Should You Buy or Sell First? A Guide for Homeowners in Edmonton & Area

by Tameka Ross

One of the most common dilemmas homeowners face when upgrading or downsizing is whether to buy first or sell first. There’s no one-size-fits-all answer, but understanding the pros and cons of each option can help you make an informed decision based on your financial situation, housing needs, and market conditions.

Selling First: The Safer Financial Move?

Selling first means you secure the funds from your current home before purchasing your next one. This approach is particularly beneficial in a slower market where homes take longer to sell.

✅ Pros of Selling First:

Clear Budget: You know exactly how much you can afford for your next home.
No Pressure to Carry Two Mortgages: Avoid the financial strain of overlapping payments.
Stronger Negotiation Power: You won’t be desperate to accept a lower offer on your current home.

❌ Cons of Selling First:

Potential Temporary Housing Costs: If you can’t find a new home quickly, you might need short-term housing.
Moving Twice: You may have to rent or stay with family between selling and buying.

Buying First: More Convenience, But Higher Risk

Buying first allows you to secure your dream home without the rush of trying to find a new place after selling.

✅ Pros of Buying First:

You Find the Perfect Home Without Time Pressure: No risk of settling for a less-than-ideal property.
Easier Moving Process: Move directly from your old home to the new one.

❌ Cons of Buying First:

Financial Overlap: You might need to cover two mortgages temporarily.
Pressure to Sell Quickly: If your home doesn’t sell fast, you could be forced to lower your asking price.

How Market Conditions Affect Your Decision

In Edmonton, Spruce Grove, and Beaumont, current market conditions will heavily influence whether you should buy or sell first:

✔️ Seller’s Market? Homes sell quickly, so selling first makes more sense.
✔️ Buyer’s Market? Homes take longer to sell, so buying first may be riskier.

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