To make the right purchase you need to know what you can afford. Selling your home first will dictate what you can afford and will put you in a better position to decide on the type and amount of loan you need for your next purchase. Additionally, it sounds like you could have the down payment which would allow you to skip a potenital mortgage insurance cost.
I think selling first makes sense, but I don't know enough specifics about your situation to guarantee anything.
Is it a sellers market in *any* part of the U.S.? I don't believe so. I would say in general it is a buyers market in Massachusetts. Basically if you are getting less for the sale of your property and you purchase in a buyers market you are getting more for less. So a sale and a purchase cancels this out. If you didn't intend to reinvest the money into another house then that is another story.
Feel free to email me or call me if you are interested in more information on Concord and the surrounding Boston North West area.
I find that most Sellers do not want to risk selling their home for a possibly smaller return with this scenario. But there are sellers who are willing to sacrifice a few thousand dollars for the ease of moving from one home to another. My elderly parents chose this marketing strategy and sold and moved with great ease and comfort. The lack of stress had great value for them. Good luck!
Your best solution is to hire the right agent to coordinate the sale and purchase of a new home. If necessary, placing your things in storage is an option and renting until you find the right home at the right price in the right neighborhood. The purchase of a home is a long term investment that requires the best advice from a qualified agent.
Make sure that you get it solidly under contract, past all contingencies before putting any purchase under contract... and for your safety, you may want to consider adding a "House Closing" contingency to your purchase contract (this would be something to discuss with your buyer's agent).
I am a regional broker based in Weston, but have a lot of experience in Concord. I am the President of the BNI chapter in Concord, and you have so many options. I want to first answer your questions and then discuss creative options.
1. Home sellers are accepting home sale contingencies, but if you want the best deal CASH is king!
2. Depending on your financial position it may be easier to buy first and then sell, but you have to hire a confident and great Realtor. Last year I handled several sell in the morning buy in the afternoon.
3. If you decide to buy first you can apply for a mortgage with a home equity second so that when you sell your home you pay off the home equity and does not effect the mortgage or you can get a mortgage that allows a big pay down and then re adjusts.
Please contact me if you want to discuss further. T
If you need to sell the house and use the money to purchase then having the house sold when you go to purchase may put you in a better buying position then trying to purchase with a home sale contingency.
Here in our market we have majority of short sales or bank owned property where a contingency on the sale of another home wont work. If you can buy without the proceeds of your current home then that is best and then buy down (no prepayment penalty on your loan, make sure) . You can have your home up for sale while you search as well so you have an idea of market conditions. As you stated a buyers market will mean you will receive the same type of offers on your home to consider as you will be writing on the new home you buy. So keep that in mind and gather as much data up front to be an informed seller and buyer.
If you need help with an agent to interview I don't mind connecting you.
All my best
Keller Williams Arizona Realty
Every house generally sells if priced right and marketed properly. I would say the first step is identifying an experienced realtor to provide "comps" and discuss with you the current market value of your house. Better yet, speak to several realtors to discuss pricing and how they market properties. If you are confident your house will sell relatively quickly, then put it on the market and start looking! If you find something you like before your house sells, there is the possibility of taking out a "bridge loan" to finance the new property.
Good luck with both selling your home and buying a new one! By the way, it sounds like you may qualify for the $6,500 tax credit!
Associate Broker, Berkshire Property Agents
Great Barrington, Massachusetts 01230
Can you afford to make payments on a new house without selling the old one first? Do you want to?
For your safety and peace of mind I would sell, rent a short time, and then buy. This way you stay where you are until you are free to move with no doubts. Sometimes, a sale breaks down on the very day it was going to be signed and bought. Only when you have cash in hand are you sure it will happen.
Buy later, sell now. Be safe.