The housing market has shifted dramatically over the past few years, and here in Winnipeg, we’ve seen it firsthand. Homeowners looking to make their next move often face a common question: should I buy a house before selling mine? It’s not an easy decision, but with the right strategy, it can work in your favour.

Here’s what you need to know about buying before selling—the risks, the benefits, and tips to make the process smoother.

The Pros & Cons of Buying a House Before Selling

The Pros:

• Flexibility for Moving: Buying first means you’ll have time to clean, repair, and personalize your new home before moving in. This makes for a smoother transition.

• Market Timing Advantage: You can wait for the best conditions to sell your current home, potentially maximizing your sale price.

The Cons:

• Financial Pressure: Owning two homes temporarily means covering two mortgages, utilities, property taxes, and maintenance costs. This can add up quickly.

• Risk of Underselling: If your old home doesn’t sell quickly, you might feel pressured to lower the price, leaving money on the table.

• Bridge Financing Costs: If you need a bridge loan to cover the gap, be prepared for high interest rates.

Four Tips for a Smooth Buying-Before-Selling Process

1. Work with an Experienced Real Estate Professional

Partnering with a knowledgeable REALTOR® (like me!) ensures you have the right guidance throughout the process. I can provide insights into Winnipeg’s current market trends, help you coordinate closing dates, and even connect you with trusted financial advisors.

2. Get Pre-Approved for a Mortgage

Understanding your financial limits early on is crucial. Ask about bridge loans as a backup option in case your closing dates don’t align.

3. Understand Your Timeline

• Prepare Your Current Home: Start with staging and necessary upgrades to make your home attractive to buyers.

• House Hunting: Look for your next property while considering a condition of sale in your offer to protect yourself.

• Review All Contracts: Work with a real estate lawyer to ensure all agreements align with your goals.

4. Plan for Closing Day

If everything aligns, your lawyer will transfer the proceeds from your old home’s sale to cover the down payment or balance for your new home. When dates don’t align, bridge financing can help—but it’s best to avoid this where possible.

How Does the Market Factor In?

In competitive markets, your existing home’s equity can be a major asset, helping you secure bridge financing or move forward confidently. Here in Winnipeg, our market often sees steady demand, so timing your transactions carefully can make all the difference.

Can You Buy a Home Before Selling Yours?

Absolutely, but it requires a clear plan and expert advice. Whether you’re navigating Winnipeg’s neighbourhoods or branching out into rural Manitoba, I’m here to guide you every step of the way.

📞 Phone: 204-999-4455
📧 Email: Andy@AndyKloppenborg.com