The Rochester Real Estate Riddle: Buy or Sell First?

When you’re thinking about changing where you live, the Rochester real estate market throws a curveball your way: should you snap up a new place before selling your current one, or vice versa? It's a bit like deciding whether to have dessert before your main meal—it depends on your appetite, what’s on the menu, and how much room you’ve got on your credit card. Let’s take a closer look at what you should consider to make the best move for you.

Buying Before Selling: The Pros and Cons

Picture it: you’re on a leisurely Sunday drive and stumble upon the perfect house. It's practically begging you to buy it before someone else does. Tempting, right? But slow down—there's a lot to think through.

Pros:

• A Ready Landing Pad: Buying first means skipping the drama of needing a place to crash between selling and settling into your new Rochester pad. You sidestep the chore of couch-surfing, renting storage units for your worldly possessions, or dealing with the world of short-term leases.
• No Rush on Moving Day: Owning your next place gives you the luxury of moving at your own pace. Take your time packing up and arranging your sock drawer perfectly in your new home.

Cons:

• The Financial Juggling Act: Holding the keys to two properties means double the mortgage payments (unless you’re paying in cash), not to mention the possibility of tapping into your savings or grappling with a bridge loan to cover both.
• The Sell-It-Yesterday Pressure: Affording two homes can put you in the hot seat to sell your current one fast, potentially for less than it’s worth.

Selling Before Buying: The Pros and Cons

What about flipping the process and selling your Rochester home first? It’s like clearing out your fridge before going grocery shopping—makes sense, but there are a few drawbacks.

Pros:

• Single Mortgage Simplicity: Selling first frees you from the fear of juggling multiple mortgages or piling on extra debt. You know exactly what your budget is for your next home, streamlining your shopping spree.
• Beefed-Up Buying Power: With money in the bank from your sale, you're a hot commodity to sellers. Your offer looks more appealing because it’s not hanging in the balance of another sale.

Cons:

• The In-Between Blues: Selling first means you need to have an interim game plan. Whether you're bunking with kind-hearted relatives, hopping into a rental, or living out of boxes in storage, it’s a bit of a logistical dance.
• Race Against Time: Once your house sells, the clock starts ticking louder, pushing you to find a new place pronto. This rush can lead to settling for a home that doesn’t check all your boxes just to avoid homelessness.

So, What’s a Rochester Resident to Do?

Choosing whether to buy or sell first in Rochester doesn’t come with a universal answer. It hinges on a few local market dynamics and personal variables:

1. Current Market Conditions

In a seller’s market (like the sizzling one Rochester has seen recently), where demand outpaces supply, selling first might give you leverage, as your current property could fly off the market. However, if we're in the rare buyer’s market phase, with homes lingering on listings, snagging your new place first might be the smarter play.

2. Your Financial Footing

Can your budget handle the upfront expenses of a second mortgage for a while? If the answer leans towards 'no,' selling first might ease your budgetary bind. If you have a more flexible financial cushion, buying first can offer a smoother transition at your pace.

3. How Much Uncertainty Can You Stomach?

If just reading about holding two mortgages makes your stress levels spike, consider selling first. Meanwhile, if you’re comfortable with a bit of risk and the thought of missing out on the perfect home keeps you up at night, buying first might suit you better.

Exploring Alternatives: Bridge Loans and Contingency Offers

Feeling like neither option is the golden ticket? Rochester’s market has alternatives. Consider a bridge loan to fill the financial gap temporarily, or make an offer on a new home contingent on selling your current one. Beware, though, contingent offers might not always be the most attractive to sellers in a competitive market.

Making the leap either way in Rochester requires a thoughtful look at your personal situation and the current market. Weigh your options, check your financial flexibility, and consider your appetite for risk. With a solid strategy, you’ll find the path that not only leads to a new home but to a wise move all around.