Sell First or Buy? Chicken or Egg?
For homeowners wishing to sell their property and buy another, it’s the classic dilemma – which do you do first, buy or sell?
There is probably no all-encompassing answer. Typically, people initially investigate the market to find out what they can buy for their money. Inevitably, during this research they fall in love with the “ideal” property. As they have yet to sell, they find themselves in a weak position as purchasers and are unlikely to have anything but an asking price (or even higher) offer accepted. After all, why should a vendor limit the sale of their property to the saleability of someone else’s?
Even if terms are agreed, then what? You end up being forced to sell quickly, possibly at a low figure, so that you don’t lose your new property. Annoyingly, once a property goes under offer, everyone seems to want it!
The difference between your expensive purchase and cheap sale could cost you as much as 20% more than the cost of the move in more controlled circumstances.
So be cool. Sell from a position of strength, and buy using the power of cash. A proceedable purchaser is a joy to the ears of an estate agent and their client.
As for that dream home – isn’t it rather a coincidence that the perfect property just happens to be on the market at the precise moment you are looking? There is always another one around the corner, and it may even be better! And if you don’t find a suitable property in time, then you are hardly likely to be homeless, as nobody is going to force you to sell until you are ready – it is entirely your decision.
We aim to reduce the pressure of moving for our clients in many ways, but our answer to the chicken and egg scenario is emphatic …the chicken!