Should You Leap Before You Look? Buying vs. Selling First in Western NC & Upstate SC

When the itch to move hits, homeowners in Western North Carolina and Upstate South Carolina face a common conundrum: should you snag your next dream house before selling your current property, or let go of the old one first? Both options come with their own set of advantages and challenges, heavily influenced by our unique market dynamics. Let's dissect these choices to steer you toward the best path for your situation.

Buying Before Selling: Weighing the Pros and Cons

The allure of buying your next home before selling can be tempting, especially when you stumble upon what seems like the perfect property in our scenic region. Here's what to consider before jumping in.

Pros:

• A Seamless Transition: By purchasing first, you eliminate the scramble for temporary housing. Imagine moving directly from your current spot into your new home in Greenville's charming neighborhoods or Asheville's rolling hills, without the interim headache.
• A Relaxed Move: Owning your next home allows you to shift your belongings on your own timeline. It's all about making the transition as smooth as possible, without the need to rush.

Cons:

• Financial Juggling: Managing two mortgages can be a balancing act, involving significant financial resources. The reality of handling dual home expenses or securing a bridge loan to cover the gap can be daunting.
• Pressure to Sell: Owning two properties puts the heat on to sell your current one swiftly. This might lead to accepting an offer you're less than thrilled about, just to ease financial burdens.

Selling Before Buying: The Flip Side

Conversely, selling your home before buying a new one can offer financial peace of mind but comes with its own set of challenges.

Pros:

• No Overlapping Mortgages: Selling first frees you from the worry and expense of two mortgages. You'll have a clear picture of your budget for your next home, simplifying your search in areas like Spartanburg or Hendersonville.
• Increased Bargaining Power: With the equity from your sale in hand, you're positioned to make stronger offers. This can be particularly advantageous in competitive market pockets across Western NC and Upstate SC.

Cons:

• The Hunt for Temporary Housing: If your current home sells before finding a new one, you're left to seek out temporary quarters, be it a rental, a family member's guest room, or a storage unit for your belongings—a logistical headache no one enjoys.
• The Rush to Find New Digs: Once your home sells, the clock is ticking to find your next place. This can pressure you into settling for a property that's not quite what you wanted, simply to avoid being homeless.

Making the Call: Buy or Sell First in Western NC & Upstate SC?

There's no universal right answer, but here are some localized considerations to guide your decision:

• Market Pulse: Our region experiences fluctuations between a seller's and a buyer's market, influenced by factors like season and economic climate. Knowing the current market state can sway your decision. Generally, our areas see quick sales in seller-friendly conditions, making selling first attractive. In buyer's markets, where properties linger longer, buying first might be preferable.
• Financial Readiness: Assess your financial resilience. Can you handle the pressure of two mortgages if you choose to buy first, or would selling first mitigate financial risk for you? Your bank account's comfort level should play a key role in your choice.
• Risk Appetite: How do you handle uncertainty? If the thought of financial overlap or a rushed purchase unnerves you, consider selling first. If you're more flexible and can withstand a brief period of double ownership, buying first might suit you better.

For those sitting on the fence, explore intermediate solutions like bridge loans to ease financial strain or contingent offers to safeguard against double ownership. However, be aware that contingent offers, while protective, might not always be enticing to sellers in hot markets like ours.

In the end, whether to buy or sell first in Western North Carolina and Upstate South Carolina hinges on your personal circumstances, financial preparedness, and comfort with risk. By evaluating the pros and cons and considering our market's characteristics, you can make an informed decision that smooths your transition to your next home.