Should I Sell My Home First
Most buyers have a house to sell. The best solution is usually to try and sell it first. Even if you have to rent for a short while. By selling, you know how much money you'll have to work with and you'll sleep better at night.
What about Contingencies on the sale of a home? As I write this information I currently have a client who has made an offer on a $700,000 home, contingent on the sale of their home for $350,000. We also have a contract on a home that is contingent upon the sale of another home for $235,000. Each buyer is looking to move up, but if another contract comes in on the $750,000 home my clients have only 48 hours to either get some bridge financing or the contract is void. Sometimes it is just unavoidable, but it usually works out better if the home is sold first.
The one exception is that some of the new home builders I work with are willing to build to a point where the house can be finished in a month or less, but even these builders have a time limit for a property to sell.
Overall I still believe the best move is to at least have a contract on the home you're selling before you put a contract on one you want. That does not mean that you can't have one picked out.