Saturday, March 8, 2008

What to do First – Buy a new home or Sell your current home

If you already own a home, it's an important question and the answer is: it depends.
Generally speaking, under most market conditions, I would advise listing your present home and shopping for your new home simultaneously.

To consider your own individual needs and circumstances, though, I would want to find out how fast you need to sell and then how long it would to take to sell in today's  market conditions.
In a great real estate market, for example, you can assume your home would be more likely to sell quickly. In that case, if you have very specific criteria – like location, type, size, etc. which could lead to a time-consuming home search – you should consider finding and buying a home first before you sell your existing home.

If necessary, we can make an offer to buy your new home contingent on selling yours.

On the other hand, if you sell first, we can always make your sale dependent on finding a home to buy.
Time of the year can play a role in deciding when to sell – with spring and fall the most popular seasons to put a home on the market.

We should also consider the effect of factors like interest rates and consumer confidence in the economy. Low interest rates will get you buyers year round.
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at:,,, ,, &