Should I Buy or Sell My Home First?

The Short Answer

Whether you should buy or sell first depends on factors such as your available equity, financing, timeline, comfort with carrying two properties and whether you have already found your next home.

There are four common approaches: sell first, buy first, make an offer that's conditional on selling your current home, or stay flexible until the details are clearer. The tool below asks a few questions about your situation and suggests a starting point to discuss with your REALTOR®, mortgage professional and lawyer.

Reasons Someone May Sell First

• You need the equity from your current home for your next down payment.
• You want to know exactly how much you have to spend before you shop.
• You can't or don't want to carry two homes at the same time.
• You have somewhere to stay in between, or can negotiate a possession date that works for you.

The trade-off: if your home sells before you find your next one, you may need temporary housing or a flexible possession date.

Reasons Someone May Buy First

• You can finance your next home without your current home's equity.
• You've found a home that would be hard to replace.
• You're comfortable carrying two properties for a while.
• You have flexibility around when your current home sells.

The trade-off: you could be paying two mortgages, two sets of property taxes, utilities and insurance until your home sells. Some lenders offer bridge financing to cover the gap, but it typically requires a firm sale on your current home. Confirm your options with a qualified mortgage professional.

When a Conditional Purchase May Be Considered

A purchase offer can sometimes include a condition that your current home sells by a set date. It's often worth discussing when you've found the right home, you need your equity, and you don't want to own two homes at once.

Whether it works depends on the property, the seller's circumstances, competition, market conditions, negotiation and the specific wording of the offer. Not every seller will accept this type of offer, so talk to your REALTOR® before you write one.

Questions to Ask Yourself Before You Decide

• Do I need my current home's equity for my next down payment?
• What could my home sell for, and what would I walk away with?
• Could I qualify for my next mortgage while still owning my current home?
• How would I feel carrying two homes for a few months?
• Where would I stay if my home sold before I found my next one?
• How flexible is my possession date?
• Have I found the home I want, or am I still looking?

Why Every Situation Is Different

Two homeowners with similar homes can make opposite choices for good reasons. Your equity, your financing, your family's timing and the type of home you're buying all play a part.

The neighbourhood and current market conditions can also change how quickly homes sell and how much room there is to negotiate. That's why this tool gives you a starting point, not a final answer.

Buying and Selling at the Same Time in Saskatoon

Many local moves involve lining up a sale and a purchase. Possession dates can be negotiated so you sell and buy on the same day, or with a short overlap. Your lawyer handles both transactions and can apply the proceeds from your sale to your purchase.

Coordinating the dates takes planning, so bring your REALTOR®, mortgage professional and lawyer into the conversation early.

Tools to Help Plan Your Move

Estimate Your Home's Value · See What Homes Near You Sold For · Estimate Your Net Proceeds · Mortgage Calculator · Start Looking for Your Next Home · Compare Neighbourhoods · Saskatoon Home Seller's Guide · Saskatoon Home Buyer's Guide

Buy or Sell First FAQ

Is it better to sell my house before buying another one?

It depends on your situation. Selling first lets you know how much equity you have and avoids carrying two homes, which often suits homeowners who need their equity for the next purchase. The trade-off is that you may need temporary housing or a flexible possession date if you sell before finding your next home.

Can I buy a house before selling my current house?

Yes, if you can qualify for the new mortgage while still owning your current home, or if you can arrange suitable financing such as bridge financing, which typically requires a firm sale on your current home. Confirm your options with a qualified mortgage professional before making an offer.

What happens if I buy a house and can't sell my old house?

You would carry both properties, including mortgage payments, property taxes, utilities and insurance, until your current home sells. Options may include adjusting your price or marketing, or other financing arrangements, and each has trade-offs. Talk with your REALTOR® and mortgage professional before you buy so you understand the risks.

Can I make an offer conditional on selling my house?

Yes, a purchase offer can include a condition that your current home sells by a set date. Not every seller will accept this type of offer. Whether it works depends on the property, the seller's circumstances, competition, market conditions, negotiation and the specific wording of the offer, and some terms allow the seller to keep marketing their home.

Should I get my home valued before buying another home?

It usually helps. Knowing what your home could sell for lets you estimate your equity and your budget for the next home before you start making offers. A professional market evaluation looks at recent comparable sales, competing listings, condition, location and current market conditions.

How does home equity affect buying my next home?

Your equity is roughly what your home sells for, minus your mortgage payout and selling costs. Many homeowners use it for the down payment on their next home. If you need that equity, the timing of your sale matters, which is why selling first or making a conditional offer is often considered. Our net proceeds calculator can help you estimate it.

What should I do first if I want to move?

Start by finding out what your home could sell for and estimating what you would walk away with. Then talk to a mortgage professional about your budget and whether you could carry two homes, and decide with your REALTOR® whether selling first, buying first or a conditional purchase fits your situation.

Talk to Clayton & Jessica About Your Move

Buying and selling at the same time is one of the most common moves we help with. We'll look at what your home could sell for, what's available in the areas you like and how to line up your dates. Call Clayton at 306.341.4401 or send us a message below.