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Should You Sell Your Huntsville AL Home Before Buying a New One?

By: Huntsville Real Estate Expert Mike Manosky On June 12, 2012

When planning on moving from your current Huntsville AL 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 Huntsville AL 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 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. 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 at 256-508-0211 Direct or 800-803-0053 Toll Free or email me at mike@movetohuntsville.com, if you need help deciding the right timing to sell or buy a Huntsville AL home.

 

Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special.  In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville.

Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future – Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family’s move.

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