I’m Moving: Is It Better To Buy or Sell My Home First?

Socrates said, “The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” Wise words to consider, especially if you are facing one of life’s greatest stressors: moving to a new home.

Part of what makes moving so hard are the multitude of decisions that have to be made. Do I call movers or enlist friends to help with promises of pizza and beer? Should I pack all of my stuff, or just give everything to Goodwill and start fresh? Is it better to buy a new home or sell my home first?

Not sure what to tell you on questions one and two, but here’s a take on number three.

Generally, in a more typical market, it can be better to list your home for sale, as a first step. Doing so will ensure a cleaner “exit” to allow you to move forward on a home purchase.  If you can’t sell your house, you probably will not want to buy a new house and carry two mortgages for an extended period of time.

At the same time, you don’t want to wait too long before looking for your new place. Your home could sell very quickly and you don’t want to be in-between houses when it does. A good rule of thumb is to be looking for your new home to better understand the current market conditions (available inventory, buyer or sellers market, pricing) wait until there is a contract on your old home, and then start your search with a realtor.

However, the Denver real estate market is quite strong right now, with low available inventory that allows most sellers to sell quickly if they drop the price into the current high-demand range.  In this market dynamic, it is best to be looking for your next home with a Realtor before you list your current home for sale.

Need more help navigating your move? Contact me to discuss…

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