Buy first and then sell or sell first and then buy later? A tough decision some homeowners have to face. Buying first will allow you to get into the home that you really want but run the risk of carrying two mortgages if your present home does not sell right away.
On the other hand, selling first will help you determine how much you can afford to pay but also run the risk of not finding the right home and end up settling for second best especially if you have to make a decision as you're closing on the sale of your home. Of course, you can prepare for this eventuality and have a contingent plan like a short term rental or staying with friends or family.
Before you make either of the two choices, speak to a real estate professional whom you trust - someone who has a good grip of the market, specifically, your local market.
Your realtor can discuss your options with you and guide you as to which route is better suited to your circumstances and provide you with guidance to ensure that appropriate conditions are included in offers made or received.
For example, your realtor can check how long it takes for houses in your neighbourhood to sell, i.e. if you live in a "starter" home in a high demand area, chances are your home will sell quickly if priced right and presented well. In this case, your realtor will be comfortable in recommending that it maybe it won't be as risky to look for the right home and buy first and sell later.
If you are in a larger, more expensive home, it may take longer to sell so your realtor may suggest that you take the time to properly prepare your home for showings, price it properly and put it on the market and buy once its sold.
In the end, there is no right or wrong decision but take the time to do your due diligence and weigh your options. As we always say, our job as realtors is to make sure that we help you sell your home in the shortest time, at the best possible price and conditions but with the least amount of incovenience.