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Do I need to sell my current home before buying a new one?

One of the most common questions we get when searching for homes is “do I need to sell my current home before buying a new one?” Theirs is no rule against purchasing a new home before selling your current one, but if you’ll be taking out a new mortgage, your first step should be making sure you qualify. If you have enough cash on hand to purchase a new home before selling your old one, then that’s great! However, for most the cost of owning two homes at once or moving twice can be expensive and hard to maintain.

Why should I sell my house first?

Selling your house before buying a new one is the practical scenario for most individuals, but it isn’t always the most convenient. Here are a few reasons that selling your home first may be best for you:

1. Avoiding a rushed home purchase

Selling your home first gives you more time. You don’t have to worry about taking the first offer that rolls in and can sell your home without pressure.

2. Making a strong offer

With the market currently leaning towards a sellers’ market, making a contingent offer is far less competitive.

3. Knowing your profit

When you sell your home first, you can have a set-in stone value that you will profit. This will give you a better understanding of your affordability and shop within your budget.

4. Avoiding two mortgages

Perhaps the biggest plus to selling firs; only one mortgage payment!

Why should I not sell my home first?

Although selling your current home before purchasing a new one may be the easier situation financially, there are some drawbacks! Keeping your home clean while living there can be difficult and overwhelming (especially if you have children or pets). Here are a few reasons that you may not want to sell first:

Rushing my home purchase

Whether you plan to buy before your home closes or during your stay in a rental, it can lead you to feel pressured/rushed on your next purchase.

Avoiding the cost of temporary housing

Rental costs can get expensive!

Avoiding moving twice

Having to move twice is a huge inconvenience to most. You can also rack up the costs of renting a storage unit and paying movers twice.

Can I buy and sell on the same day?

Many wonder if it is possible to buy their new home and sell their current one on the same day. Yes, you can, but it doesn’t always work out that way. The buying and selling process can quickly become complicated and has a lot of moving pieces. Just one hiccup can set your closing day back days or even weeks. With that being said, there have been many instances that my clients have closed both homes on the same day!

The bottom line So do you need to sell before buying? The short answer is “it depends”. It is possible to buy a new house before selling your old one, but it can be tricky if you don’t have the cash to make a non-contingent offer on your own.

Why Lange?

Lange Real Estate is not your standard brokerage and our agents are not in business solely for their next commission. Lange Real Estate is truly a full service brokerage that provides the opportunity to assist our clients in all facets of real estate and our agents the benefit of having the ability to be a part of diverse and unique transactions. Our agents are equipped with a diverse toolbox to solve your real estate needs whether there are financing questions, you’re needing to sell before you buy, auction resources, and all commercial and residential needs.

Collectively our brokerage works together as a team and collaboration is a top asset of our team. You’re not just working with one of us, but have the expertise, experience and knowledge of our entire team! Additionally, we partner with our clients. No one transaction is the same and our clients all come to the table with unique opportunities and different needs or desired outcomes. With this, we will ensure that our goals are aligned with yours from the start of our first interaction!

Special thank you to Jeff and Rachel Lange for this detailed description of why Lange should be your first choice when it comes to real estate services! We appreciate both of them and all they do for Lange Real Estate.

Our Interns

Emily Smith is a Marketing Intern at Lange Real Estate.  She graduated from Friends University in May with a degree in Business Administration and Marketing. Along with her internship at Lange, she also owns a small event coordination business called Events by Emily Elizabeth.  She has a strong passion for entrepreneurship, one of the many reasons she chose to work at Lange!  “I have enjoyed this past month working at Lange!  I love the atmosphere, being able to apply my college knowledge to my tasks, and having the ability to “own” my position.  Lange has been such a wonderful company, and I cannot wait to see what these next few weeks have in store!”

Brennan Young is the Real Estate Intern here at Lange Real Estate. Born in Wichita, he is currently a senior at John Brown University in Siloam Springs, Arkansas studying Marketing and Management. In his free time, he enjoys ultimate frisbee, movies, and board games. When asked what drew him to Lange he said, “I just really like how involved in the community they are, they’re extremely passionate about giving back and that’s something I really admired about them and wanted to be a part of.” Continue to check out our blog to see what Brennan will be up to in the future here at Lange Real Estate!