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