Should You Buy First or Sell First? How to Make the Right Move
One of the most common questions I get from homeowners is this:
“Should we buy first or sell first?”
It sounds like a simple question, but the honest answer is: it depends.
It depends on your financial comfort level, the type of home you own, the type of home you want to buy, your timeline, your risk tolerance, and what is happening in the specific market you are moving from and into.
That last part is important.
The London and surrounding-area real estate market is not one single market. What is happening with detached homes in North London may be different from what is happening with townhomes, condos, family homes, rural properties, or newer homes in nearby communities.
So before you decide whether to buy first or sell first, the better question is:
What is the safest strategy for your situation?
Let’s walk through the two options.
Option 1: Selling First
Selling first gives you clarity.
You know exactly how much your home sold for, how much equity you have available, and what your budget is for the next purchase. For many people, especially those who want to avoid financial stress, that certainty can be very valuable.
Selling first can be a good strategy if:
You need the equity from your current home to buy the next one
You want to avoid carrying two properties at once
Your home may take longer to sell
You are moving to an area with more inventory and more options
You want to make a cleaner, stronger offer when you do buy
The main benefit is peace of mind. Once your home is sold, you are not guessing. You know your numbers.
The challenge, of course, is that you still need somewhere to go.
That is where timing and negotiation matter. Sometimes we can negotiate a longer closing date on your sale, giving you more time to find the next home. In some cases, we can align the closing dates so you sell and buy within the same window.
The risk of selling first is that you may feel pressure to buy quickly if the right property does not come up. That is why this strategy works best when we understand your next-step options ahead of time.
Before selling, we want to know:
What areas would you consider?
How flexible are you on timing?
Would you rent temporarily if needed?
Are there enough suitable homes in your target price range?
Are you moving within London, or are you considering a surrounding community such as St. Thomas, Strathroy, or Dorchester?
For example, if you are selling in London and looking to move outside the city, we need to understand what inventory looks like in those communities before listing your current home. If you are selling a highly desirable property and buying in a price range with more selection, selling first may be a very comfortable path.
Option 2: Buying First
Buying first can be the right move when the next property is harder to find than the one you are selling.
This often applies to people looking for something specific: a certain school zone, a bungalow, a larger lot, a rural property, a home in a particular neighbourhood, or a very specific layout.
Buying first may make sense if:
The home you want is rare or hard to find
Your current home is likely to sell quickly
You have strong financing or bridge financing options
You do not want to feel rushed into your next purchase
You are comfortable with some short-term uncertainty
The biggest advantage of buying first is that you secure the home you want before letting go of the one you have.
This can be especially helpful if you are moving for lifestyle reasons. Maybe you want more space for your family. Maybe you want to downsize into a bungalow. Maybe you want to move closer to grandchildren. Maybe you want a quieter community outside the city.
In those cases, the next home may matter more than the timing.
The risk is that once you buy, the clock starts ticking. You now need to sell your current home, and you need to do it within a timeline that works for your financing and closing date.
That does not mean buying first is wrong. It just means we need a very clear plan before you make the offer.
Before buying first, we want to know:
What is your current home likely worth?
How quickly are similar homes selling?
What price range would attract the strongest buyer interest?
Do you have financing flexibility?
Could you bridge the gap if closing dates do not line up perfectly?
What happens if your home takes longer to sell than expected?
This is where honest advice matters. If your current home is in a strong location, shows well, is priced properly, and has good buyer demand, buying first may be reasonable. If your home is more unique, needs work, or is in a slower price bracket, we may want to be more cautious.
The Market Matters, But Your Situation Matters More
A lot of people make the mistake of asking, “Is it a buyer’s market or a seller’s market?”
That is a useful starting point, but it is not specific enough.
You could be selling in a segment where demand is still strong and buying in a segment where there are more options. Or the reverse could be true.
For example, a well-priced family home in a desirable London neighbourhood may attract more attention than a property that needs significant updates at a higher price point. A condo may behave differently than a detached home. A rural property may have a smaller buyer pool but less direct competition. A bungalow in a popular downsizing area may be harder to replace than people expect.
This is why I like to look at two markets at the same time:
The market you are selling in
and
The market you are buying in
Those two markets may not be moving the same way.
If you are selling in one part of London and hoping to buy in another, the strategy may be different than if you are selling in the city and moving to a nearby community like Komoka, Kilworth, Mount Brydges, or Lucan. The right move is not just based on the headline market. It is based on your actual property and your actual destination.
A Third Option: Conditional Offers
In some cases, you may be able to make an offer conditional on the sale of your current home.
This can reduce risk because you are not fully committed to buying unless your home sells. However, it is not always the most competitive option.
If the home you want has multiple interested buyers, a seller may prefer an offer without a sale-of-property condition. But in a market with more inventory or less urgency, a conditional offer may be possible.
This is another reason strategy matters.
Sometimes the best approach is not simply “buy first” or “sell first.” It may be:
Sell first with a longer closing
Buy first with strong preparation
Make a conditional offer
List your home and shop at the same time
Secure financing and bridge options before making a move
Prepare your home fully so it can be listed quickly when needed
There is no universal answer. There is only the right answer for your situation.
My Advice Before You Do Anything
Before making a move, do three things.
First, get a realistic opinion of value on your current home. Not an online estimate. Not a guess based on what your neighbour listed for. A real market-based opinion that considers your home’s condition, location, competition, and likely buyer demand.
Second, understand the market you want to move into. Are there homes that fit your needs? How often do they come up? Are they selling quickly? Are there options in your budget?
Third, talk to your lender or mortgage advisor before you fall in love with the next home. You need to know your numbers, your comfort zone, and whether bridge financing is an option if timing becomes tight.
The goal is not just to move. The goal is to move well.
So, Should You Buy First or Sell First?
If certainty is your priority, selling first may be the better option.
If finding the right next home is the harder part, buying first may make more sense.
If you want to reduce risk, a conditional offer or carefully timed listing strategy may be worth exploring.
The right answer depends on your home, your next move, your finances, and the market conditions in both places.
If you are thinking about making a move in London or one of the surrounding communities, the best first step is a simple conversation. We can look at your current home, where you want to go, what the market is doing, and what strategy would make the most sense for you.
No pressure. Just a practical plan so you can make a confident decision.
-Jeff Nethercott, Real Estate Broker | BBA