It comes down to two questions, and if you can answer yes to both, buying before selling can make your whole move smoother.
If you’re ready for your next home here in Phoenix, one question comes up more than almost any other: Should you buy your new home before selling your current one? There are a few things that go into the answer, but it really comes down to two questions, and knowing where you stand on both makes the whole decision much clearer.
Can you carry both mortgages at once? This is the biggest one. Can you comfortably afford the new home’s mortgage and your old home’s mortgage at the same time, even for a stretch? Lenders will weigh both payments, so this is as much about qualifying as it is about cash flow, which is one reason it helps to understand your numbers before you start. If carrying both for a while is realistic for you, you’ve cleared the first hurdle.
Do you have the cash for the new down payment? The second question is whether you have enough cash on hand for the down payment on the new house without relying on the proceeds from your current home. If the answer to both this and the mortgage question is yes, then buying before selling is worth serious consideration, because it tends to make the entire process smoother and less stressful.
You get to move on your own timeline rather than racing to line up two closings, which is part of why it’s one of my top recommendations for buyers who also need to sell.
What if you can’t carry both? If buying first isn’t realistic, you still have a strong option: a simultaneous close, where you buy and sell at the exact same time. This back-to-back arrangement lets the proceeds from your sale flow straight into your purchase, so you’re not stuck covering two mortgages or two down payments at once.
It takes careful coordination, but it’s very doable with the right plan, and it opens the door for plenty of homeowners who assumed buying before selling was off the table. There’s more than one way to make the timing work, and the best one simply depends on your situation.
So if you’re thinking about selling your current home to upgrade or move to a different area, the right path really comes down to your finances and your timeline, and that’s exactly the kind of thing I help people sort through every day. I have a lot of experience with buying and selling at the same time in Phoenix, and I’d love to answer any questions you have.
Reach out anytime by phone or text at 602-501-9352 or email me at sam@thebrokery.com, or visit samlevyhomes.com. Let’s figure out the smoothest way to make your move.
