South Puget Sound Guide: Buy or Sell Your Home First?

Stepping into the world of homeownership in the South Puget Sound area brings a crucial decision point: Do you leap into buying your next dream house before you sell, or do you part ways with your current home to embrace the next adventure? Both routes come with unique benefits and drawbacks, particularly when navigating the dynamic real estate scene of our local market. Let's break it down to help you make a meticulous choice tailored to your circumstances.

Buying First: Should You Jump In?

Imagine you stumble upon the perfect home in Tacoma or Olympia, but you haven't sold your current place yet. The urge to secure that find is real - after all, who’s keen on letting go of a gem? Before you commit, let’s weigh the pros and cons.

Pros:

• No Interim Hassles: Securing your new South Puget Sound residence early means skipping the headache of temporary digs. The transition from Lakewood to Gig Harbor, for instance, can be seamless without the worry of storage or interim housing.
• Leisurely Move: With your new purchase locked down, you sidestep the chaos of a rushed move. This means time to say a proper goodbye to your old neighborhood and hello to your new community.

Cons:

• Financial Burden: Juggling two mortgages isn’t just a balancing act—it’s a heavy lift. You may find yourself draining savings or juggling additional finances to bridge the gap.
• The Rush to Sell: The financial stretch might corner you into selling your current home sooner than desired, possibly at a less attractive price.

Selling First: Playing It Safe?

Alternatively, letting go of your property before catching the next one has its own melody of simplicity and stress.

Pros:

• One Mortgage at a Time: Breathe easy without the weight of double mortgages. Selling your South Puget Sound home first crystallizes your budget for the next buy, paving a clearer path forward.
• Better Buying Position: Flush with sale proceeds, you’re a more appealing buyer in the eyes of sellers, notably in competitive markets like those we often see in Pierce or Thurston County.

Cons:

• Interim Housing Challenges: Selling first could leave you in limbo, navigating between rentals or bunking with relatives while you hunt for your new place—less than ideal, to say the least.
• Pressured Purchase: The clock ticks louder to find your next home once your old one is sold, potentially leading to rushed decisions.

So, Which Road to Take?

No magic formula exists, but pondering these key elements can guide your decision:

1. Local Market Pulse: Is it a buyer's or seller's market in the South Puget Sound right now? Currently, with a competitive seller's market, launching your sale first might give you the agility needed to quickly pivot to purchase, especially in sought-after areas.
2. Financial Footing: Assess your capacity to shoulder two mortgages. If the thought alone cranks up your blood pressure, selling first may align better with your peace of mind and fiscal health.
3. Risk Comfort: Evaluate your comfort with uncertainty and financial overlap. If playing it safer sings to your tune, selling before buying could be your best bet.

Considering Bridge Loans and Contingency Offers

Feel neither option perfectly fits your needs? Explore bridge loans to smoothen your transition, or consider making a contingent offer, though be wary, sellers in hotspots like Puyallup or Tumwater might not be keen on waiting for you to sell.

In the bustling South Puget Sound real estate market, whether you decide to buy or sell first hinges on your unique circumstances, financial flexibility, and personal comfort with risk. With a thoughtful approach, you can navigate toward a decision that not only makes sense but feels right, ensuring a smoother journey to your next home.