Lisa Sevajian Group
Should You Buy First or Sell First When You Already Own a Home in MA or NH?
The quick answer: Most owners in Andover MA, North Andover MA and southern NH don't have to pick one. They line up both moves on one plan so the sale and the purchase close within days of each other. Buy first if you can carry two homes for a while. Sell first if you can't. Five numbers decide it.
They owned a house, fell in love with another one, and thought the timing made it impossible.
Maybe that's you right now. You own a house. You just fell in love with another one. Now you feel torn.
Do you buy first and risk two payments? Do you sell first and risk having nowhere to go? If you're stuck on this, you aren't alone. It's the question I hear most from people who already own a home.
I know the feeling from the inside. My first home was a townhouse I fixed up with my own hands. I scraped wallpaper, pulled carpet and sanded the floors. Selling it paid the down payment on a house with a yard, a swing set and a bedroom for each kid. The two moves had to work together, or neither one worked.
You don't have to choose between the house you have and the house you want. You need one plan for both.
Can you buy a new house before you sell yours?
Yes, if your numbers allow it. Buying first means you'll carry two homes for a while. That's two payments, two tax bills and two sets of utilities.
Some people cover that with savings. Others borrow against the home they own. A HELOC is a line of credit, like a credit card, that uses your home as the backing. A bridge loan is a short loan that does a similar job until your house sells. Either one is a second debt on top of your mortgage, so ask your lender what it costs.
Buying first feels calm, because you move once and you never rush. The catch is time. The longer your house takes to sell, the more it costs you. That can push you to say yes to the first offer that shows up, even if it's too low.
When does selling first make more sense?
Sell first when you need the money from this house to buy the next one. You'll know your exact budget. Your offer on the next home will also look clean to a seller, with no strings tied to your sale.
The trade is a possible gap. You may need a short rental or a stay with family. In towns like Andover MA and Windham NH, short rentals for a family can be hard to find. So we plan for the gap before you list, not after.
What does lining up both moves look like?
Lining them up means your sale and your purchase share one plan from day one. We get your home ready. We pick the kind of house you're moving to. Then we set dates so your sale money arrives when your purchase needs it.
My favorite version for most sellers is a longer closing plus a rent-back. A rent-back means you stay in your sold home for a set time after closing, under a short written agreement. Your money is in the bank, and you still have a place to live while you buy.
It takes more planning up front. It's the path most of my move-up and downsizing clients take. Nobody pays two mortgages, and nobody sleeps in a hotel.
What numbers do you need before you decide?
Five numbers decide it. Here's what I check first:
- What your home will likely sell for, based on accurate similar sales near you
- What you can borrow, with your sale and without it
- How many months you could carry two homes, if any
- Where you'd live if there's a gap, and for how long
- How fast homes like yours are going under agreement in your town right now
Under agreement means a buyer and seller have signed a deal. Once those five numbers are on paper, the right path is usually clear.
How do you find out what your house will really sell for?
I look at three things, in this order.
First, what sellers near you said yes to lately. How much they took, why they chose that buyer, and what the buyer did to win.
Second, every home for sale within about 10 miles in your price range. That's what a buyer could pick instead of yours.
Third, the accurate similar sales from the last 30 days. Together, those three tell you what a buyer will really pay. A guess from a website can't do that.
Does the answer change from Andover MA to southern NH?
Yes. A family moving up from Haverhill MA or Methuen MA to a bigger house in North Andover MA has one timeline. A couple downsizing from Andover MA to a condo in Newburyport MA or Salem NH has another.
How fast your house will sell, and how many choices you'll have when you buy, both shape the plan. That's why I look at both towns at the same time. The Lisa Sevajian Group helps people buy and sell on both sides of the state line, in MA and NH.
What's the most common mistake people make?
Deciding before the numbers are in. People list because a neighbor sold fast. Or they write an offer because the house is perfect, then try to make the rest fit.
Start with the five numbers. The rest falls into place, and you sleep better.
Part 1 of 4: Buy and sell at the same time
Want help putting both moves on one plan?
Text me and we'll map out your five numbers together.
About Lisa Sevajian
Lisa Sevajian is a Realtor with the Lisa Sevajian Group at eXp Realty, licensed in Massachusetts. The Lisa Sevajian Group helps families buy and sell in Massachusetts and New Hampshire. She has guided almost 2,000 families through buying and selling and has ranked in the top 1.5% of over 1.4 million Realtors nationwide (RealTrends America's Best). She serves the Andovers, the Merrimack Valley, Seacoast MA and NH, Southern NH and the North Shore. Buying, she makes sure you don't overpay. Selling, she makes sure you don't say yes to too little. Call or text Lisa Sevajian at 978-457-3406.
Questions people ask
Should I buy or sell first in Massachusetts?
Most owners in Massachusetts line up both so they close within days of each other. Buy first only if you can carry two homes. Sell first if you need the money from your sale to buy.
Should I sell my house before buying in Andover MA?
Sell first in Andover MA if you can't carry two payments. If you can, buying first lets you move once. Many owners line up both with a longer closing and a rent-back.
Can I buy a house before selling mine in North Andover MA?
Yes, if you can qualify for both payments or use a HELOC or bridge loan. Owners in North Andover MA often line up both moves so they never carry two homes.
Is it better to buy or sell first in southern NH?
The same rules apply in Salem NH, Windham NH and nearby towns. Your budget, how fast your home will sell and where you could stay decide it.
What's a bridge loan?
A bridge loan is a short loan against the home you own. It lets you buy before you sell. Ask your lender about the cost and how long it lasts.
Can I use a HELOC to buy my next house before I sell?
Often, yes. A HELOC lets you borrow against the equity in your current home. It's a second debt on top of your mortgage, so you pay it back when your house sells.
How long can I carry two mortgages?
That depends on your savings and income. Write down how many months you could do it. Even one or two months gives you more room to plan.
What's a rent-back when selling a house in Massachusetts?
A rent-back lets you stay in your sold home for a set time after closing, under a short written agreement. In Massachusetts, your attorney writes it.
How do I know what my house in Haverhill MA will sell for?
Look at what sellers in Haverhill MA said yes to lately, every home for sale in your price range within about 10 miles, and the accurate similar sales from the last 30 days.
Is downsizing from Andover MA to Newburyport MA easier if I sell first?
Often, yes. Selling first tells you your exact budget for the next home. Lining up both moves can work too, if your numbers allow it.
What's the biggest mistake when buying and selling at once in Methuen MA?
Deciding before you know your numbers. Get your likely sale price and your lender approval first, then choose your path. That works in Methuen MA and everywhere else.
Sources
This is general information, not legal, tax or lending advice. Check with your attorney, lender and CPA before you decide.
I'll guide you home.
Lisa Sevajian