Real Estate 101 – Selling Your First Home and Buying Your Second

Your family of three is growing and becoming a family of 4 – or maybe you are just only looking to add more space to your household. Whatever the reason is, when it comes to upgrading your home, no one wants to be paying a mortgage on two homes.

When it comes to selling your first home and buying your second, there are a few things to consider.

Timing – You want to ensure that you can sell and buy your new home relatively close to one another. Whether that is having a closing date that allows for a perfect transition to your ideal move-in date, be aware of the timing over buying and selling your home.

Buyers or Seller’s Market – The real estate market is one that often will swing back and forth from a buyer’s market to that of a seller’s market. A buyer’s market is where there are more homes in the market than there are buyers. A seller’s market is when there are more buyers than homes to be purchased. When it is a seller’s market, this can sometimes result in above-asking prices and bidding wars.

Budget – Some homeowners think that because they’ve owned a home before that, they can afford a bigger house. This may be true, but it also may not be. It’s essential to consider your budget, from what your existing home will sell for to what you can afford. If you are looking to move because your family is growing – chances are you will need a bigger house, yes, but your budget will also change.

When you enter the real estate market, mortgage brokers and real estate agents often share that the average time a homeowner spends in their first home will be between 3 – 5 years. For some, they’d like to think their first home is their forever home. While that is hopeful, it is important not to close the door on the possibility you may find yourself looking to sell and buy at the same time.

Whether you’re looking to buy or sell in the Kamloops area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment!

Categorised in: Buyers, Kamloops, Real Estate, Sellers, Sellers

This post was written by kamloopshomesearchcom