More than half of the clients I work with are selling a home and buying another one at the same time when they decide to move. This always creates the question: "How should we time the two transactions to have a smooth transition?". No one wants to have to be out of their home for a few months before they find the next suitable real estate.
In my experience, the general rule is to start looking for a new home at the same time as you put your current one on the market. However, there are exceptions to this rule and there are different scenarios that can happen depending on what you are selling and what you want to buy. The market conditions in your area also play a role in this. Let me explain.
For example, if you are selling a house in an area where houses are currently selling quickly and you are looking to downsize to a condo when there are a lot of those on the market to choose from, you will probably want to start looking before you attempt to sell your house.
On the other hand, if you know that in your market, similar real estate is selling in around 2 months and what you are looking for is flying off the shelves, you need to put your home on the market before you start looking at properties.
The above are just examples and by no means an exhaustive list of scenarios as there are too many to mention here. But you might ask: "How do I know what to do in my situation? How do I know the length of time it might take for my home to sell?"
Well. These questions are all valid ones and your real estate agent can answer most if not all of them. So when selling AND buying a home at the same time, discuss the situation with your agent and together you can decide about the timing of the transactions.