We are currently paying off a house, but want to sell and buy in a more convenient location. Currently have 2/3 equity, expecting to pay no more than 30-40k more than this house is worth, might even get something at a similar price. We're on one income.
a) sign a contract on a new house then put the current house on the market, and deal with a (hopefully) short period of astronomical payments on a bridging loan.
b) sell current house, rent until find a new house. In the past 12 months or so that we have been watching the market there have been 3 suitable houses come up, but we haven't been in a position to sell yet.