Should I Sell My House First or Buy First? A Wilmington NC Guide

You need to sell your house. You also need somewhere to live. And you’d really like to not do both in a panic. If you’re stuck on whether to sell first or buy first, you’re in good company. It’s one of the most common questions I get.

There’s no single right answer, but there are really only three ways to do it.

Option 1: Sell first

The upside: you know exactly how much money you have to work with. No carrying two mortgages, and when you make an offer on your next home, you’re a stronger buyer.

The trade-off: you might need a place to land in between. Some sellers rent for a few months. Others negotiate to stay in the house for a short time after closing, which is something you can ask for in your contract.

Option 2: Buy first

The upside: you only move once, and you can take your time finding the right place.

The trade-off: you’ll need to qualify for the new home while you still own the old one, or have the cash to cover it. Lenders have options for this, like bridge loans or borrowing against the equity in your current home. A local lender can tell you what actually works for your situation. I’m not a lender, so that’s a conversation I’ll connect you to.

Option 3: Do both at once

This is what a lot of people end up doing. There are two common ways:

• Line up both closings. You sell and buy on the same day, or a few days apart. The money from your sale goes straight into your purchase. It takes careful planning, but it happens all the time.
• Make your offer depend on your sale. You can make an offer that only goes through if your house sells. Just know that some sellers would rather take an offer without that condition, especially if they have more than one.

One North Carolina thing to plan for

When you buy here, you’ll usually pay a due diligence fee straight to the seller when your offer is accepted. It’s generally non-refundable, and it’s due long before your current house closes. So even if your sale money is going toward the new place, you’ll want cash set aside for that fee up front. Here’s more on how buying a home in Wilmington works.

Questions to answer before you decide

• Do you need the money from this sale to buy the next home?
• Could you qualify to carry both homes, even for a short time?
• How flexible is your move date?
• Are you staying in the area, or moving out of state?

Your answers usually point to the right option pretty quickly. A great first step is talking with a lender, so you know where you stand. Here’s the difference between pre-approved and pre-qualified.

Thinking about selling?

Grab my free Seller Prep Checklist: what to tackle first, what to skip, and how to get your Wilmington home ready before it hits the market.

For the selling side step by step, start with how selling a house in Wilmington NC actually works.

Trying to figure out your own timing? This is exactly the kind of thing I love mapping out with people, and it’s easier to plan before you list than in the middle of it. Text or call me at (910) 983-8963, or reach out through my contact page.

Tabetha Klein is a REALTOR® with Coldwell Banker Sea Coast Advantage in Wilmington, NC, serving New Hanover, Brunswick, and Pender counties. This is general information, not lending, legal, tax, or financial advice. Please talk with a licensed lender and a North Carolina real estate attorney about your specific situation. Each office is independently owned and operated. Equal Housing Opportunity.