One of the biggest decisions homeowners face when making a move is whether to sell their current home first or buy their next home first. Both strategies have their pros and cons, and the right choice depends on your financial situation, market conditions, and personal timeline.

Selling First: The Pros & Cons

The Perks of Selling First

• Know Your Budget: Selling first means you’ll have a clear idea of how much you can spend on your next home.
• Less Pressure: Without the need to rush, you can wait for the right buyer at the best price.
• No Overlapping Costs: You won’t be juggling two mortgages at once.

The Catch of Selling First

• Temporary Accommodation May Be Needed: If you don’t find your next home in time, you might need to rent short-term or stay with family.
• Rising Prices Could Cost You: If the market moves quickly, you may end up paying more for your next home than expected.

Buying First: The Pros & Cons

The Perks of Buying First

• Move Straight In: No need for interim housing, storage, or double moving hassles.
• Time to Stage & Sell: You can take your time preparing your current home for sale, potentially increasing its value.
• Security: You won’t risk being without a home if the market is slow to deliver a buyer.

The Catch of Buying First

• Financial Strain: You’ll need to manage two mortgages or bridge financing until your old home sells.
• Extra Costs: Additional fees like deposits, holding costs, and potential lender fees can add up.

The Verdict?

We hate to say it, but there’s no one-size-fits-all answer.

• If it’s a buyer’s market, selling first might be safer to avoid carrying two properties.
• If it’s a seller’s market, buying first might make sense since homes are selling quickly.

Right now, it's a bit of a mixed bag—leaning towards a seller's market but with some nuances.

At the end of the day, whether you sell first or buy first depends on your situation, your risk tolerance, and how much juggling you’re comfortable with. If you’re in Toowoomba’s market right now, selling first could give you stronger negotiating power, while buying first might secure you the home you really want in a competitive space. Either way, having a solid strategy (and a great agent in your corner) will make all the difference. Need help working out your next move?

Let’s chat. Still unsure? Reach out to us for a no-pressure chat about your next move!