Should I have a contract for the sale of my current home before I make an offer to buy another home? Should I have a contract for the purchase of another home before I list my current home for sale?

Updated March 13, 2023.

sale of one’s current home and the purchase of one’s new home must occur at substantially the same time, in order to avoid either being without a home or owning two homes for a period of time. However, which contract should be entered into first is a matter of personal preference and is often determined by one’s own needs and expectations. For example, if you intend to search until you find your dream house, you may be better off finding it first, since it may take quite some time to do so and your existing home may sell before you have found what you are looking for. On the other hand, if there is an abundance of appropriate housing on the market and you anticipate your house may be difficult to sell, you may be better off selling your home first since it may take quite some time to do so and your inability to sell your home would make it impossible for you to perform on any purchase contract you may have entered into.

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