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Different Options for a Simultaneous Home Sale and Purchase

By: Peter Mulholland & Ora Ross

Different Options for a Simultaneous Home Sale and Purchase

Tags: Home Buying, Home Selling

Here’s my advice for homeowners trying to juggle a purchase and sale.

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The biggest dilemma we see homeowners face these days is whether they should buy their new home first or sell their old one before buying.

There are obvious risks to whichever strategy you choose. If you buy first, what do you do if your home doesn’t sell quickly enough? If you sell first, what if the house you want isn’t available once you do?

"It’s really important to analyze what you’re selling."

Nobody wants to be homeless and nobody wants to pay two mortgages, so what should you do? I always talk about how the city of Toronto is home to so many different types of real estate markets. When we hear about the market going up or down, it’s never a sweeping declaration. Before you decide to buy or sell, do your homework about what’s going on in your area and the area in which you want to buy.

It’s important to analyze what you’re selling. Is it unique, and are there others that have sold that can give you an indication of what to expect?

On the buying side, it’s important to carefully consider what you’re looking for in a new home. These are clues that help us to advise you on the right course of action.

If you have any questions about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.