Do You Need To Sell Your Existing Home Before Buying A New One?

by Team Broady on Wednesday, March 17, 2021
Are you currently living in a home you bought five, ten, even fifteen years ago and are now finding it WAY too small? Don’t worry… you’re not alone!

Are you currently living in a home you bought five, ten, even fifteen years ago and are now finding it WAY too small? Don’t worry… you’re not alone!

Like most homeowners, you likely repurchased your first 3-bedroom home when you were just starting out or newly married. At the time, the house was perfect for your lifestyle and budget. Perhaps you were able to set up one of the bedrooms as a home office while preparing the other spare bedroom as a nursery with the hopes of starting a family.

Fast-forward 10-15 years, and you’ve since had 2+ kids, with one starting high school, and you probably feel like the walls are closing in on you! You no longer have enough room for all the kids’ “stuff.” You’re all fighting over 1 bathroom on those busy mornings, and that home office has now been relegated to a dark and dingy corner of the basement. 

You’ve probably felt this need for more space and a bigger house for quite some time now, but the whole idea of moving out of a house you’ve lived in for so long and raised your kids in is simply overwhelming. But necessity is driving you to make a tough decision - and luckily, we’re here to help.

There are a few people who might be fortunate enough to consider different options. Those with higher income levels or substantial equity in their homes might consider an extension to their existing property or may even search for a new home first before selling their current one. However, most of us simply can’t afford to do that. The banks won’t approve us, and therefore we must be realistic about our plans and objectives.

In today’s highly competitive market - one must be fully qualified to buy a new home before even considering a move. The days of making conditional offers are over. 

With that comes a great deal of anxiety for many people. We’re often scared to sell our house first because we’re afraid that we might end up feeling pressured into buying a home we don’t really love, or even worse... not finding a new home to buy and ending up having to find other temporary living arrangements such as renting or living with family.

The current market conditions completely justify this fear. However, being in a seller’s market can also be a good thing! 

When selling your home, you’re in the driver’s seat. So the key is to list your house for sale first and do everything you can to generate multiple offers to get the most ROI! 

Over the years, Team Broady has developed a proven GamePlan that allows our sellers to retain the utmost control throughout the selling process. What you can do is ask for a closing date that’s several months away. Let’s say you’re listing your house in March, but you know that it might be tough finding your next dream home in this market. We can help you negotiate a closing date as far out as August or September - giving you plenty of time to find your next home. Moreover, once you have a firm, accepted offer on your existing home, you’ll know exactly how much money you’ll have in your pocket for your next purchase.

Another option is to list your home risk-free - conditional on finding yourself a new one. This means upon listing your property, we make sure it can only be sold once we’ve found you something to buy. You can then make a clean offer with the utmost confidence once you find the home of your dreams. 

Team Broady will take the time to assess your individual needs, and together we will create a customized Game Plan for you to achieve your goals. We will ensure that both transactions are managed and coordinated in tandem in order to facilitate a smooth transition to your new property.

If you’re looking for help selling and/or buying a home, schedule your appointment with Team Broady by emailing or calling 514-613-2988.