Buy first, or Sell first? What comes first in Real Estate?
Hey, Halifax! I'm Brenda K with Brenda K’s Halifax Home Selling Group, thanks for stopping by our blog! Today's topic may sound a bit peculiar, but it's a question that often arises in the world of real estate: what comes first, the chicken or the egg? In this blog post, we'll explore how this age-old dilemma relates to the process of buying and selling houses. So, buckle up and let's dive in!
Motivation Matters:
When it comes to listing your house and finding a new one, motivation plays a crucial role. Let me share a story with you to illustrate this point. We have two families, Family A and Family B, both looking to right-size their homes. What does "right-sizing" mean? It's finding the perfect home that suits your needs at a particular stage in life.
Family A: Find First, Sell Second
Family A wanted to move into a larger house in a sought-after neighborhood. They had made amazing upgrades to their current home, making it highly desirable. Knowing their house would sell quickly, they didn't want to risk being homeless. So, based on their motivation and needs, we decided to go house hunting first. We had everything prepared, including pictures and all the necessary documentation. As soon as we found their dream home, we secured it with favorable terms, subject to the sale of their current property. We listed their home, and within hours, we had an accepted offer. By carefully coordinating the closing dates, we ensured a seamless transition for them.
Family B: Sell First, Find Later
On the other hand, Family B's motivation was simply to get off a busy street. They had purchased their current home when they were newly married and didn't mind the hustle and bustle. However, as their family grew, they realized they needed a larger home in a quieter area. Their specific requirements limited their options. They decided to sell their house first and rent until they found the perfect home. It was a bit challenging to sell their property due to the busy street, but eventually, we found a buyer—an understanding young couple with no kids. Family B moved into a rental while closely monitoring the desired neighborhood. Eight months later, their dream home appeared on a quiet street, in the right school district, and with everything they wanted. They closed the deal and moved in, all according to plan.
My Personal Experience:
I can relate to the challenges of finding the right home. When I decided to downsize, I wanted to move away from a busy street filled with kids playing hockey and riding tricycles. I was ready for a quieter, more rural environment. While unsure whether to build or buy, my motivation to escape the noise was clear. Eventually, I found the perfect home—a right-sized, flat layout that suited my needs perfectly.
Plan, Strategize, Succeed:
Motivation is the key factor in determining the sequence of buying and selling in real estate. It's crucial to have a well-thought-out strategy. Sit down with your agent, discuss your goals, and develop a plan. Have your top pick ready, but also consider a backup option in case unexpected circumstances arise. Remember, if someone wants to bump your offer, you can't simply waive financing and hope for the best. Make sure you have a letter from the bank confirming your financial approval, even before selling your previous home. These arrangements are commonly known as "Subject to the Sale of the Buyer's Property" (SOBP).
The Domino Effect:
In the world of real estate, the chicken-or-egg scenario can sometimes create a domino effect. Multiple properties may be interconnected, with each sale dependent on another. It's like a well-choreographed dance, where timing and coordination are crucial to ensure a smooth transition for everyone involved.
So, what comes first in real estate, the chicken or the egg? Well, it all depends on your motivation and individual circumstances. Whether you choose to find a new home before selling your current one or sell first and then search for your dream home, careful planning and strategizing with your real estate agent are essential.
At Brenda K’s Halifax Home Selling Group, we understand the intricacies of the buying and selling process. We're here to guide you through every step, ensuring you make informed decisions that align with your goals. If you're thinking of making a move, contact us today and let's discuss your real estate goals!
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✉️ brendak@brendak.ca
🔗 www.brendak.ca
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