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To Buy or Not to Buy First?

Apr 11, 2017 10:00:00 AM

With differing advice from various industry experts and well-meaning family friends, it is easy to become confused about the best way to go about changing homes. The big question is whether to buy or sell first.

A lot of course depends on your own circumstances, for example whether you are buying and selling in the same area, or whether you are moving to a whole new district. So, to help you make your final decision, consider the following factors carefully and how they affect your specific situation.

Will the type of property you are looking to buy be easy to find?

Start doing your homework to firstly work out exactly what you want and where, and then track a few suitable properties that are advertised to see how quickly they sell. Don’t base your research solely on media reports of property sales which can often highlight cases which have little or no relevance to the type of property or area you are considering.

As well as looking at houses in the area, take a note of the Harcourts sales consultants working in the area as they will be able to assist with your enquiries based on their local knowledge and experience.

How easy will it be to sell your current property?

The average sale time varies from city to city and from month to month. Your Harcourts sales consultant will advise you about the market conditions, recent comparable sales in your area and the possible demand for your home.

Do you know what your home is worth?

This is an important point to discuss with your sales consultant. Until you have an approximate value it will be difficult to establish an accurate picture of what you can afford to spend on your next property. your local Harcourts professional can show you a Comparative Market Analysis of what similar properties have sold for in your area in recent times to help you gain understanding of the potential worth of your property.

What if you sell and don’t find a new home?

If you choose to sell first, you will instantly become a cash buyer and in a far stronger position to purchase as soon as you find the right property for you. and if you have already done your homework and know the market that you are looking to buy in, you will be ready to confidently take that next step.

What if you haven’t sold and have found your dream home?

The best way to avoid the pressure of confirming the contract on the home you want to purchase and taking the risk your own home will sell in time is to talk to the experts first. Obtaining quality advice on your own particular situation from your Harcourts professional will enable you to confidently make your real estate decisions.

Tip: Increase your chances of making the right decision by talking to your local Harcourts sales consultant about chatting with an accredited mortgage broker. Your broker will provide a fee-free and obligation-free meeting at a time and place that suits you to talk through your options. Their role is to ensure you are in the best financial position to reach your property goals with home loan options tailored to suit.

Topics: Buy, Buy a Home, Selling your Home