This is a situation that affects a large proportion of home sellers and there are several points to consider:
1. You could put your house on the market and as soon as we get an offer that works for you, we could go and find your new house. That is the simplest of the choices, but it puts pressure on you to find a house in a short amount of time and the right house for you might not be on the market at that moment.
2. We could find you the right house for you to buy and make an offer on it contingent on the sale of your existing house. That is really good for you, but some sellers won’t accept a contingent offer and this makes your negotiating position weaker.
3. We could put your house on the market, sell it and you could move into temporary housing if we don’t find the perfect house straightaway. That gives you the best possible negotiating position, but the double move is potentially inconvenient and finding a short term rental can be challenging in this market.
4. You could go to a lender to see if you could secure a bridge loan which would allow you to buy with little pressure and is the most convenient for you. The risk is that you could have a period of time with double payments and you aren’t totally sure how much your house will sell for and how long it will take.
5. Have you considered keeping this house as part of your investment plan? Rentals are currently in short supply in this market with low vacancy rates.
These are the 5 options you will need to consider and then decide which is the right one for you.