We did the same last year. We didn't want to buy unless it was the place we wanted at a price we were happy with.
Travis and the experts would know better than me, but my impression is the extra flexibility was worth a little $ in bargaining on our purchase especially. Maybe not directly or every time, but an offer a little lower than they want might seem better with fewer strings. It doesn't take much on a purchase to cover some carrying costs.
We did the new place as combination fixed and heloc, so when we got the sale proceeds we could put it all on the new mortgage without worry about limits.
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