16 January 2018
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.
Grace & Rose Estate Agents
If you are looking to move home in the near future, or need any advice with regard to selling your property, please don’t hesitate to call 01277 623010 or email me direct on email@example.com or click to see our latest Testimonials and more advice in our Blogs