Eastside Homeowners: Should You Buy New or Sell Old First?

So, you're considering a change of scenery on the Eastside, moving within this bustling, tech-savvy corner of the Seattle suburbs. The big question that's probably running through your mind: Is it wiser to snatch up a new place before bidding farewell to your current home, or should you sell before you buy? Each route has its advantages and drawbacks, particularly in our unique market. Let's break down the factors to help you make an informed decision that aligns with your personal circumstances.

Buying Before Selling: The Pros and Cons

The Eastside market moves fast, thanks to the heavy presence of tech giants and a continuously growing demand for homes in areas like Bellevue, Kirkland, and Redmond. Finding your dream house before selling might seem like striking gold, but it's not without its challenges.

Pros:

• Immediate Relocation: By buying first, you eliminate the headache of hunting for temporary lodging. Secure your next home in a competitive market like the Eastside, and move on your own timeline.
• Stress-Free Transition: Owning your new Eastside home means you can move at a leisurely pace, giving you ample time to breathe and plan a smooth transition.

Cons:

• Financial Burdens: Juggling two mortgages can strain your wallet, especially in a high-demand area where property prices are steep. Emergency funds or bridge loans might become necessary to bridge the gap.
• The Quick-Sell Pressure: Holding onto two properties means feeling the crunch to sell your current home swiftly, potentially under less-than-ideal financial terms.

Selling Before Buying: The Pros and Cons

Opting to sell your Eastside home first might seem like a financially prudent move, yet it comes packed with its own bundle of considerations.

Pros:

• No Overlapping Mortgages: Selling first frees you from the financial juggle and clarifies your budget for the next purchase, streamlining your buying process.
• Amplified Buying Power: Cash in hand from your sale empowers you to make attractive offers in a region where selling competition is fierce but buying competition is fiercer.

Cons:

• Temporary Housing Hurdles: Not securing your next Eastside gem before selling means exploring temporary housing solutions, a prospect as exciting as watching paint dry.
• The Rush to Purchase: The clock starts ticking the moment you sell, potentially rushing you into your next purchase and settling for a less-than-perfect match.

So, What's Your Move?

The Eastside's real estate rhythm doesn't strictly follow the usual buyer's or seller's market tempo. Given the area's growth and desirability, properties can move quickly, but high prices and competition can introduce delays. Here's how to lean into your decision:

• Current Market Dynamics: On the Eastside, where the tech economy keeps the real estate market buzzing, selling first may often give you the upper hand, offering financial clarity and bargaining power.
• Your Financial Health: If your pockets aren't deep enough to float two mortgages, sell first. Conversely, if you can endure the financial stretch, buying first might secure your dream home without a time crunch.
• Risk Appetite: If the thought of a financial tightrope walk gives you vertigo, opt for selling first. If, however, you're more of a financial thrill-seeker, buying first could afford you the luxury of time.

Alternative Strategies: Bridge Loans and Contingency Offers

Caught between a rock and a hard place? Consider a bridge loan to straddle the financial gap, or lean on a contingency offer to buy yourself some breathing room. Remember, the Eastside market's competitiveness means that sellers might not always entertain contingent bids.

Deciding between buying or selling first in the Eastside market boils down to a blend of market intel, personal finance, and a dash of boldness. Gauge the pros and cons, assess your financial standing, and measure your comfort with risk. Armed with insight, you can chart a course through the Eastside real estate market that best suits your transition to anew home.