For homeowners wishing to sell their property and buy another, it’s the classic dilemma – what do you do first? Sell first or Buy first?…the Chicken or the Egg?
Typically, people will start investigating the market to find out what they can buy for their money and inevitably, it’s during this initial research that they will fall in love with the “ideal” property.
Prior to the Brexit vote of June 2016, when the market was highly active, you wouldn’t have stood much chance of having an offer accepted on a property, unless your own property was already sold, so consequently, most successful buyers had in fact sold. Over the past 18 months however, with the market softening slightly, an increasing number of property hunters haven’t yet placed their own property on the market. We would urge caution on this approach.
If buyers haven’t sold, or at least have their property under offer, they will find themselves in a weaker position and are unlikely to have anything below an asking price offer accepted. After all, why should a vendor limit the sale of their property to the saleability of the buyer’s own property? Even if terms are agreed, what happens then? It’s likely that the buyer could end up being forced to sell their own property quickly, possibly at a lower figure than hoped just so they don’t lose the property they are buying.
So, our advice is to sell from a position of strength and buy using the power of cash. A proceedable buyer has more power and is a joy to the ears of an estate agent. You might even be offered properties that are due to come to the market that nobody else knows about!
As for our answer to the Chicken and Egg dilemma… it’s emphatic …the Chicken! If you’re still unsure what to do, please feel free to contact me personally on 01277 623010, or pop into the office for a coffee, we’re just up the High Street.
16th January 2018
Grace & Rose Estate & Letting Agent
If you are looking to move home in the near future, or need any advice with regard to selling or letting your property, please don’t hesitate to call either myself, or one of our team at Grace & Rose, your local, independent, family run Estate Agents in Billericay 01277 623010 and Brentwood 01277 230300 – book your free market appraisal https://graceandrose.wpengine.com/contact-us/ or email me direct on firstname.lastname@example.org
We also cover Shenfield, Chelmsford plus the surrounding villages including Blackmore, Bobbingworth, Chipping Ongar, Doddinghurst, East Horndon, Fryerning, Great Baddow, Great Burstead, Great Warley, Herongate, High Ongar, Hutton, Ingatestone, Ingrave, Kelvedon Hatch, Little Burstead, Little Warley, Moreton, Mountnessing, South Woodham Ferrers, Stock, Stondon Massey, The Lavers, The Rodings, West Horndon and Writtle.