There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.
I have
been noticing a lot of first-time buyers coming into the market, and when this
happens it allows homeowners to move into newer, better homes. These move-up
owners are then asking themselves: Should
we buy a new home or sell our own property first?
Well, if you sell first:
If you
sell your home before buying another, you will end up in a time crunch to buy
another home and may end up settling for a property that you do not want. You
might also end up stuffing all of your possessions into a hotel room or storage
unit, which is not an ideal scenario.
If you buy first:
On the
other hand, you will have to scramble to sell your old house, and may end up
settling for less. This is especially worrisome when you need to put down a
healthy down payment for your next home. Also, owning two homes at once can be
a logistical and a financial nightmare.
However, here are a few ways to minimize the
stress involved in this process:
- Know
the market before you take action: Do the necessary research before you
buy and/or sell. You need to have a good idea of what kind of market
you're going to be participating in as a way to gauge what your
possibilities may be in buying a new home and selling your current one.
- Know
your competition: In order to buy low and sell high, you need
a realistic look at what your competition is selling for. Knowing the
market well is key to the success of this process, so don't slack off with
your research, it will play a key role in strategizing a complex
transaction such as one like this.
- Focus on the local market: You need to know if the market caters towards sellers, if it is neutral, or if it is a buyer's market. If you know this, then you can protect yourself when you sell or when you buy. It would also be a good idea to know the average days on market in order to accurately gauge what kind of market you'll be working with.
If you
have any further questions about this process, feel free to reach out to me.
Also, if you need any assistance buying or selling in Arlington, give me a call
at (301) 660-6272.
