Can I sell my home and buy a larger one? — Client question

The person who asked this does not live in my service area, so I gave advice to help them find the right local realtor/ real estate agent.

Very simply, yes.

I advise my clients in your situation to list their property at the same time that they begin shopping. BUT in the current slower market, I advise listing the home first and shopping once you get an offer.

Why?

Because as of this month, Mar 2023, it is still taking longer than average to sell a home. You could have a home listed for 6 to 9 months and shopping in that situation is difficult. You will likely find a home and not be able to make an offer until your own place is closer to selling.

This is called “open predication.” An “open predication” offer means “I cannot buy your house until mine sells.” In a faster market, that’s easy to manage but when it’s taking longer to sell than buy, that changes things.

I hope this helps. I would even use this question as a great way to interview realtors before you hire one to sell your place. Ask them “How should I proceed if I want to sell my home to buy a larger one? What’s the timing?” and see if they are able to give you this type of answer or not.