"Is it a buyer's market? A buyer's market means there are more homes for sale than buyers. As the buyer, you'll likely have more options and negotiating power. However, it could take longer to sell your home than you're anticipating. Options to consider: Home sale contingency: Allows you to back out of buying if your current home doesn't sell. It's useful if you're relying on proceeds from the sale. Extended closing: Gives you more time to sell your home before finalizing the purchase."
"Is it a seller's market? A seller's market means there are more buyers than homes for sale. As the seller, you'll likely have an easier time selling your home. However, you may find it difficult to buy a home in this market. Options to consider: Settlement contingency: Used when you've accepted an offer on your home but need the sale to close before purchasing a new one. Rent-back agreement: Allows you to temporarily rent your home from the new owner, giving you extra time to find your next home."
Evaluate local housing market conditions to decide whether to sell or buy first, since buyer's and seller's markets create different opportunities and constraints. In a buyer's market, buyers have more negotiating power but sellers may face longer listing times, so consider home sale contingencies or extended closings. In a seller's market, homes sell more easily but buying can be harder, so consider settlement contingencies or rent-back agreements to bridge timing gaps. Choose an approach based on financial readiness, risk tolerance, and timing needs to avoid paying two mortgages or losing a target home. Use contingencies and agreements to align closings and temporary occupancy.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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