Should You Buy Before Selling in the RI Market?

Are you wondering whether it’s smarter to buy your next home before selling your current one in Rhode Island’s market?

It’s one of the most common questions homeowners face when planning a move. Deciding whether to buy or sell first can feel like a game of strategy—and in today’s competitive Rhode Island real estate market, the stakes are high. If you’re living in Warwick, Cranston, East Greenwich, North Kingstown, or anywhere across Central Rhode Island, the choice depends on your financial situation, your timeline, and the local housing market conditions.

In this guide, we’ll explore the pros, cons, and key considerations of buying before selling in Rhode Island, so you can decide what works best for you.

Understanding the Rhode Island Housing Market

Before weighing your options, it’s critical to understand what’s happening locally.

• Rhode Island home prices have continued to rise steadily. The median single-family sales price hit $475,000 in 2024, up from $425,000 in 2023 (according to RI Statewide MLS).

• Homes in Warwick averaged just 26 days on market in 2024, a strong sign of demand.

• Inventory is slowly improving, but still limited compared to historic norms. New listings across the state increased nearly 10% from 2023 to 2024, but buyers still face competition.

This means many sellers can expect their current home to move quickly. But buying your next one may still be challenging, especially if you’re searching in high-demand areas like East Greenwich or Providence.

The Pros of Buying Before Selling

Buying before selling can work well if your finances and circumstances align. Here are the key benefits:

1. More Time to Find the Right Home

You won’t feel pressured into settling for a property you don’t love just because your current home sold quickly. This flexibility is especially valuable in Rhode Island, where desirable homes in areas like Cranston’s Edgewood or Warwick’s Gaspee neighborhood can attract multiple offers within days.

2. Easier Transition Between Homes

When you buy first, you can move out gradually and avoid juggling a rushed move-out timeline. This is particularly helpful if you’re relocating with kids or pets.

3. Ability to Stage and Market Your Home Better

Vacant homes often show well. By moving into your new property first, you give buyers a clutter-free view of your old home.

The Cons of Buying Before Selling

Of course, there are challenges:

1. Carrying Two Mortgages

The biggest concern is affordability. Unless you’re paying cash, buying before selling means you may hold two mortgages at once. According to the 2024 NAR Profile of Home Buyers and Sellers, 26% of buyers paid cash, but most financed their purchase.

2. Financing Challenges

If you need a mortgage, lenders will consider your debt-to-income ratio while factoring in both mortgages. This can limit your loan approval or increase monthly payments.

3. Risk of Selling for Less Later

If the market slows or your home takes longer to sell than expected, you may feel pressure to accept a lower offer just to close the gap.

The Pros of Selling Before Buying

Some Rhode Island homeowners prefer to sell first—and for good reason.

1. Financial Certainty

Selling first lets you know exactly how much equity you have to put toward your next purchase. With median Warwick home prices reaching $410,000 in 2024, that equity could make a big difference in your buying power.

2. Stronger Offers as a Buyer

With cash or secured financing from your home sale, you can often write more competitive offers in a market where sellers are wary of contingency clauses.

3. Less Financial Stress

You won’t need to worry about covering two mortgages or tapping into savings.

The Cons of Selling Before Buying

The downside? Timing can be tricky.

• You may need temporary housing if you can’t find your next home right away.

• Moving twice can be disruptive, especially if you’re relocating within tight school district boundaries in places like North Kingstown or Coventry.

Strategies to Balance the Two

If you’re not sure which option fits, there are ways to minimize risk.

1. Use a Home Sale Contingency

In Rhode Island, purchase and sales agreements can include contingencies—such as making your purchase conditional on selling your current home. While not always attractive to sellers in a competitive market, this can provide important protection.

2. Bridge Loans or HELOCs

Some homeowners use a bridge loan or a home equity line of credit (HELOC) to access funds for the down payment before their home sells. Be sure to consult with a financial professional to understand risks and costs.

3. Rent-Back Agreements

A rent-back agreement allows you to sell your home but stay in it for a short time while you finalize your purchase. This option gives you more breathing room when coordinating both moves.

What Buyers and Sellers in Rhode Island Are Doing Now

Recent buyer research shows that 86% of aspiring homeowners expect the process to be difficult, and risk perception is high. Many want guidance on how to balance buying and selling while minimizing stress.

At the same time, Rhode Island’s market continues to favor sellers overall. Demand remains strong, and homes priced well in Warwick, Cranston, and East Greenwich continue to move quickly.

This means both strategies—buying first or selling first—can work, but you need the right plan.

How the Slocum Home Team Can Help

Buying and selling at the same time is complex, but you don’t have to go through it alone. Nick Slocum—or one of the Slocum Home Team’s top REALTORS®—can help you:

• Analyze your buying power and options.

• Strategize the best timeline for your move.

• Negotiate strong terms, whether you buy first or sell first.

• Coordinate both transactions smoothly, so you don’t feel rushed or overwhelmed.

At the end of the day, the “right” decision isn’t the same for everyone. It depends on your finances, your goals, and your comfort with risk. With the Slocum Home Team by your side, you’ll have the guidance and market insight you need to make the best move in Rhode Island.

Final Thoughts

So, should you buy before selling in the RI market?

If you can afford the overlap and value convenience, buying first may give you more control. If financial certainty matters most, selling first could be the safer bet. Either way, understanding the Rhode Island market and working with a trusted Warwick real estate agent is key.

Ready to explore your options? Reach out to the Slocum Home Team today and let’s create a plan that works for you.