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Sell first.
I think it depends on the location as to how long it will take to sell. Also price of home. My house has been on the market for 60 days and I am in a desirable location in Sheldon area of town and I give up on selling my house!
So far on my selling adventure price is the only thing that matters. I think a lot of people forget to consider condition when the price is right, as is the case with a lot of bank owned homes. I think location matters as well, but I think it has a greater affect on the market value. So if your home is not priced right, wherever you are, its not going to sell.
ditto on the sell first! We ended up buying before we sold and we only did it because in the area we were looking there were very few homes of the type we wanted (brick ranch). And, there was only one subdivision in the area that we wanted to live in. So, when one became available and it was priced a great deal less than other homes we had been considering we jumped at the opportunity thinking it wouldn't be that much longer before we sold. However, it was another 6 months, and at over $50,000 less than we thought we would sell for -- so, had we of purchased a more expensive home before selling we could have been in big trouble.
I also say sell first. Don't even volunteer for the double mortgage scenario. In today's market it could take years to sell. And you will sell for much less than you are expecting. That will probably influence how much you want to spend on the new place too.
If we are wrong, you will still come out out golden. There is so much out there for sale the buying part shouldn't be that hard unless you are insisting on a great deal. So start watching the listings in your new area as well. You will have some time to learn more about that market.
Last November 2007 me and fiance found a great house. Almost bought it (inspection issues made us back out) We JUST sold my condo! That would have been 2 house payments for 8 months! Ouch.
Sell first. When we got our offer on the condo, all my friends and family said "Oh, where will you go?! You don't have a house!"
In this market, with 13 months of home inventory, finding the house to BUY is a cake walk compared to selling what you have! Found our house in 5 days, we close August 8th.
Sell your home first. I have carried 2 mortgages in the past and even when you can afford it, it is not a fun thing to do.
If you are in the position that you can wait it out a bit before selling your current home I personally would if I was you. This is not a good market to be a seller period. Wait. Sell when the market rebounds (couple years). I am currently paying two mortgages as a result of not being able to sell. In addition to the cost of carrying this kind of financial load, you need to maintain and repair the vacant home .. Take it from me, it blows. Your choices get more limited if you choose not to rent out the vacant home (sometimes renting out can be more problems in the long run). However, if you have found your dream home and you can afford to carry both homes for a bit, well go for it. You are in a strong position as a buyer right now, as you already know. Just my thoughts!
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Question for sellers...
hamiltt
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I am thinking about buying a more expensive house in the near future. I really do not want to pay double property taxes and mortgage for too long. How long do you think it would take to sell my current house, in todays market?
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