If you're thinking about moving, one of the first questions
There isn't a one-size-fits-all answer. The right approach depends on your financial situation, your local housing market, and your timeline. Working with experienced real estate and mortgage professionals can help you evaluate your options and determine which strategy may be the best fit for your goals.
For many homeowners, selling first is an option worth considering.
One consideration is the possibility of carrying two mortgage payments if you purchase a new home before your current home sells. Depending on market conditions and how long it takes to sell your home, there could be a period where you're responsible for both properties.
Selling first may help you better understand your financial position before purchasing your next home, although the right approach depends on individual circumstances, housing market conditions, and available financing options.
Selling your current home allows you to determine how much equity you've built. Equity is the difference between your home's market value and the remaining balance on your mortgage.
Any proceeds available after satisfying existing liens, mortgages, closing costs, commissions, and other obligations may be used towards:
Knowing how much equity is available can make it easier to evaluate your homebuying budget.
Once your current home has sold, you may be able to submit an offer without making it contingent on the sale of your existing property.
In some situations, sellers may view offers without a home-sale contingency more favorably; however, acceptance decisions vary and no outcome can be guaranteed. Depending on the circumstances, this may provide additional flexibility during negotiations, although outcomes vary from transaction to transaction.
Selling first isn't the ideal solution for everyone. Depending on your situation, you may need temporary housing or flexibility between closing dates.
Source: Zillow®, "Should You Sell Your Current House First?", June 2026
Your real estate agent can discuss options such as negotiating a rent-back agreement, coordinating closing timelines, or exploring other strategies that may help simplify the transition.
Buying and selling a home at the same time involves several moving parts, and every situation is different. Understanding your financing options, available equity, and current market conditions can help you make an informed decision.
If you're planning a move, connect with a First Federal Bank Loan Officer to discuss available financing options and determine whether you may qualify for mortgage products based on your individual circumstances and help you understand how different scenarios may impact your next home purchase.