Profile picture for user334576

Should I just buy and wait for my home to sell?

Hi there,
I need to sell my current home and buy a new home in another area because of my job. As you can see I"m under a dead line too and my current home just won't sell! Me and my current agent tried everything I reduced from $400K to $360K, already moved everything out, ads, postcards, youtube..etc. Plus I already updated the kitchen, garage, basement, bedroom, bathroom..etcBUT The area of my home isn't really in demand buy its great for commute and walkable to shops, store and metro. I just don't get it! & I really need to sell my home before this year so I can have time to buy my new home. Apparantly the place where I will be buying is in the high demands area and homes are selling like hotcakes. So I was wondering should I buy then sell or sell then by despite my deadline for my job? I considered rent but I don't really like renting :)

Thanks

Alison 
  • August 01 2012 - US
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Answers (2)

Profile picture for Amirchaudhry
If you do not need the equity from your home to purchase the new property then you should consider whether or not the rent will cover your mortgage payment for this property and if not, would you be able to cover the shortage as well as your new mortgage?
 
  • August 02 2012
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Questions:
1. Do you have to sell before buying? That is, do you need the equity from your current home in order to purchase a new one?
2. When is this job deadline you keep referencing?
3. How long has your home been on the market and have you received any offers?
4. Would renting your home cover the carrying costs? Remember, you can always hire a property manager to deal with the tenants.
  • August 02 2012
  • 0Yes

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