If you need to move but also need your equity, here are your two smartest options for buying and selling at the same time in today’s Phoenix market.
Should you sell first or lock in your next home? If you’re planning a move and your down payment depends on the equity in your current home, the order of events is everything.
This is where a lot of Phoenix homeowners feel stuck. You don’t want to miss out on the right home. But you also can’t afford to carry two properties or sell without a plan.
Before you list or start touring, you need to know your options. There are two straightforward ways to structure this move, and choosing the right one makes all the difference.
Option 1: Buy first before you sell. If you can qualify and carry both homes temporarily, buying first can make your offer much stronger.
When you’re not contingent on selling, sellers see fewer hurdles, improving your chances of getting the home you want. The key is making sure your financing and cash position allow it.
Option 2: Sell first and then buy. If buying first isn’t realistic, selling your home first would be the smarter move.
You’ll know exactly how much equity you have, avoid carrying two payments, and remove timing pressure. In many cases, you can negotiate a lease-back. That allows you to stay in your home temporarily after closing while you search for your next property.
Which move is right for you? There isn’t one answer for everyone. It depends on your finances, the Phoenix price range you’re shopping in, and your comfort level with risk.
If you’re thinking about making a move, let’s map out your numbers and timeline before you decide. Reach out to me at (602) 501-9352 or sam@thebrokery.com, and I’ll help build a plan that works for you.
