Can I buy a new home before selling my current one?
Yes — but the question isn't 'can you?' The question is 'should you?' And that depends on your financial position and your risk tolerance.
**Three ways to do it:**
**1. Contingent offer.** You make an offer on the new home contingent on selling your current home. The risk? Sellers hate contingencies in competitive markets. Your offer is weaker. In a hot neighborhood like Linden Hills, contingent offers get passed over.
**2. Bridge loan.** Short-term financing that lets you buy before you sell. You borrow against your current home's equity to fund the down payment on the new one. When your current home sells, you pay off the bridge loan.
The catch: Bridge loans carry higher interest rates and closing costs. You're essentially carrying two mortgages temporarily. In my experience, this works best if your current home is priced to sell quickly — not if you're going to 'test the market.'
**3. Home equity line of credit (HELOC).** Open a HELOC on your current home before listing. Use it for the down payment. Pay it off when you sell. Lower rates than bridge loans, but you need enough equity and income to qualify.
**The move I recommend most often:** Sell first, rent temporarily, buy without pressure. It's the least stressful path. But if you can't stomach a temporary move, the bridge loan approach works — with careful planning and honest numbers.
I wrote this answer, and I stand behind it. I'm Chris Deutsch, a Minneapolis Realtor (MN #20382264). Twenty-five years of walking these neighborhoods, checking basements, and sitting across kitchen tables from people making exactly this call. I re-check every answer and date it — this one was last verified .
If your situation is more specific than the market, that's the one worth talking through. Email me at chris@lakesarearealty.com.