It is a question used in so many different areas of our lives, how do we ever really know which is best for us to do first? As Estate Agents we get asked regularly ‘Should we put our house up for sale first? Or try to find somewhere to buy?’ There is probably no definitive answer. We have heard people explain that they would hate to find a buyer and then feel pressured into finding their next home quickly, also people hate the idea of finding their ‘dream’ home and then losing it because they have not sold their own already.
So very often people decide they are just going to do an initial investigation into the market to find out what they can get for their money, then during this search they find their ‘dream’ home and then convince themselves they need to do everything they can to get it. This then of course means they are in a very weak position as a buyer after all no vendor is going to limit the sale of their property to someone who has not sold their own and that vendor is certainly not going to feel obliged to negotiate. This then means the buyer ends up being forced to sell quickly, possibly at a reduced price, in many cases the difference between the expensive purchase and the cheap sale and cost the buyer as much as 20% more than in a more controlled situation.
Sell from a position of strength, and use your then proceedable position to buy from an even stronger position. A cash buyer, or proceedable buyer is music to the ears of any Estate Agent and their Client and if you are in this position it will help you to secure your ‘dream’ home more quickly and potentially at a better price!
As for this ‘dream’ home have you ever noticed how the house of your dreams, the place that ticks all your boxes, the one that could never be equalled and will certainly never be surpassed just happens by coincidence to be on the market the same exact time you think you might start looking to move? There will always be another one just around the corner and that one might be even better! And if by some strange chance you don’t find another one around the corner then nobody is going to through you out on the streets, you cannot be forced to finalise the sale until you are ready, it is entirely your decision. This is somewhere that your agent should be able to help you too. My own staff are trained to not just focus on selling our clients properties but to help with every aspect of the move, they’ll give advice on things you could do to try to improve your chances of achieving the price you want, they’ll help negotiate the purchase of that next ‘dream’ home for you and they’ll even speak to other agents to find out what they have available that might match what you are looking for, while at the same time keeping your buyers reassured that the sale is still proceeding and helping to maximise their patience while you find your dream home.
So our answer to the chicken or the egg question in Estate Agency it is most definitely the Chicken!