This is a predicament many of our clients find themselves in and in this post, we want to share the advice we give when asked what the best option is.
In short, our advice would be to sell first or as a minimum – at least be on the market before buying, or even viewing properties. Wondering why? Let us elaborate below.
The property market has been extremely busy with the stamp duty holiday, however – even with this ending, the market is still strong. We are in a seller’s market and an estate agents’ job is to find the most proceedable buyer for our vendor. Due to the amount of interest we receive on each property, the vendor often finds themself having the option of choosing between multiple offers and whilst most would think price is the most important factor in deciding which buyer to pick, we advise our clients to consider the following options:
- Position – Are they on the market? Have they sold? Do they have a chain at all?
- Finance – Are they a cash buyer and if so, is the cash reliant on a related sale? Are they mortgage and if so, have they obtained an AIP?
- Timescale – If there is a chain involved can all parties work to the same timescale?
Many buyers cannot choose whether they are cash or mortgage purchasers, but one factor they can control is to ensure their current property is marketed, or even better – sold. This shows the agent and vendor that you are a serious and proceedable buyer, which from our experience minimises the risk of time-wasting and sales falling through. Other benefits of selling first means that you minimise the possibility of having to consider lower offers to secure your onward purchase.
We have had multiple extremely popular properties on the market in the last months where interested buyers who were not on the market missed their opportunity to view or bid because a plethora of proceedable buyers were available.
However, buyers are unique, and it is important that you consider all the unique factors around your situation such as finances and time constraints before making your final decision on whether to sell or buy first. Edison Green are always happy to advice any prospective buyers or vendors – please contact us if you require any assistance.