Should you sell before you buy?

It’s a question we are asked time and time again, should you sell your current home before finding your next one? For many homeowners, the idea of putting their property on the market without having their next purchase lined up can feel like a leap of faith. However, there are some compelling reasons why it’s a strategy worth considering.

Be Taken Seriously as a Buyer

In the current competitive market, sellers are looking for reassurance that their sale will move forward smoothly. With demand far outstripping supply it’s likely that other potential buyers will already have their own property sale agreed, are cash buyers or are mortgage approved and are not selling a property.  If your own property is sale agreed or under offer this give your offer more weight to any bids or negotiations. Without this, your bid may not be taken seriously, no matter how enthusiastic you are.

Keep the Upper Hand

If you're not in a strong selling position, you may feel under pressure to offer over the odds to compete with more prepared buyers. In this type of situation, the only advantage you can offer is price. Ultimately that could mean you end up paying more than necessary to secure the property. Selling first gives you greater negotiating power and keeps you in control.

Don’t Compromise Your Own Sale

Once you’ve made an offer on a property, the clock starts ticking. The pressure to sell quickly can lead you to accept the first offer that comes in, even if it's not the best one or the one you expect. In a market where good buyers are plentiful but stock is tight, selling in haste could mean you don’t get the best value for your own home.

Allow Enough Time

Yes, your home can be valued, photographed, listed, and live within 48 hours but that’s just the beginning. You still need viewings, offers, and time for negotiations. Hoping to get all that done while also bidding on your next home can be unrealistic. Giving yourself time by selling first puts you in a much stronger position when your dream home appears.

Know Your Budget

Without an offer on your current property, it’s hard to know exactly how much you have to spend. While many homes are exceeding their asking price, this isn’t guaranteed. This is especially true if you are forced to accept a quick offer. Selling in the right timeframe allows your property to reach its full market potential, and gives you a clear idea of your true budget for your next purchase.

Selling Doesn’t Mean Moving Right Away

Remember accepting an offer on your home doesn’t mean you have to move out immediately. This is where a good estate agent proves invaluable. Negotiating timelines, conditions, and expectations on both sides ensures that chains are managed efficiently. This is all part of the service to ensure that your move goes as smoothly as possible. With the right guidance, you can reduce the stress of buying and selling, and move at a pace that works for you.

If you’re thinking of selling, get in touch with us at Quillsen for a free valuation and expert tailored advice from your local office.

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