If you sell first, you may find yourself under a tight deadline to find another house, or be forced in temporary quarters. If you buy first, you may be saddled with two mortgage payments for at least a couple months. You may need the money from the sale of your original home in order to pre-qualify for a loan for your new home. You may be facing a job relocation and need to sell quickly.

There are many variables involved; there is no universal correct answer. It basically comes down to your specific circumstances.

In my opinion there is generally less pressure when you sell first.

"It really comes down to risk, "It's whether you want the risk of owning two houses, or possibly none at all."

If you have the money to make two mortgage payments, the pressure is off. But if you need to sell your house in order to qualify for a loan, then you have no choice -- you'll have to sell first.

You can write contingent contracts, but if you really want the home, you'll pay a premium -- that's if the seller will even entertain a contingent offer.

And if you go ahead with a contingent offer, then you may end up settling for less for the house you're selling in an effort to get it sold quickly.

For most people, the stress level is lower when you sell first.

You have time to get pre-approved for your mortgage and see all the housing options in the price range you'd like to buy.

When your selling house is in contract, I suggests you pick the three best homes of those you've viewed and prepare to make an offer on the one that best meets your needs.

The absolute worst that can happen is the right home isn't available, you end up in a short-term rental with the cash in your pocket and pre-approved financing for the balance you need. So you look like a cash buyer when you make an offer on the home you finally decide on.

Whichever way you go, it always seems to work out in the end. Hire a proffessional real estate agent and find out what is the best option for you.