To answer the question you asked, you should be looking for a new home while your present home is for sale. You can talk about purchasing a new home and you can look at homes on line all day, but until you actually get out there and view what is on the market, you really don't know what you are going to end up buying. You need to get out there and decide which features in a new are really important to you. Once you accept a contract for the sale of your present home, the pressure to find your new home increases greatly. That is not the time to start the search for your new home. That is the time to make a final decision on the options that are out there for you.
Nick Radakovich Home Sales Realty
I am currently working with quite a few clients in your same position. A few recent examples to illustrate that it all depends on your situation:
- I found one family of four a home in Oak Park, they bought it, renovated and paid two mortgages until I sold their home in Chicago. Financially they were able to do it and they had two small kids so it was the preferred route for them. We listed their home at the same time they got serious about the home purchase.
- I found another family of four a builder that constructed a new home for them in Glen Ellyn. We listed their condo in Chicago and found a cash buyer that would rent back to them for up to 6 months so they had cash for their Glen Ellyn home. They committed to a purchase before they sold their home but ended up closing prior to their purchase due to the rent back provision.
- I helped another couple sell their Chicago condo and they rented until we could find them the perfect home. Financially they could have carried two mortgages but that did not match with their priorities. I found a wonderful home for them in Lincolnwood, we were able to sublet their rental and I was able to get them a great deal because they allowed themselves flexibility on their purchase.
Bottom line: hire a realtor that can help you prioritize your wants and needs and summarize them with your financial goals in mind. Depending upon your situation I might be that realtor. That said, there are others like myself with expertise that can help you through the process successfully.
Best of luck, please let me know if I can help.
RpV Realty and Development
Managing Broker, ABR, SFR, CNC
However the current market is very competitive and you may have difficulty finiding a seller who will accept your offer with a current home sale contingency.
Senior VP of Mortgage Lending
773 290 0455
You should be out looking at homes that most closely match your needs and desires to get an idea of what is currently available within your price range. That way you will be more prepared and have a better understanding on the size, condition, and location that you prefer in a home.
Most sellers don't wish to see a buyer who has a property to sell before purchasing so do keep that in mind when out searching for a new home.
Prudential Connecticut Realty