Should You Buy or Sell First? Navigating Your Next Move in Philly’s Main Line & Western Suburbs

Deciding whether to buy a new home before selling your current one is a real head-scratcher for homeowners in Philadelphia's Main Line and Western Suburbs. Each path has its benefits and drawbacks, and the best choice hinges on individual circumstances. This article breaks down the considerations to help you make an informed decision.

Buying First: Weighing Pros Against Cons

The thought of discovering your ideal home in the charming neighborhoods of Wayne, Bryn Mawr, or Ardmore before selling your current place is tempting. Here’s what you should consider:

Pros:

• Immediate Move-In: Buying first eradicates the need for temporary housing solutions. You bypass the need for storage or living out of boxes and head straight to setting up your new home.
• Leisurely Move: With your new house ready, there’s no stopwatch on your move. You can ease into transitioning your life, which can significantly reduce stress levels.

Cons:

• Financial Stretch: Juggling two mortgages, unless you're buying in cash, can strain your finances. For some, it might necessitate dipping into savings or securing a bridge loan.
• The Rush to Sell: The financial commitment of two properties might pressure you into selling your current home faster, possibly for less than it's worth.

Selling First: The Pros and Cons

There’s also the strategy of selling your current home before buying a new one:

Pros:

• No Double Mortgage: By selling first, you sidestep the financial burden of two mortgages, freeing up significant economic flexibility for your next purchase.
• Enhanced Buying Power: With cash in hand from your sale, you can present stronger offers. This is particularly advantageous in competitive areas like Villanova and Devon.

Cons:

• Temporary Housing: Selling first might mean finding a temporary place to live, which can be inconvenient and unsettling.
• Pressured Purchase: The urgency to find a new home after selling can lead to hasty decisions, possibly settling for a home that’s not quite right.

So, What's the Right Move?

The best strategy for you depends on a few key factors:

1. Current Market Conditions: In a seller’s market like we’ve often seen across the Main Line—one marked by high demand and low inventory—selling first might give you leverage, as your property is likely to sell swiftly. Conversely, in periods where the market cools and buyer options increase, you might find more breathing room in buying first.
2. Your Financial Health: Evaluate whether your finances can handle the strain of two mortgages or if selling first to free up funds makes more sense. If you’ve got the cushion to manage, buying first may afford you a more relaxed timeline.
3. Risk Appetite: How do you handle uncertainty? If the thought of financial double-dipping makes you uneasy, consider selling first as a safer route. But if you’re comfortable with a bit of financial and timing overlap, buying first might suit you better.

Alternatives like bridge loans or making a contingent offer on a new home can provide a middle path but come with their complexities and market dependencies.

Ultimately, the decision to buy or sell first in areas like Philly’s Main Line and its Western Suburbs boils down to personal circumstances and market dynamics. Assess the pros and cons, analyze your financial standing, and consider your comfort with risk. With a thoughtful approach, you're set to navigate your transition smoothly, leading to your next great home in this historically rich and community-oriented part of Pennsylvania.