To sell ... and then to search? Or to search first and then list your property? It's that age-old property dilemma. It may be tempting to find a new property that you like before starting to even think about selling, just in case you can't find your new home out there. But it's not the best of ideas.
Imagine you've found your dream home - that little cottage with roses around the door. It's perfect for you, but unfortunately it is also perfect for everyone else who's been looking for the same kind of property. And if their home is provisionally sold already, or they're living in rented accommodation they're in a much stronger buying position. So it might not look like you're going to be able to use those pruning shears after all, because position is, in any kind of property market, everything.
But what if you're the only person interested in a particular property? You can make an offer, of course, and that offer might even be accepted. But here's the catch: if you haven't done anything about selling your current home, the owner and the estate agent might not be that willing to remove the house from the market. In their eyes, as they say in estate agent speak, you are not "proceedable". In this situation your offer lacks credibility, and with nothing more in mind than a faster commission check, the agent will encourage the seller to keep on marketing.
Once you've found your new dream home, you rush to put your own property on the market. Even the best estate agents will take some time to come along, sign you up, deal with the sales particulars and get you onto Rightmove, Prime Location, Zoopla and any other online sales portal they've subscribed to. So that's one week gone already. And as for price, the average property takes 109 days to sell, according to the Royal Institution of Chartered Surveyors. That's more than three months waiting for another buyer to come along and relieve you of your current home. One solution would be to price your house below market value - but who really wants to do that?
You have a choice then. Wait on tenterhooks for someone to snap yours up, lose out in the meantime no doubt and then remove yours from the market and then put it back on again when you find something else. Then go through the whole process again. And again. And again. Or slash the price and take 90% of your home's value in order to proceed with your dream house. Or, as another alternative you could decide to market your property at the same time as you start looking for a new one. Get a buyer at about the same time that you find somewhere to buy yourself, ensuring you are 'proceedable' and that agents and sellers take you more seriously. You might even get a better offer accepted because of it. But it's up to you. Don't take my advice though, I'm just an estate agent.
Imagine you've found your dream home - that little cottage with roses around the door. It's perfect for you, but unfortunately it is also perfect for everyone else who's been looking for the same kind of property. And if their home is provisionally sold already, or they're living in rented accommodation they're in a much stronger buying position. So it might not look like you're going to be able to use those pruning shears after all, because position is, in any kind of property market, everything.
But what if you're the only person interested in a particular property? You can make an offer, of course, and that offer might even be accepted. But here's the catch: if you haven't done anything about selling your current home, the owner and the estate agent might not be that willing to remove the house from the market. In their eyes, as they say in estate agent speak, you are not "proceedable". In this situation your offer lacks credibility, and with nothing more in mind than a faster commission check, the agent will encourage the seller to keep on marketing.
Once you've found your new dream home, you rush to put your own property on the market. Even the best estate agents will take some time to come along, sign you up, deal with the sales particulars and get you onto Rightmove, Prime Location, Zoopla and any other online sales portal they've subscribed to. So that's one week gone already. And as for price, the average property takes 109 days to sell, according to the Royal Institution of Chartered Surveyors. That's more than three months waiting for another buyer to come along and relieve you of your current home. One solution would be to price your house below market value - but who really wants to do that?
You have a choice then. Wait on tenterhooks for someone to snap yours up, lose out in the meantime no doubt and then remove yours from the market and then put it back on again when you find something else. Then go through the whole process again. And again. And again. Or slash the price and take 90% of your home's value in order to proceed with your dream house. Or, as another alternative you could decide to market your property at the same time as you start looking for a new one. Get a buyer at about the same time that you find somewhere to buy yourself, ensuring you are 'proceedable' and that agents and sellers take you more seriously. You might even get a better offer accepted because of it. But it's up to you. Don't take my advice though, I'm just an estate agent.
About the Author:
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