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Phoenix Houses - Buy or Sell First?

Dealing With the Dilemma When Contemplating City of Phoenix Houses

"We faced a real dilemma once we found our next house," said Monica DeLuca. "You know what I mean. When you're looking to move up to one of the better Phoenix houses, at least better compared to what you've got, which comes first? Should you buy your next home first, or wait until you've sold the one you got?"

Good question.

Unfortunately there is no pat answer for all families who have an eye on another of the Phoenix houses on the market - while needing to sell they one they've got.

One thing is certain. You want to get the property you want to sell in pristine condition as soon as possible. Then get it on the market. Realizing that finding a buyer may take 30, 60, 90 days or longer.

Having done that your next move depends on the local real estate market, how much equity you've got in the house, how much cash you've got in the bank, and how much you want risk having to move twice.

If you've got good credit and the savings to swing it, working out a short term bridge loan might be the easiest way to go. While costing a point or two above the prevailing rates it gives you a way to finance both homes for a few months if need be while you wait for your old one to sell.

Or you could also sell with a rent back clause if you have little spare cash. This allows you to rent your house while looking for another. But assumes the buyers are open to this arrangement. If not temporary housing may be the answer.

If your home isn't selling what about renting it? This could be an option that lets you buy time for market conditions to change. So that it's easier to sell your house?

In any case if facing this dilemma of deciding whether it's easier to sell or buy Phoenix houses at that point in time these are a few things to consider.