First, separate convenience from financial capacity
Buying first is often more convenient: you can move once, prepare the old home after you leave, and avoid rushing into the next property. But convenience becomes risk if the plan depends on an uncertain sale price or a very short selling timeline.
Before shopping, estimate usable equity, the current mortgage payoff, likely selling costs, and the payment you can carry if the old home does not close immediately. A lender should also confirm whether you qualify while both obligations are counted.
Option 1: sell first
Selling first gives you a clearer cash position and removes the risk of two housing payments. It can also strengthen the next offer because it is not contingent on selling another property.
The tradeoff is timing. You may need temporary housing, storage, a rent-back agreement, or flexibility from the buyer. Those costs and inconveniences should be included in the comparison.
Option 2: buy first
Buying first can give you more control over the move and more time to prepare the current home. It works best when the buyer has enough liquidity, documented qualifying ability, and a realistic plan for the old home if it takes longer to sell.
Do not base the decision on the best possible sale price. Use a conservative estimate and identify the point at which you would change price, rent the property, or use another exit plan.
Option 3: coordinate both
A home-sale contingency, extended closing, leaseback, bridge financing, or home-equity strategy may connect the two transactions. Each solution moves risk rather than eliminating it. A contingency can weaken an offer; bridge financing adds cost; a leaseback depends on the other party agreeing.
Build one plan, not two separate transactions
The sale price, possession date, down payment, offer terms, and moving schedule affect one another. Put them on one timeline before making commitments. That is more useful than treating the sale and purchase as unrelated deals.