Sell first or buy first? How Richmond families time a move

It's the question I hear in almost every first meeting: "Do we sell our place first, or find the new one first?" There's no single right answer. The best order depends on your finances, how busy the market is, and how much uncertainty your family can live with. Here's how I help families decide.

Option 1: Sell first, then buy

How it works: you list your current home, accept an offer, and only then shop seriously for the next one.

Why families choose it:

• You know exactly how much money you have, so you can make firm, confident offers.

• Sellers like offers without a "subject to sale" condition, which can help you win the home you want.

• No risk of carrying two mortgages.

The risk: you might not find the right home before your sale closes. Then you're renting short-term, staying with family, or rushing into a purchase.

How I reduce that risk: I usually negotiate a longer closing date on your sale, often 60 to 90 days (in some cases 120 days), and we start looking at homes while your place is on the market so you're ready to move fast.

Option 2: Buy first, then sell

How it works: you find and buy the new home, then list your current one.

Why families choose it:

• You don't lose the right home while waiting to sell.

• You move once, on your own schedule.

The risk: if your current home takes longer to sell, or sells for less than you hoped, you could carry two mortgages and two sets of bills. That pressure can push you to accept a low offer.

When it makes sense: when your current home is in high demand (a well-priced condo or townhouse in a popular area, for example), or when you have enough equity or savings to handle a gap. Some families also use bridge financing to cover the down payment until the sale closes.

Option 3: Buy subject to the sale of your home

You make your offer conditional on selling your current home within a set time.

The upside: you're protected if your home doesn't sell.
The downside: many sellers won't accept this condition, especially in a busy market, and those who do may ask for a higher price. It works best in a slower market or for homes that have been listed for a while.

Option 4: Line up both closing dates

This is what I aim for with most families: sell and buy with closing dates on the same day or a few days apart. It takes planning and good communication between both lawyers or notaries, but it means you move once and never carry two mortgages for long.

How to choose

Ask yourself three questions:

1. How fast do homes like mine sell right now? If they sell quickly, buying first is less risky.

2. Could we carry two mortgages for a few months? If not, sell first or line up the dates.

3. How specific is what we're looking for? If you need a certain school catchment or a rare layout, you may want to buy first so you don't miss it.

A word on BC's home buyer protection period

In BC, buyers of most residential properties have a three-business-day protection period after an accepted offer, with a fee if they walk away. It's useful to understand, but it isn't a substitute for proper subjects or a plan for your sale.

Your next step

Every family's situation is different. My free Richmond upsizing plan shows what your home is worth today, what it can buy, and which timing option I'd recommend for you. Prefer to talk it through? Call or text me at (778) 909-8639.

Get my free Richmond upsizing plan

Katerina Zemlia, REALTOR® with RE/MAX Westcoast. General information only, not legal, tax or mortgage advice.