The question of the day is,
"I own a home, should I sell it before buying another home?"
This is actually a common question that a lot of my clients have (especially from out of town!).
In this video I’ll break down the options and offer a few suggestions to help you best approach this common scenario.
If you’re from out of town and have a home with equity that you're planning on selling so that you can buy a home here on Vancouver Island you may be faced with the challenge that you don't want to sell your home until you've found one first.
But then again to find the home you may need to sell your home first! so it puts you in an awkward position.
Our team is of this mindset:
If you can buy a home without having put your home on the market first GREAT! This could be an option for you, but you have to be willing to consider that you may have to carry a short-term mortgage. So you may need to consider an interim financing solution.
The ideal scenario is that you have your home sold or at least you have a home that is subject free, and that sale is going to be happening soon.
If you start looking around before your home up for sale or sold we may find the perfect property but the reality is it's probably not going to sit on the market.
There is a way around this though, there is the option that you can put an offer that perfect home, subject to the sale of your home. However in a challenging market, like the one we're currently in, that may not put you in the strongest bargaining position. That being said, for the right property we may be able to make that work and we have made that work many times.
At the end of the day, this is the type of conversation you’re going to want to have with an expert. Somebody that you can trust that can really help you understand your options, your specific situation and can help you navigate this crazy market.
My team and I are here to answer those questions for you so please don’t hesitate to give us a call. We’d be honoured to help!
Thanks again for tuning in, we’ll see you in a couple of weeks with another value video answering your most pressing questions.