Should you Buy Or Sell First

Should you Buy Or Sell First

Should You Buy or Sell First? How to Decide What’s Best for You

Key Factors to Consider
Understanding Your Current Property Value Get a realistic view of your property’s worth by speaking with multiple local agents. Make sure your expectations for selling and buying are based on realistic numbers, and consider working from the low end of price ranges to be safe.

When it comes to property, there’s no one-size-fits-all answer to whether you should buy or sell first. Many clients at Grantham Buyers Agents face this exact dilemma. By taking a close look at your situation and what’s most important to you, we can help guide you through the process. Here are some key factors to consider when deciding which path is right for you.

Key Factors to Consider
Understanding Your Current Property Value Get a realistic view of your property’s worth by speaking with multiple local agents. Make sure your expectations for selling and buying are based on realistic numbers, and consider working from the low end of price ranges to be safe.

1. Personal Situation Consider the circumstances behind your move. Are you making a financial decision, relocating your family, or navigating a separation? Will you be staying in the local area, and how will this buy/sell transition affect others involved? Your unique situation can strongly influence whether buying or selling first is the right call.

2. Timeframe Are you under pressure to move quickly? Perhaps you need more space or have a specific date in mind to settle into a new home. Think about how long it might take to sell your current property, the settlement terms you’d need to negotiate, and whether you can balance a property search with everyday commitments.

3. Current Market Conditions The market has a big impact on your decision. If stock levels are high and clearance rates are strong, you may have an easier time selling. Consider the estimated value of your current property and whether the market favours buyers or sellers.

4. Preparation Requirements How prepared are you to buy or sell? If you’re considering selling, think about how long it will take to prep your home for the market. Do you have pre-approval for your next purchase? Are you clear on the type of property you’re looking for and aware of all associated costs? These are essential questions to answer, and a buyer’s agent can be invaluable in helping you through them.

5. Understanding Your Current Property Value Get a realistic view of your property’s worth by speaking with multiple local agents. Make sure your expectations for selling and buying are based on realistic numbers, and consider working from the low end of price ranges to be safe.

Real-Life Examples
Here are a couple of clients we assisted in 2023 who faced the buy/sell decision:

• Young Family in Leichhardt: This family’s home was valued around $2.5M–$2.6M. They wanted more space for their three boys and decided to purchase first, buying a larger home in Pennant Hills for $2.6M with a 4-month settlement. This gave them enough time to sell their current home without the need for bridging finance.
• Busy Professional on the North Shore: This client sold his North Shore home for $5M and rented nearby for a year. He used this time to take an extended holiday, reduce debt, and prepare for his next purchase. Eventually, he bought a penthouse apartment in Balmoral Slopes for $3.2M, with plenty of flexibility and financial stability.

Working With Clients to Simplify the Process
When we meet with clients, we go through each of these factors to make sure the buy/sell process is as smooth and stress-free as possible. If buying first makes sense, we aim for a delayed settlement to allow time for the sale of their current home. If selling first is better, we help set up a short-term rental, giving them the freedom to find the right long-term home without rushing.

Every client’s situation is different, and we’re here to help you make the decision that’s best for you. If you’re navigating the buy/sell process, reach out to Grantham Buyers Agents to see how we can support you in achieving a successful and stress-free transition.