All home buyers have a daunting task ahead of them, between identifying a property they like in an area they love and going through the tedious tasks of offers, counter-offers, and inspections.
But for many buyers, that’s a smaller item on their to-do list. They have a house to sell as well. According to the 2017 Zillow Group Consumer Housing Trends Report, 71 percent of people selling a house are looking to buy one at the same time. This two-fer quickly lands them in a thorny catch-22: Do they buy a new home first? (If so, where will the money come from for a down payment?) Or sell the one they’ve got before buying? (If so, where will they live till they buy?)
There are real challenges either way, but sometimes the best path is clear. The route you choose depends on your finances, local housing market, and whether you can stomach letting go of your home without knowing exactly where you’ll land. A closer look at four buying-and-selling scenarios helps clarify the right strategy.