Should You Buy or Sell First? Real Advice for Central Illinois Homeowners

One of the trickiest real estate decisions for homeowners in Central Illinois is deciding whether to buy a new home first or sell your current one first. It’s a classic catch-22. If you sell before you buy, where do you go? If you buy before you sell, are you stuck with two mortgage payments?

I’ve helped hundreds of clients navigate this situation in markets like Peoria, Morton, Dunlap, and Pekin — and the answer isn’t one-size-fits-all. Let’s walk through the pros, cons, and key strategies that can help you make the right decision.

🔄 Option 1: Selling First

This is often the safer financial route. You’ll know exactly how much you’re walking away with, and you won’t be juggling two mortgages.

Pros:

You have the funds from your sale ready to put toward your next down payment
No risk of carrying two homes
A clean offer makes you more competitive as a buyer

Cons:

You may have to find temporary housing if your next home isn’t ready
Moving twice can be costly and inconvenient
Pressure to find your next home quickly can lead to hasty decisions

When this works best:
If homes in your price range are selling quickly and there’s plenty of inventory where you plan to buy, selling first might be your best move.

🏠 Option 2: Buying First

Buying first can feel more comfortable — you avoid the pressure of finding a home quickly. You move once and get settled on your timeline.

Pros:

You avoid moving twice
You can take your time finding the right home
You can prepare your current home for market at your pace

Cons:

You’ll need to qualify for two mortgages (or pay cash)
There’s a risk your current home won’t sell as fast as expected
Carrying costs (utilities, insurance, maintenance) double temporarily

When this works best:
If you’re in a strong financial position and homes in your current area are in high demand, buying first might be a calculated risk worth taking.

💡 A Third Option: List Your Home “Contingent”

Here’s a middle-ground strategy: You list your home contingent on finding suitable housing. This means you won’t sell unless you’ve secured your next place. It’s not perfect (some buyers avoid contingency deals), but it works in the right situations.

Another tactic is to negotiate a rent-back agreement after selling your home. This allows you to stay in your home for a short time after closing, giving you more time to find and close on your next property.

🧠 My Pro Tips for Making the Right Move

Whether you’re buying or selling first, there are a few smart strategies that make all the difference:

1. Know Your Market
Understanding how fast homes are selling — both where you live and where you’re going — is key. I can run the numbers for both sides to help you weigh your options.

2. Get Pre-Approved Early
Even if you plan to sell first, knowing what you can afford as a buyer gives you confidence and clarity when it’s time to make offers.

3. Stage Your Home Before Shopping
If you’re thinking of buying first, get your current home market-ready in advance. That way, when you find the right property, you can list quickly.

4. Lean on an Experienced Local Agent (hi, that’s me!)
I’ve helped many clients time both sides of the deal smoothly. I’ll coordinate everything from listing photos to closing timelines to make the process as stress-free as possible.

🏁 Final Thought: There’s No “Right” Way — Only What’s Right for You

Everyone’s situation is unique. Maybe you’re relocating for a job, downsizing after retirement, or upgrading to fit a growing family. Whatever the case, your real estate strategy should reflect your timeline, budget, and comfort level.

You don’t have to figure this out alone. With the right plan (and the right agent), we can coordinate your sale and purchase like a well-choreographed dance — not a mad scramble.