Ask a REALTOR®: 30 Common Real Estate Questions Answered in 30 Days: Question 7: Should I buy a new home before selling my current one?

Deciding Between Buying or Selling First: Real Estate Dilemma—Real Estate Q&A

Meta Description: Day 7 of our real estate question series: Today’s topic explores a common dilemma: Should you buy a new home before selling your current one? Discover the pros and cons, financial considerations, and expert advice to make an informed decision. Stay tuned for tomorrow’s discussion on real estate agent compensation. Contact us for personalized assistance with buying or selling your home.

Welcome back to Day 7 of our real estate question series! Today’s topic addresses a common dilemma for homeowners:

Question 7: Should I buy a new home before selling my current one?

The decision of whether to buy a new home before selling your current one is highly personal and depends on several factors, including your financial situation and comfort level with the decision.

Buying a new home before selling can make the moving process smoother. It allows you to move into the new home, make necessary repairs and upda

tes to your current home, and stage it effectively to attract buyers. Additionally, it helps avoid the need for temporary housing if your current home sells quickly.

Another benefit is the potential to avoid capital gains taxes. By purchasing a new home within 180 days of selling your current one, you may be able to avoid or minimize capital gains taxes. Consulting with an accountant for state-specific information is recommended.

However, buying before selling may also mean managing two mortgage payments temporarily, which can be challenging for some households.

Ultimately, the decision should be based on what is best for your family and financial situation. Consider discussing options with your real estate agent and financial advisor to make an informed choice.

Tomorrow, we’ll discuss how real estate agents are compensated when selling your house. For any future questions or assistance with buying or selling your home, contact me at 405.401.0099 or visit https://daveparker.sites.c21.homes.

Wishing you a productive day until our next discussion!

For full text, visit video on our YouTube Playlist: https://www.youtube.com/playlist?list=PLOrIAsa07BvxMX7230jW_xOrrLzrBxPt0

Dave Parker, REALTOR®, License #204189, Phone (405) 401-0099.

Century 21 Judge Fite, 1220 S. Santa Fe, Edmond, OK 73003, Broker #154475. Contact (405) 359-7400. Email: Dave@mrdaverealty.com.

Website: https://daveparker.sites.c21.homes

Questions courtesy of Clever.com

KEYWORDS:

• Buy new home before selling
• Buying and selling dilemma
• Capital gains tax avoidance
• Managing two mortgages
• Real estate decision-making
• Financial considerations
• Temporary housing solutions
• Home selling strategies
• Dual mortgage payments
• Personal finance in real estate

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