Consult with Me to Find Solutions to Your Toughest Real Estate Questions

There are many great North Central New Jersey area homes for sale. Click here to perform a 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 (973) 214-0691 for a FREE home buying or selling consultation to answer any of your real estate questions.

Should I List my Current Home or Buy a Home First?

This is a question I have been receiving from multiple clients lately. It's also a tough one to answer because it depends a lot on your financial and personal situations in life. However, I am glad to clear some things up for you here.

This used to be an easy problem to tackle because people utilized bridge loans, but they are no longer very popular anymore. However, this is a difficult question because this is a tough market to buy in, so people get concerned when they list their home and don't know where they will be living next.

On the other hand, it is difficult for most people to feel comfortable buying a home before selling their own. It's already hard enough to get one mortgage, but getting two mortgages at the same time is very risky if your finances are not straightened out.

So, if you're planning to buy and you already own a home, there is one question you need to have a crystal-clear direction on from your mortgage broker. That question is: Will a mortgage broker give you a pre-approval that says it is not contingent on the sale of your home?

Home sellers do not want to see that the purchase of their property will be contingent upon you selling your current home. It is very likely that sellers will not want to wait around for you to sell your property in order to buy their own.

So, as you can see, this is actually a very delicate situation that requires a lot of planning and expertise. Everyone will have different parameters in a situation such as this, so it would be best for me to sit down and have a conversation about how to best tackle this from your own unique perspective.

I would love to organize a time for a thorough consultation with you where we can analyze the upsides and downsides of going through with this type of decision. Usually the answer will appear after a little bit of deliberation and research into your current financials and your future plans.

So, if you have any interest in discussing this or if you would like to discuss our local market here in Summit, then please give me a call and I would be glad to answer any and all of your questions.

I can be reached at (973) 214-0691 or email me at ACutAbove@ShannonAronson.com