with confidence.
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