Our team is comprised of local real estate professionals committed to helping people buy and sell homes in Central Oregon! The Central Oregon Real Estate Market is heating up, as the U.S. economy is continuing to improve and the real estate market is stabilizing. Consumers are returning to the market to move up, trade down, improve location, and otherwise strengthen the American Dream. We are now just starting to feel the stability here in Central Oregon.
When buying a home, the fitting situation would be to find a new home, just as you obtain an offer on your existing home. This would give you the option to be able to close the two transactions concurrently, which would allow you to make it possible to move into your new home prior to closing on your previous home. However, when looking into buying a new home, you should consider all the possibilities.
Wondering if you should buy or sell first? There are several thoughts that come to mind on this subject. Basically, it will depend on your individual situation. For example, can you afford to pay two mortgages if your previous home does not sell within the period you need to move? Would you be open to obtaining temporary financing such as a bridge loan (a short-term, high interest loan that lets you borrow against the value of your previous home to cover the bills until you secure the new home loan)? Are you willing to move twice in order to find the perfect home that fits your needs if you sell first and cannot find that perfect home fast enough?
This is where the guidance of a real estate agent is priceless. Real estate agents are experienced in current market conditions. Their expertise is in working with home buyers and sellers to determine the optimal time to buy and sell.
It is generally less aggravating to sell your home first, because you do not have to worry about owning two homes at the same time. The market, the location of your home, and the time of year will determine how long it takes to sell your home. Generally, it is a good idea to put your home on the market as far in advance as possible when purchasing a new one. Due to the ongoing improvement of the market, it is likely that your home will sell faster when priced appropriately (consult with your agent when deciding on a price point for your home). In this case, you may want to consider purchasing a new home first.
When your present home sells before you find a new one, it definitely puts the pressure on you to find a new home quickly. You may then decide to make a temporary move or request to rent back your home that you just sold for a specified amount of time to allow you to continue to look for a new home. Having options is worthwhile if you have your heart set on a specific location, type of home, or if you have decided to purchase a home that is still under construction.
If you buy a home before selling your present home, you will likely end up having two mortgages at one time. Under these circumstances, you can apply for a bridge loan to assist you in making two mortgage payments until you sell your first home. In that case, your real estate agent can refer you to a specific mortgage lender.
So should you buy or sell first? This is a challenging question regardless of real estate cycles, yet your own circumstances and a knowledgeable real estate professional will help you make the right decision.
Let us know what you are looking for! You can take a look at all of our listings by visiting our website, or you can contact us personally by calling 541-312-9449.