As most agents have said, the answer is yes - in THIS type of market ('Buyers Market'). However, here is something else to consider. Let's say you find a home to purchase and sign a contract,. You agree to the sales price, you agree to a home sale contingency (the need to sell your home in order to move forward with the purchase), and you agree to all the other terms of the contract. What if it takes four more months for you to sell your home and during that time, the price of homes in the area you are purchasing fall another 5%? At that point, you are potentially overpaying for the home you are currently under contract to buy. (In a Sellers Market, with prices rising, it may make sense to sign a contract to lock in a better price.)

Your situation can be a difficult situation to manuever. The best thing you can do is list your home first, do your "looking" online with the help of your real estate agent, make notes of properties you are interested in, and when you sign a contract with a buyer, start visiting the homes you were interested in. You may find that a few of them have gone under contract, but the majority of the properties will still be available AND at a lower price. More so, this gives you an edge during negotiations. Not only is your home under contract, but you've tracked the market while waiting!

If you need any additional assistance, please feel free to contact me at any time!

Jessica Nooney
Realtor Associate
jnooney@weichert.com
(609) 276-8183

Kristin: Why do you care what most people do? What is it that you NEED to do and what is it that you CAN AFFORD to do?

You know whether you can pay two mortgages. You know whether your needs for a new house are desperate, such as moving across country for a new job and needing a house there.

The real answer is not what other people do, it's that risk you take of either owning two houses simultaneously versus the risk of having no place to live the day you close and have to move out of your present home.

The only variable is how good the sellers market is where you live.

Good Luck.

I'm not sure if most do but they certainly should in this market. Once you get a offer on your current property, you become a much stronger buyer in the eyes of the seller of the property you want to purchase. In my area, most short sale and foreclosure banks don't consider it a offer if it is contingent upon the sale of your home. Once you have a offer, it becomes contingent upon the "closing" of your home which puts you in a stronger position.

I hope this helps!

Marilyn Tebelak
Keller Williams Realty Lakeshore
Holland, MI

Hi Kristin:

In this market I would recommend putting your house on the market first and then begin to look for another home. If you happen to find a home you really like rather quickly you can put a contingient offer in hopes your property will sell in time.
If I can be of further assistance, please let me know!

Good Luck!
Gina Fagnani
Century 21 Hearst Realty
GinaFagnani@aol.com

Hi Kristin,
As you know, selling a home now can be a challenge so it is better to list your current home before finding the home you'd lik e o move into. Once you list, you may want to enlist the help of your Realtor (or a Realtor in the area you'd like to move to) to narrow down the area you'd like to live in. It sometimes helps to find out which neighborhood and style of home you prefer so when an offer comes in, you feel less anxious about negotiating and going into contract. Don't spend too much time looking at homes before you have yours under contract. It could lead to disappointment finding a home you love and then seeing it sold to someone else.
Make sure you interview Realtors to find one who is experienced, knowledgeable and you are comfortable with.

I recommend my clients list their home before looking for another. If you start looking and find the perfect home, the seller will be more apt to consider your offer is your home is listed and priced right.

You can have your agent state in the listing agreement that sale contingent upon you finding a new home. Then in your purchase agreement for a new home your agent would include a sale of home contingency, with the closing to coincide with the closing on your current home.

Laura Giannotta
Keller Williams Atlantic Shore

It is so much sparter to do that, and much less stressful...at least in our market in So. California. I'd suggest you get a good idea of what you can spend on a new one (give or take on the proceeds from your current sale) and then ask your realtor to set up a website for you that automatically seaches daily and updates you as to changed and new listings. You'll find that the education and trends wll be very valuable in your home search when you're ready to buy. You can set up your contact to sell to say that it is contingent on finding another house, and the buyer's contract to say it is subject to your selling your previous home -- but most offers like that aren't accepted in today's markiet, especially around here. Everyone wants a deal and everyone wants a neat, trouble-free deal. Contact me if you would like to discuss my opinion some more.
Bonnie Scribner, Q.S.C, Master's Award winner through C21 system twice3, and PME