Move-Up Buyers in the Chicago Suburbs: Should You Sell First or Buy First?

Move-Up Buyers in the Chicago Suburbs: Should You Sell First or Buy First?

If your home is starting to feel cramped, whether you’re expanding your family, working from home, or caring for aging parents, you might be thinking it’s time to move up. But in a tight market like DuPage County, should you sell your current home first or buy your new one first? This is one of the most common, and complex, questions we get from clients in Glen Ellyn, Wheaton, and Lombard.

Prefer to watch instead of read? Hit play below for a quick 2-minute breakdown.

Low Inventory Is Great for Sellers, But Tough for Buyers

Right now, the Chicago suburbs are in a seller’s market. That’s great news when you’re listing your home, it means strong prices and quick closings. But it also means competition is fierce on the buying side. Homes are going fast, and many sellers aren’t accepting contingent offers (offers that depend on your home selling first).

This creates a dilemma: sell first and risk scrambling to find your next home, or buy first and risk carrying two mortgages.

Option 1: Sell First, Then Buy

Selling first gives you clarity: you know your budget, and you don’t have to worry about your home sale falling through while you’re under contract on a new place. But it can leave you in a stressful position if your next home isn’t lined up. That’s where a few smart strategies come in.

Consider a Seller Lease-Back

With a lease-back, you stay in your current home after closing, essentially renting it back from the buyer for a set period of time. This gives you flexibility to stay put while shopping for your next home without feeling rushed.

Option 2: Buy First, Then Sell

Buying first gives you time to move slowly and settle in, but it comes with more risk, especially if your current home doesn’t sell as quickly as expected. In a market like Wheaton or Lombard, that’s not typically a problem, but it still requires smart financial planning.

Extend the Escrow Period

If you make an offer on a new home, requesting a 60-day escrow (instead of the usual 30 days) can give you time to list and sell your current home while staying on track with your new purchase.

Tailoring Your Strategy to Today’s Market

Every move-up scenario is different. That’s why at The Bulava Group, we build a custom plan based on your timeline, finances, and home value. With over 20 years of experience navigating both buyer and seller markets in DuPage County, we know how to time the transition and protect your interests every step of the way.

Have Questions About Buying and Selling at the Same Time?

Have questions about buying or selling in DuPage County? We’re happy to help, just reach out!