If I’m buying a new home too, what’s the right order (sell then buy, buy then sell)?
When you’re in the market for a new home while also looking to sell your current one, the process can feel like a high-wire act without a safety net. The question of whether to sell your current home before buying a new one or vice versa is a crucial decision that can significantly impact your financial and emotional well-being. As Mike Zapart, your trusted real estate advisor at Compass Arlington Heights, I’m here to guide you through this decision-making process. With my office conveniently located at 11 S Evergreen Ave, Arlington Heights, Il 60005, I have a deep understanding of the local market and neighborhoods such as Scarsdale, Stonegate, and Pioneer Park. In this blog, I’ll explore the pros and cons of both strategies, provide local market insights, and share personal anecdotes to help you make the best choice for your situation.
TLDR Summary
• Sell First: Offers financial security and known budget, but may require temporary housing.
• Buy First: Convenient and less stressful, but risky if your current home doesn’t sell quickly.
• Local Market Data: Arlington Heights market insights to guide decision-making.
• Client Stories: Real-life examples from Arlington Heights.
• FAQs: Detailed answers to common questions.
A picturesque Arlington Heights neighborhood with local landmarks and a For Sale sign, highlighting the area’s strong appeal for home sellers.
Should I Sell My Current Home Before Buying a New One?
Pros of Selling First
Financial Security: Selling your house in Arlington Heights first allows you to know exactly how much money you’ll have for your next purchase. This knowledge can prevent overextending financially and helps answer the question of “How much is my home worth Arlington Heights?” with certainty.
Less Pressure: Without the pressure of carrying two mortgages, you can focus on finding the right Arlington Heights home that truly fits your needs.
Avoid Contingent Offers: In a competitive market like Arlington Heights, sellers often prefer non-contingent offers. Selling first can make your offer more attractive.
Cons of Selling First
Temporary Housing Needs: You may need to find temporary housing if you sell before buying. One of my clients in the Arlington Heights neighborhood of Greenbrier had to rent an apartment briefly, adding a layer of complexity and cost.
Market Timing Risks: If the market is hot, you might find yourself priced out of your desired neighborhood if you wait too long to buy.
Is Buying a New Home Before Selling a Good Idea?
Pros of Buying First
Convenience: Moving directly from one home to another is undoubtedly convenient. You avoid the hassle of finding temporary housing and can make a smoother transition.
Less Stressful: Knowing you have secured your next home can relieve a lot of stress. This is particularly true for families in Prospect Heights who value stability.
Cons of Buying First
Financial Risk: Carrying two mortgages can be financially draining, especially if your current home doesn’t sell quickly. This was the case for a client in the Arlington Heights neighborhood of Surrey Ridge who faced unexpected delays in selling his home.
Pressure to Sell: You might feel pressured to accept a lower offer just to offload your current home quickly, potentially affecting your Arlington Heights home value.
What Does the Local Market Data Say?
In 2025, the Arlington Heights real estate market remains competitive, with an average home value increase of 4% compared to the previous year. Neighborhoods such as Ivy Hill and Arlington Gardens have seen significant demand, with homes selling within an average of 30 days.
Cost Estimates and Timelines
• Selling Costs: Expect to pay around 6% of the selling price in commissions and fees. For a home valued at $450,000 in Arlington Heights, this amounts to approximately $27,000.
• Buying Costs: Closing costs for a new home can range from 2% to 5% of the purchase price. For a $500,000 home in Arlington Heights, this could be between $10,000 and $25,000.
• Timelines: Selling a home in Arlington Heights typically takes 30-60 days, while buying a new one can vary based on availability and market conditions.
A helpful infographic for Arlington Heights homeowners comparing the advantages of selling a home before buying versus buying before selling, including financial strength, timing flexibility, and lifestyle convenience.
How Do I Decide the Right Order for Me?
Assess Your Financial Situation
Consider your financial stability. Can you afford to carry two mortgages? Do you have savings for unexpected expenses? These questions are crucial, especially given the current market conditions in neighborhoods like Terramere and Berkley Square.
Evaluate Your Risk Tolerance
Are you comfortable with the uncertainty of not having a home lined up after selling? Or do you prefer the security of having your next home secured? Your risk tolerance will play a significant role in your decision.
Consult with a Local Expert
Working with an experienced Arlington Heights listing agent like myself, Mike Zapart, can provide valuable insights tailored to the local market. I can help you navigate the complexities of buying and selling simultaneously, ensuring a smoother transaction process.
Mike Zapart of Compass Arlington Heights providing expert guidance during a client consultation, offering trusted support for homeowners preparing to sell.
FAQs
1. What if I can’t find a home after selling?
You might consider negotiating a rent-back agreement with the buyer of your current home, allowing you to stay temporarily. Alternatively, short-term rentals are available in neighborhoods like Rolling Meadows.
2. Can I make a contingent offer?
While contingent offers are possible, they are less attractive in competitive markets like Arlington Heights. However, they can be a viable option if the seller is willing to negotiate.
3. How can I estimate my home’s value accurately?
Using online tools can give a rough estimate, but working with a professional like myself provides a more accurate assessment. I can help determine “How much is my home worth Arlington Heights” based on current market trends and comparable sales.
4. What are the advantages of working with a local agent?
A local agent has intimate knowledge of the neighborhoods, current market conditions, and can provide personalized advice. As Mike Zapart, I pride myself on being the best real estate agent for Arlington Heights, offering unparalleled expertise and guidance.
5. How do interest rates affect my decision?
Interest rates can significantly impact your buying power and monthly payments. Staying informed about rate trends can help you make a more informed decision, especially in fluctuating markets.
Conclusion
Deciding whether to sell your current home before buying a new one or vice versa is a significant decision that requires careful consideration of your financial situation, risk tolerance, and market conditions. By understanding the pros and cons of each approach and consulting with a local expert like myself, you can make a decision that aligns with your goals and circumstances.
For personalized advice and assistance with your real estate needs in Arlington Heights and surrounding areas, contact me, Mike Zapart, at Compass Arlington Heights. Let’s work together to make your home buying and selling experience as seamless and stress-free as possible.
Written by Mike Zapart — full-time real estate agent specializing in Arlington Heights and Northwest Suburbs of Chicago. Experience: $200+ M sold, certified negotiations expert, Compass Real Estate | License #475.145813
Call or text 2247158778
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