The Real Estate and Mortgage Show - March 2
Steve and Frank are joined by Erin Peck, Sales Representative Selling Partner for the Paul Rushforth team. This week, topics include first-time home buyers, mortgage rates, and how to balance buying a new home and selling an existing one.
This week, on the Real Estate and Mortgage Show, Erin Peck joins host Steve Gregory and Mortgage Broker Frank Napolitano for an informative hour discussing current real estate and mortgage news.
With the spring market already in full swing, a common question is whether a buyer should buy their new property or sell their current one first. Frank and Erin remind listeners that the answer to this question differs in every case, so it is important to consider the issue from all possible angles.
If you sell first, you will have the benefit of knowing exactly how much money you have to work with, which will eliminate the risk of falling in love with a property you can't afford. If you find the perfect property, you will have the freedom of making an offer immediately. The downside to selling first is the possibility of having to search for temporary accommodations while house hunting.
Those who choose to buy first have to carefully budget to ensure they have the means to carry both properties if the original home takes more time to sell. If you have sufficient equity in the original home to use as a down payment towards the new home, buying first could be a good choice, and for those who are lucky enough to have their original property completely paid off, keeping it as an investment property becomes an option as well.
In the end, the choice to sell or buy first will differ on a case-to-case basis. Talk to an Ottawa Mortgage Broker to discuss which is the best path for you.