If you’re currently living in Northbrook, Illinois, you might have noticed that the real estate market has been quite competitive lately. With limited inventory and high demand, it’s no surprise that it’s currently a seller’s market. However, if you’re thinking of buying a new property while still owning your current one, you might be wondering if you should sell your current property before buying a new one.
The answer to this question depends on your specific circumstances. If you have enough financial resources to carry two mortgages simultaneously, then you might not need to sell your current property before buying a new one. However, if you’re like most people, then you’ll need to sell your current property before buying a new one.
One of the main advantages of selling your current property before buying a new one is that you’ll have a better idea of how much money you’ll have to work with. By selling your current property first, you’ll know exactly how much equity you have available to put towards your new property. This can help you make a more informed decision about your budget and which homes for sale you can realistically afford.
Another advantage of selling your current property first is that you’ll be a more attractive buyer. When you’re trying to buy a new property, you’ll likely be competing against other buyers who have already sold their homes. By selling your home first, you’ll be able to make an offer on a new property that’s not contingent on the sale of your current property. This can make your offer more appealing to sellers, especially in a competitive market like Northbrook.
Caroline Gau, Realtor with Baird & Warner can introduce you to a lender who can help you bridge the gap between a contract on your current home and purchasing your new one to give you some options.
If you’re considering selling your current property before buying a new one, it’s essential to work with an experienced realtor like Caroline Gau with Baird & Warner-Glenbrook. She is a top producer in her marketplace-Top 5% of local agents. Connect with Caroline for a confidential consultation today. Click here to set up a Calendly appointment.