Should I Sell or Purchase First When Escalating to A Larger Home?

Recently, the Seattle housing market continues to be hot, many landlords want to take advantage of this opportunity to replace a larger house or better school district housing. Have been received customer inquiries “Hi Bryant, should I sell or purchase first when escalating to a larger home??” GPS Renting is a Seattle Property Management Company.

It all depends on the individual needs of the specific situation. However, we can combined your needs with the market trends to have the correct decisions. Or you can count on GPS, to help you develop a plan to buy and sell a house, as well as a one-stop property management services, easy to collect rent! GPS Renting is a Seattle Property Management Company.

🏠 2 situations:

Sell First and Buy Later

⭕️

1️⃣Sell the house in plenty of time, well prepared, easy to sell to the best price.

2️⃣ Precise budget, clear goals of home purchasing, and plenty choices when shopping homes.

❌

1️⃣The transition time after selling the house may have to rent a room to live in.

2️⃣The process of buying a house may be a little anxious and you have to be lucky when shopping homes as well.

3️⃣If the housing market is on the upswing (like the current Seattle housing market), it will cost more to buy a home and you may have to pay more to get the home you want.

4️⃣You may need to rent a storage unit for your old house furniture, there are some moving costs.

Buy First and Sell Later

⭕️

1️⃣There is plenty of time to buy a house and take your time to pick the ideal house that you like

2️⃣ Don’t worry about having to rent a house while transitioning after selling

3️⃣Complete the entire move in one go, without worrying about furniture storage and other issues.

❌

1️⃣In case of buying a house with a loan, you may have to carry 2 home loans at the same time

2️⃣You may be forced to sell your exiting house quickly to reduce the pressure of the loan, and the sale price may not reach the ideal expectations

3️⃣The deposit needs to meet the down payment requirement, if the deposit is not ready, you may not be able to buy first and sell later

How to Choose | Adjust your strategy according to market trends

Each person’s situation is unique, for more information, please contact us @ (425) 243-5082, hi@gpsrenting.com or WeChat @GPSSEATTLE . Generally speaking, you can roughly use the buyer’s market OR the seller’s market to decide on a home buying or selling option. GPS Renting is a Seattle Property Management Company.

⏺ If the market is in a seller’s market, it is recommended to adopt a buy-before-sell strategy (for example, Seattle SFH is currently a strong seller’s market)

⏺ If the market is in a buyer’s market, a sell-before-buy strategy is recommended (e.g. Seattle CONDO is currently a buyer’s market)

Other Issues to Consider

⏹ Cost of renting during the transitioning time after selling?

🉐 When and how to sell to get the best price? (Bryant can help you answer this question)

🉐 Strategies for purchasing a home?

⏹ Do I currently qualify for a loan and have enough savings for a down payment (if considering buying before selling)

⏹ Are there any renovation costs for a new home?

🉐 How does the loan work to save the most money? (as you know there are costs associated with a sale and a purchase, Bryant can give you recommendations)

🉐 Is it necessary to sell the original house? (GPS can help you manage the rental? 📣)

Recommendations

1️⃣If you sell first and buy later, you can agree with the buyer to rent back

2️⃣ during the transitioning time, you can rent in the area you like, familiar with the local environment and market conditions, easy to move home after buying a house, and at the same time convenient for renovation management if necessary.

3️⃣If you buy and sell a house at the same time, it is recommended to receive the down payment from the buyer and then sign a new purchase contract of your new home.

4️⃣If you have special requirements for your new home, the more requirements, it takes longer to find a perfect home, it is recommended to buy first and then sell.Should i sell or purchase first when escalating to a larger home?

GPSRenting.com. We manage over 400 doors! Seattle full-service property management – No advertising fee! No tenant placement fee! No markup on maintenance! No lease renewal fee!

Good news! Seattle GPS offers exclusive off-market deals. of real estate listings, you don’t have to compete with buyers in the market. If you have any questions or thoughts about buying, selling or renting a home in Seattle, please reach us @ (425) 243-5082, hi@gpsrenting.com

Or add us on WeChat: GPSSeattle to talk about your needs!

Wish everyone to stay healthy and the Pandemic will be over soon!