Regina Real Estate: Should You Buy or Sell Your Home First?
Chad Ehman
Stepping into the housing market in Regina and the surrounding area presents a classic predicament for homeowners: Do you leap at the chance to purchase your new place or do you part ways with your current home first? Both trajectories have their merits and drawbacks, and the best path depends largely on your personal circumstances. We'll sift through the critical elements to help you chart the most prudent course for your situation.
First Things First: Buying Before Selling
Stumbling upon your dream house before you've managed to sell your existing property is quite the quandary. The fear of losing out on that perfect spot can be a powerful motivator. Here's what to consider:
Pros:
- Immediate Move-In: By securing your next home before selling, you eliminate the worry of needing temporary digs. Skip the stress of storage solutions or seeking out short-term accommodations.
- Leisurely Move: Owning your new property gives you the luxury to move on your timeline, sidestepping the frenzy of a quick exit.
Cons:
- Financial Juggling: Holding the keys to two properties means double the mortgage payments, unless you're in the enviable position of buying outright. You might need to tap into savings or consider a bridge loan.
- Quick-Sale Pressure: Covering the costs for two homes can push you to sell your current house swiftly, potentially at a less-desirable price.
Selling Before Buying: A Strategic Move
Conversely, selling your house first can offer a sense of financial liberation but comes with its own unique challenges.
Pros:
- Singular Mortgage: Selling upfront frees you from the worry of dual mortgage payments, streamlining your budgeting for the next house purchase in Regina's market.
- Better Buying Position: With your home's proceeds in hand, you're well-equipped to make compelling offers, a significant advantage in Regina's competitive market landscape.
Cons:
- Interim Housing: If your home sells before you secure the next one, you're looking at potential housing limbo – renting, staying with gracious family or friends, or arranging storage for your belongings.
- Rushed Decision Making: The clock starts ticking once your property is off the market, possibly leading to a hurried purchase that may not tick all your boxes.
Deciding in Regina's Market
There's no universally correct answer, but here are several considerations tailored to Regina and the surrounding area:
- Market Dynamics: Regina's real estate scene oscillates between a seller's and buyer's market. Check the latest trends—selling first usually has the advantage during hot seller's markets, while buying first could be beneficial when it's cooler and buyers are fewer.
- Financial Footing: Assess your capacity to carry two mortgages temporarily. If it's a stretch, selling first might prevent unnecessary financial strain.
- Risk Appetite: Your comfort with uncertainty plays a role. If the thought of dual mortgages makes you uneasy, consider selling first. Conversely, if you're alright with a bit of temporary financial overlap, buying first allows you more breathing room.
Other worthwhile options include bridge loans to gap the interim or making your offer on a new home contingent on the sale of your current one. Although, be mindful that in Regina's often competitive market, sellers might be hesitant to accept contingent offers.
In the end, the route you choose should align with your personal circumstances, financial comfort level, and the current market pulse in Regina. Considering these factors carefully will aid in a decision that ensures a smooth transition to your next chapter.
Thinking about selling your home?
Get in touch. We'll guide you through every step of the process to ensure a smooth transaction that meets your goals.