To answer your question, buyers are sensing blood in the water already. Most buyers will try first with a low offer however if you are priced right or just below the market they will come around and work with you to make it a win win situation.
I would recommend meeting with a few Realtors and discuss pricing and staging your home.
Remember, summer time is when everyone trys to sell so we can expect a glut of homes hitting the market. Don't wait to long.
Best of luck!
I am glad you posted this question. More readers should pay attention.
1. Interview three Realtors to get your home on the market ASAP.
2. I recommend that you consider pricing it 5% BELOW market and here's why:
If you really want that new home, this is a buyer's market, right? Is the new home more expensive? Probably. If you underprice the home you will get top dollar and one or two back up offers. Get yours wrapped up
3. When you make an offer on the new home, you can make a clean offer, with no contingency. I'll bet with a good Realtor you'd come out ahead price wise. What would happen to you if someone made an offer your YOUR homes with the contingency to sell their's first? You get the picture. The market will not let your home sell UNDER value. There are too many Realtors with buyers looking for VALUE.
If you have a lot of equity in your home, you may want to reconsider it as a rental. I know that you said you didn't, but perhaps your realtor can show you some rental comps. I know in our area, rentals are VERY strong and can generate a good amount of passive income. There are lots of reputable property management agencies who can take the day to day burden of rental management off of your shoulders and handle many of the details that you may not want to "deal" with.
Otherwise, I would definitely go ahead and place it on the market at a good/low price. Even if you are priced well now, if you aren't in the bottom 10% of properties in comparable size/condition, you will end up chasing the market. If you don't want to have two mortgages, even though you "can", go ahead and make the offer contingent upon selling your home. It may not be as attractive, but you will be protected. If you definitely want the house, list your house and make your offer non-contingent!
You home could take months to sell if it is not priced correctly. I suggest contacting and listing your home with an EXPERIENCED realtor in your area. You might miss getting this house that you really like right now but there will be plenty of choices for you when you are ready. And you'll be able to sleep at night without worrying about having 2 houses to maintain!
Best wishes, Elio
I think you should put your property up for sale first because it takes a while to get a buyer. If your property is listed the other party( the ones who own the house you like) will be more responsive to your offer even if it is contingent upon you selling your property.