Following on from our last Blog with demand still outstripping supply many homeowners are understandably concerned to take that first step of moving and putting their property on the market when there is so little to choose from, this can cause a vicious cycle and often once homeowners start to take the plunge others follow as there is more to choose from. But don’t panic – there are options and many advantages to selling before you find that dream house:
Advantages of selling before you buy
In securing your sale now, you have:
- Locked in a good price- no matter what happens in the market you have a set price agreed
- Secured a strong buying position- you’re in a great position now when it comes to buy and can offer straight away
- Secured a clear budget- having secured a buyer for your home you know exactly what you are going to make from the sale. This means you can start shopping for a new home knowing exactly what you can afford
Option 1- Moving in to rented
You can proceed with your sale and move into rental accommodation while you search for your dream home. There are disadvantages to this…….. most obviously paying rent for a time – which can work out quite expensive. Also the hassle of moving, especially if you have a family in tow and potentially putting your items into storage. However, this will take the pressure off of your search and allow you to take your time to find that dream property. One way around an expensive rental bill is to see if you can move in with family for a short period while you look for a new home.
Option 2- Make sure buyers are given a realistic expectation
Upon agreeing the sale make sure your agent has made your buyers aware that the sale is agreed upon giving you a realistic amount of time to find a property. We have found that buyers appreciate there is a shortage of available houses at the moment and are happy to wait for the vendor to find their next home…… as long as their expectations have been set honestly at the start of the process.
Tips for finding that dream home:
- Create a property alert for what you are looking for on Zoopla, Rightmove and Boomin. Don’t just rely on alerts ……check what’s available every day!
- Make sure your agent is creating and delivering bespoke ‘wanted’ emails, social media posts and letters for you. It is likely your dream home will not already be on the property portals.
- Visit all the local estate agents in the area you are buying. Explain your situation and asked them to alert you to properties that are coming to market in the next few days and weeks before they hit the property portal websites. They’ll be happy to help because they will be able to tell their clients they already have potential buyers for them.
- Have an essential criteria list so you and the agent know exactly what you’re looking for. If you have features you’re willing to compromise on then finding a new home will be easier.
- Only look at houses that meet your criteria. We know you’re worried but you’ll soon tire of viewing houses that fundamentally won’t work because they are too far from work or are too expensive……stay focussed.
- Make sure you have your mortgage agreement in principle and are ready to move on finances as soon as you find the perfect home.