Second time buyer: should you buy before you sell or sell before you buy?

The world of real estate has a very specific jargon. Owners, for example, are classified into various groups: first-time buyers, first-time buyers... Are you part of the second category? You may be asking yourself various questions, such as: is it better to buy before selling or to sell before buying? At HOME SELECT, we have looked into this question. So here are various tips and information on this subject. You will also find the details of our combined sale & purchase offer.

Definition: who are the second buyers?

We mentioned it in the introduction: different terms are used to refer to the owners of one or more real estate properties. Are you already familiar with the expression “first-time buyers” which refers to those who are buying a home for the first time? Note that people investing in real estate for the second time are also referred to by a specific term: they are called “second time buyers”. These individuals therefore already own their home and have made the decision to buy another property. They are therefore accessing the property for the second time, hence the term “second time buyers” .But what is better to do? Buying to sell or selling to buy, i.e. selling before or after buying a new property? We have studied the issue. Here is what we recommend.

First of all: find out about the state of the real estate market

It is decided, you are going to buy a new property. But to know if you should sell the first one before making a second purchase, you should first find out about the state of the real estate market. Is the trend more towards sales or purchases? This is the first question you need to ask yourself. There are a lot of buyers, but few goods for sale, that is, a lot of requests and few offers? Selling your home after buying the new one is recommended. Why? Because the supply is lower than the demand, you may take a while to find a second property while selling the first could be done very quickly. Is the situation different and there are more offers than requests? It's better to sell before you buy. Why? Simply because buyers are faced with more choices and can therefore negotiate prices, which may lower the price of your first property. By selling first, you know your borrowing capacity and in particular you avoid having to go through relay loans. But if the deadlines for your double transaction scare you a bit, know that there is what is called a long sale. Explanations.

The long sale: what is it?

Even if you have studied the real estate context carefully, it is not always easy to anticipate the deadlines for selling a property as well as for finding one. On average, it takes three months for a sale. But it can be more or less. And when there is a sale and purchase, longer periods may be necessary in order to manage the double transaction more calmly. For this, there is the long sale. This makes it possible to double the usual deadlines. Once the promise to sell is signed, you don't have three months to find a new property, but about six months. Just remember to let buyers know that this is a long sale before signing the promise to sell. Some might not be interested.

Double transaction: use HOME SELECT

Do you want to sell and buy? HOME SELECT has the solution you need thanks to the sales & purchase duo offer. What do we offer with it? First of all, you only have to deal with one single point of contact. This makes your life easier and ensures more consistency. Also take advantage of advantageous conditions and a total synchronization of your two transactions for a peaceful move and move in. Your HOME SELECT real estate hunter knows your case perfectly. So he knows exactly what you are looking for, where you want to live, how much you want to sell your property for, what budget you want to spend on your purchase and others. To sell your property as well as to buy a new one, HOME SELECT is your ideal partner. One of our real estate hunters, specialized in your preferred sector (s), will put his perfect knowledge of the local market as well as various tools and databases at your service to give you a free estimate, but also to help you in your research. What more could you ask for?

Do you have questions? Do you want to use HOME SELECT for your double transaction? Contact us without hesitation and we will be happy to help you.