Should You Sell Your Brooklyn Home Before Buying a New One?

When Making A Move From My Brooklyn Home....

When planning on moving from your current Brooklyn home, does it make the most sense to buy first or wait until your current property sells? There are a lot of factors that go into that decision. Hashed out below are the pros and cons of each, so that you can decide which factors are higher on your list of priorities.

Buy first if …

  • It’s the Brooklyn home you’ve always wanted. If you’ve absolutely found your dream house, you should consider buying it now — even if your current house hasn’t sold. You might regret it later if you let the opportunity pass you by.  Just make sure the house is truly worth it.
  • It’s too good of a deal to pass up. If you’ve researched the comparables and you know the home you want to buy is a great deal, then you should consider going ahead with the purchase. Waiting to sell might cost you more in the long run if you lose out on this bargain.
  • There’s more demand than supply. In a seller’s market (not right now in most places), you won’t need to worry about selling your Brooklyn property.
  • You have the money. Check with your real estate agent to find out how long it’s taking to sell homes comparable to yours these days.  Then, do the math to determine if you have enough in savings to make the down payment on your new home and pay the mortgages of both homes while you’re waiting for your current home to sell.

Sell first if …

  • You want to get the most money for your home. If you’re not in any hurry, you’ll be less tempted to take a lower offer. You also have negotiating power. It’s hard to hold firm on a price, if you’re carrying two mortgages.
  • You can include a contingency clause in your contract of sale. Add a contingency that allows you to remain in your house until you close on a new property. It may be difficult to get the buyer to agree, but if they do, you’ll have plenty of time to find the perfect new house.  This one may be very difficult to accomplish because you certainly do not want to lose a buyer in this real estate market just to be able to stay in your home longer.
  • You can handle moving twice. If you sell your home first, you can always live in a short-term rental until you find your new place.
  • You don’t want to be stressed about selling. The idea of carrying a second mortgage is enough to cause many people to reach for their blood pressure medication.

Give me a call Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected], if you need help deciding the right timing to sell or buy a Brooklyn home

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