Greater Cincinnati: Should You Buy or Sell Your Home First?

Stepping into the realm of buying or selling a home in Greater Cincinnati presents a classic conundrum. The question that perplexes many homeowners is whether to leap into buying a new place or part with the old one first. Both paths come with their unique sets of advantages and drawbacks, heavily influenced by our local real estate dynamics. This piece aims to shed light on those factors, helping you make an informed decision that syncs with your situation.

Buying First: What to Keep in Mind in Cincinnati

The allure of securing your dream home in Greater Cincinnati without having sold your current property is undeniable. Imagine not having to deal with the time constraints or the pressure of finding a temporary stay. However, this route is sprinkled with potential financial hurdles and pressures.

Pros:

• A Smooth Transition: By purchasing first, you sidestep the inconvenience and costs associated with moving twice or seeking short-term housing options.
• Flexibility in Moving: Having already secured your new Cincinnati home means a less hectic move on your timetable, reducing stress.

Cons:

• Financial Considerations: The financial burden of juggling two mortgages or obtaining a bridge loan to cover both properties can be daunting, not to mention dipping into your savings for a down payment on the new home.
• Quick Sale Pressure: Holding two properties compels a faster sale of your current home, potentially at a lower price than desired, due to the ongoing costs.

Selling First: The Cincinnati Perspective

Conversely, opting to sell your Cincinnati home before buying another boasts financial prudence but introduces its practical challenges.

Pros:

• No Dual Mortgages: Selling first frees you from the financial strain of two mortgages, allowing clarity on your budget for the next purchase.
• Stronger Purchase Position: With your home sold and funds in hand, you present a more appealing offer to sellers, an invaluable advantage in competitive markets like Cincinnati's.

Cons:

• Interim Housing: Finding where to live after selling and before buying can be inconvenient, often leading to temporary rental or storage solutions.
• Rushed Buying Decisions: The urgency to find a new home post-sale can pressure you into settling for a property that might not check all your boxes.

The Cincinnati Market: Which Approach Suits You?

The ideal strategy in the Greater Cincinnati area largely hinges on three pivotal considerations.

1. Current Market Conditions: Our local market fluctuates between seller's and buyer's markets. In periods where demand overshadows supply, selling first might be sensible, ensuring a swift transaction. Conversely, a market brimming with listings might afford you the luxury of buying first.
2. Financial Standing: Assess your financial capacity to manage the interim of handling two properties. If your budget is tight, selling first could alleviate potential financial strain.
3. Risk Appetite: Consider how much uncertainty you're willing to tolerate. For those averse to the stress of juggling two mortgages or making hasty buying decisions, selling first could be preferable.

Still torn between the two? Greater Cincinnati offers alternatives like bridge loans to cover the gap or making contingent offers, where your purchase hinges on selling your existing home. While convenient, not all sellers favor contingency offers, especially in a seller's market.

The decision whether to buy or sell first is not one-size-fits-all, particularly in the nuanced Greater Cincinnati real estate market. Weighing the advantages and potential setbacks in light of your financial landscape and market conditions can steer you towards the best course of action, paving the way for a seamless transition to your next home.