The average citizen does not have the financial resources needed to safely make an offer on a new home before their first property sells. In addition, it is possible to lose the opportunity to buy your new home if you’re unable to sell your first home in time; or if you don’t get the sale price you were expecting. Most of us are uncomfortable with the prospect of paying two mortgages a month.

Timing is important - It might take longer than you expect to sell your old property. It can take several weeks just to get a home listed for sale and it could take another month or two to find a buyer. Then depending on the lending market and the results of home inspections it might take another month or two for the buyer to close the transaction; sellers don’t want to wait for you to get your home sold.