Selling before buying is a question a lot of people struggle with. Especially when you are looking for something quite specific, putting your home up for sale when you’ve not found the one you want to buy can feel like a brave and somewhat premature step.
But here are seven reasons why you need to get your house on the market and ideally under offer first:
1) You may not even get to view that dream home
Just as you’ve been waiting for that perfect house hit the market, so will a lot of other people – many of which will already be a position to move forward with the purchase. If you are not even on the market many sellers will instruct their agents to prioritise others over you. They may even deny you a viewing entirely. In some instances, sellers will also instruct agents not to book in viewings with anyone who isn’t already under offer.
2) Your offer won’t be taken seriously
In markets where there is a shortage of stock (and if you’re nervous about listing because you can’t find ‘that house’ then you’re in that market!), sellers will be looking for clear evidence that you are motivated to sell. For a seller to take you and your offer seriously then you need to be under offer. It is often a fruitless exercise to make an offer on a property that you can’t actually follow through on as it carries very little weight. Even if you’re not under offer, having your own home on the market will help frame your offer and provide context to you as a committed buyer.
3) Avoid being forced to make a high offer
If you are up against others who are in a more advanced position than you then it’s likely you’ll be forced to put in a much higher offer in order to convince the seller to wait and give you time to sell. Being in the weakest selling position possible means you have only money as your bargaining tool and could end up paying far more than you otherwise would have.
4) Avoid being forced to take a lower offer on yours
Once you’ve put forward that offer on your dream home then the race will be on to sell yours. As a seller, you’ll now find yourself in a far weaker position because you now need a buyer… and quickly. Suddenly the luxury of holding out for that perfect buyer has gone and you may have to accept the first offer that comes your way or risk losing your dream home.
5) You just won’t move quickly enough
Even with a 48 hour turnaround time from valuation to photos to property write up to launch, the chances of you hitting the market and finding a buyer in time to secure that property you have seen are slim. Very slim. An agent has likely told you that yours will sell very quickly and they have people lined up waiting to buy it (no agent will tell you they can’t sell your home quickly) but don’t get caught in the ‘I will sell quickly’ trap because here is the reality of what you’re up against:
- Property 1, Leigh on Sea – 14 viewings, 12 offers and sold in 7 days
- Property 2, Westcliff on Sea – 11 viewings, 4 offers and sold in 5 days
- Property 3, Southend – 11 viewings, 9 offers and sold in 5 days
- Property 4, Benfleet – 18 viewings, 7 offers and sols in 10 days
And all these happened in October alone!
6) Know your actual budget for your next purchase
Once under offer, not only will you be in a stronger buying position but you will also know exactly how much you have for your next purchase. Last month Home was achieving, on average, 100.2% of asking price so that figure you have in mind might not actually be what you end up selling for – and who know what extra possibilities an extra few thousand pounds might open up.
7) Accepting an offer does not mean you have to move out
Accepting an offer on your home without creating any pressure to move is all about managing your buyer’s expectations. If you are still to find and looking for something quite specific then we just need to communicate this to prospective buyers so they are under no illusion that a specific deadline can be met. When offers are put forward then we’ll also ensure there isn’t anyone in the chain below who is eager to move. Your prospective buyer may be happy to wait but that does not mean their buyer is. We’ll do our homework so when you do go under offer everyone understands the situation, it creates zero pressure on you to move and no one incurs unnecessary costs.
With your house on the market, and ideally under offer, you have nothing to lose and everything to gain. You will be viewed as a serious and motivated buyer. You won’t have to offer high and then be forced to accepted a lower offer because you’ve lost the luxury of time. You’ll be the buyer other people are looking for and, if you need that elusive dream house taken off the market, can get your offer accepted and ensure no one else gets to view it the moment you step outside the door.
The alternative is you rushing to make an impossible deadline and watching helplessly as that home you’ve been waiting months for quickly slips through your fingers. We have seen it happen far too many time before so why not save yourself the heartache.
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