Buy First or Sell First?

 

Buy First or Sell First?
Lowest Rates* in Canada
Term Our Rate Bank Rate
3 Yr Fixed 2.84% 4.55%
5 Yr Fixed 3.15% 5.65%
Variable 2.95% 3.35%

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Buy First or Sell First?
When considering a move to a new home, the typical dilemma for many homeowners is whether to buy or sell first. There is no "right" answer, but there are some benefits to both sides, depending on your circumstances.
Buy First if...
It’s a seller’s market
When the number of buyers outnumbers the market’s inventory, homes can sell within days. If this is the case, chances are your home will sell quickly, making buying first a less risky option. Keep in mind though that your offer will be contingent on your home selling, making your offer less attractive to the seller, especially if there are multiple offers.

The deal is too good to wait
If you find a deal that is just too good to pass up, you may be tempted to buy first. But take care; you will have to carry the cost of 2 homes, until you sell. Also, consider that your selling price at this stage is not yet known, so you are taking a bit of a gamble.

You have found your dream home, at the right price
This of course is an emotional decision, and if you can shoulder the extra debt while you wait to sell, then it may be worth it, especially if you have interests in a specific property.
Sell First because...
You will have the ability to negotiate
Especially if you are not under pressure to sell, giving you the luxury of time to negotiate top dollar for your home.

You will have more buying power
Because your home is already sold you will know exactly how much money you have to work with. 

You will have the power of an unconditional offer
This will provide you with more negotiating leverage to buy your next home.
You have options with whatever you decide to do, but before you make a decision make sure you:
Get your finances in order: Get pre-approved for a mortgage and contact your real estate professional to help you find a new home.

Get your house ready to sell: Paint the walls, clean out the garage and closets, spruce up the yard. Talk with your real estate professional about the listing price and timing.
Good luck and happy house hunting! 
If you would like more information about how I, as a CENTUM Mortgage Professional, can assist you in ensuring that your best interests are looked after, please do not hesitate to get in touch with me.
Paramjeet Nagi
Licence #: M08007836
Phone: (416) 884-1770
E-mail: paramjeet_nagi@centum.ca 
Web: www.centum.ca/Paramjeet_Nagi 


*The posted rates on this newsletter represent the best typical discounted rate available from our preferred lenders to borrowers with strong credit of 680 beacon or greater, qualifying income and assets, and no late payments. Rates may vary between geographic regions and the posted rate on this newsletter may not be available in your area. We understand that no two consumer mortgage requirements or credit profiles are identical, so please contact me to discuss your individual requirements. Lender rates change often and are subject to change without notice. 

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