To Buy First or To Sell First?

That is the question. Whether 'tis nobler...or something like that. There are pros and cons either way but selling first is usually the best course.

Buy First

Not everybody has to sell the home they own before they can buy another. But most people don't have this option because most, if not all, of their cash needs to buy a home come from their existing equity.

Upside: you know where you are going to live; you know how much you need out of your home to make the move

Downside: if you are using all the equity to buy you'll have to make an offer contingent upon the sale of your home, resulting in a weaker bargaining position, almost assuring that you will have to pay more for your new home; as you try to sell your home to meet your contingency deadline, pressure builds to accept less than you might otherwise have to; and, just because you need a certain amount out of your home there is no guarantee that you can get it.

Sell First

Overall, this is the best way to go, especially if you need to use the equity.

Upside: you know how much money you have to work with; no pressure to unload your current home to assure getting the new one; won't have to make a contingent offer, making your offer strong; time scheduling for closing, possession, etc. can be locked in

Downside: don't know where your new home is

In my experience the negative feelings of not knowing where you are going, should you have them, can be relieved greatly by seeing several houses in the market you are moving to so you get a feel for the area prices and amenities. Unless you have very specific requirements for your new home the chances are good that several properties in your new market will fit your criteria and would work for you.