Short answer: it depends, and anyone who gives you a one-word answer without asking about your numbers is guessing. Here’s how to think it through, and where I start.
I’m Andrew Shevtsov. I’ve been in real estate for 14 years and have helped sell 120+ homes across North, Central and East GTA. Helping owners move up or move down, in the right order, is a big part of my work.
The three ways to do it
Sell first
- Good: you know exactly what you have to spend, and you never carry two homes.
- Watch for: you may need somewhere to live between closings, and you’re shopping on a deadline.
Buy first
- Good: you can take your time finding the right home and move once.
- Watch for: you may carry two homes for a while and need bridge financing. An offer that depends on selling your current home can also be less attractive to some sellers.
Line up both closings
- Good: one move, no gap.
- Watch for: two deals have to fit together, so it works best with flexible closing dates and your lawyer and lender involved early.
Three things that usually decide it
- How much equity you have, and how much of it you need from the sale to buy.
- How comfortable you are carrying two homes for a short stretch.
- How quickly homes are selling in your price range and neighbourhood right now.
What I do first
I price your current home and look at what’s selling in the range you want. Then we know whether you’re looking at a stretch or a swap. It takes one conversation, and nobody has to sign anything.
Bridge financing and mortgage questions belong with your lender. I’ll tell you what to ask, but I’m not a lender and I won’t pretend to be.
Next step
Book a 15-minute call or call me at (416) 873-2275. Thinking smaller? See downsizing in Pickering and Ajax.
Andrew Shevtsov, REALTOR®, Century 21 Leading Edge Realty Inc., Brokerage.
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