Unless you’re gearing up for your first-ever real estate purchase, there’s a good chance that you’ll need to know how to sell and buy a house at the same time the next time you head to the market.

Both selling and buying a house come with special considerations, especially in a market as dynamic as Calgary. However, when you need to do both as part of your move, things get a little more complicated.

These two processes aren’t siloed. How you buy your next home will directly impact the sale of your current one – and vice versa. As a local Calgary realtor, I’m here to help you navigate both steps of your upcoming move in a way that works for you.

Here’s what you need to know about how to sell your house and buy a new one at the same time.

Which Step Comes First?

Timing is everything in real estate. While your move can feel like one smooth process when done right, selling and buying a new home are ultimately two separate transactions, and you’ll need to decide which step you’d like to take first before heading to the market.

However, deciding between selling and buying a house first shouldn’t be a coin flip. It’s a big decision – one that will significantly impact your sale. You’ll want to think carefully about which path is right for you.

As a Realtor, I often have clients ask, “What’s better, buying first or selling first?” In reality, there’s no universal answer to this question. Rather, you’ll need to be situational.

Searching for more advice on selling your Calgary home? Check out these blogs next!

What’s Your Risk Tolerance?

The first thing to consider when deciding whether to buy or sell first is risk tolerance. Both options have their advantages, but they come with risks too.

Here’s an example. Let’s say you decide to buy your next home first. Your offer is accepted, the deal is finalized, and all that’s left to do is sell your current home. Well, what happens if your house doesn’t sell? Or what if buyers aren’t willing to pay the price you’re looking for? Suddenly, you’re caught with two mortgages or a new home you can’t afford.

On the other hand, if you choose to sell your home first, you’re betting on being able to find a home that you love before the new owners take possession. Otherwise, you may need to find temporary accommodation, which can be costly and stressful.

Put Your Goals on Paper

In real estate, you may need to act fast. Whether that’s deciding to place an offer on your perfect house, or responding to a buyer’s offer on your current place. Before you head to the market, take time to sit down, consider what your specific buying and selling goals are, and put them on paper.

Write down any needs and must-haves in your next house, preferred neighbourhoods, and what you can afford to spend on it. After that, consider when you’d like to sell your house, and what you would like to get for it (if you have a number in mind already).

By gathering these key insights in one place, it’ll be easier for you (with the help of your real estate agent) to make an informed decision about which step to take first.

Preparing to buy a house in Calgary? Explore these related blogs for more advice!

What Happens to Your Mortgage When You Sell Your House and Buy Another?

If you haven’t yet paid it off, you have a few options for what to do with your mortgage when you sell your home.

One of these options will be to pay off the loan and close it out completely. Be aware that your lender may assign certain financial penalties if you choose to go this route.

Alternatively, you may be able to port your mortgage to your new property, hanging on to the same rate and term from your current agreement.

Choose the Right Calgary Real Estate Agent

There’s no way to eliminate 100% of the risks that come with buying a home or selling one. However, there are a few strategies that you can use to minimize them.

No matter what you choose first when selling and buying a home at the same time, the most important part of your move is the real estate agent you choose to work with. That’s where we come in – Dolce Real Estate Group.

Our experience and unrivalled knowledge of Calgary’s housing market can help you sell for top dollar and find a great home to live in next.

Moving to a new home? We can help! Call 403.999.5882 to get in touch – or send us an email at info@dolcerealestate.ca.

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