Does it matter what the property market is doing if you’re buying and selling at the same time?
If you’re selling and buying at once, does the current condition of the real estate market really make a difference?
In general, if you’re selling and buying property at the same time then it shouldn’t make a huge difference whether the property market is hot or not, assuming you’re buying and selling in similar areas.
In a cooling market, you may be able to find a home at a cheaper price, but you also risk getting a lower selling price on your current home. Similarly, in a heated market, you might get a great price for the sale of your current property, and then struggle to break back into the market to purchase your next property.
However, it might be a different scenario if you’re buying and selling in different regions. If the area you’re selling in is seeing slow growth and the one you want to buy in is highly competitive, then it could be worth holding out until the situation changes in your favour.
Make sure you research the areas you’re looking at buying and selling in before making your move so you can decide what is right for you. Work out how much you will realistically get for the sale of your property and what this could afford you elsewhere.
Buying and selling a home can be stressful, but you can help ease some of the pressure by only entering into a contract to buy subject to the sale of your existing home, or by arranging bridging finance. Talk to your lender to discuss your options.
Also worth keeping in mind are the reasons why you want to move in the first place – do you need more space, or are you looking for a lifestyle change?
Sometimes it’s worth making some financial sacrifices to quickly change your situation and start living the lifestyle you want. It really all comes down to personal factors and what you hope to gain from moving homes.