Newsflash: Selling or Buying first in a hot market?

I’m planning on selling my home later this year/early next year and buying a new house in the same area – Northern Virginia. If you are familiar with the area, then you know it’s an eternal seller’s market. Supply is lower than low, prices are high, and homes do not typically sit on the market for long.Obviously the other side of this coin is that buying can be incredibly difficult and take a long time, I know plenty of people who CAN afford a home here but have given up repeatedly because of how insanely competitive the market is. For the most part, if you want to buy something nice you need to be ready to waive all contingencies and bid over asking. I will likely need at least some of the equity from my current home to purchase a new one, if I am able to move at the soonest available opportunity. However, I could reasonably wait ~6 more months and buy another home first.I’ve read a great deal about HELOCs/Home Equity Loans, rent-back agreements, and other options available to homebuyers in my situation – but I confess I’m still just as muddled as before on what my likely best option is. All other things being equal, if you were in my situation would you plan to:Wait 6 months and buy without worrying about timing the sale alongside my current home?Try to sell my home with a rent-back agreement first to give myself time to find my next?Get a HELOC or Home Equity Loan to access my equity and buy first, then sell?List my current home, begin home shopping for my next one, hope I can coordinate both simultaneously and, if not, move into a rental/temp housing while I continue the home search?Something Else?

Read more at https://www.reddit.com/r/RealEstate/comments/1c90jjx/selling_or_buying_first_in_a_hot_market/?utm_source=ifttt

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