Moving Home: Why You Need to Start Selling Before You Start Buying
02 February 2018
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Picture this - you’ve found your dream home. The one house to rule them all. It ticks all the right boxes. Room for development? Tick. Beautiful garden for summer BBQs? Tick. High ceilings and skylights that endlessly brighten up your day? Tick.
Now it’s crunch time. Your perfect home is at your fingertips… but there’s a problem.
The seller wants to sell but your home isn’t even on the market yet. In fact, it hasn’t even been valued. It’s true that most people aim to lock down their new home before they sell their current one. Mostly, they want to steer clear of having to scramble around to find somewhere quickly once there’s an offer for their place.
Hold your horses! This is a mistake… it could majorly backfire and cost you your dream home. Why? Read on to find out...
Selling Takes Time
Think about it; getting your house all set up and ready to sell isn’t a speedy process. You need it to be in tip-top shape. Have beautiful photos taken that showcase its features. Make it the perfect haven for any potential buyer.
Basically, your current home needs to be your buyer’s dream home. And this takes time. If you then throw in the task of actually finding a buyer and suddenly the likelihood of it all coming together before your dream home slips away is pretty slim.
Do your preparation first, get on the market and start selling. You’re hugely reducing the chance of a disappointing rejection when the owners of your dream home choose a buyer who is more prepared. Check out our top tips for selling your home in this value packed post.
Be Ready to Go
It’s very simple: if you’re not on the market yet, you’re not projecting yourself as a serious buyer. It makes complete sense for the owners of your dream home to favour buyers who already have an offer on their house. They will want to do pretty much anything in their power to have a complete chain (and that includes sidelining you). Your winning personality or love for their house isn’t going to take precedence over a buyer who is ready to go, or at least has their property on the market. It’s just pure business logic.
What’s the Right Plan of Action?
The trick is to put your property on the market at a higher price than you actually want to sell it for before you start the house hunt. Why? Because you’re testing the market. Dip your toe in, test the waters and see what price buyers are willing to pay and what you’ll have to play with.
You can always drop the price of your house if you find your dream home and need to move quickly. It’s common for sellers to find they can sell within a few days with a sudden price drop, which means you are opened up to a far better chance of snapping up your dream home.
Dreams Do Come True
Now imagine the best-case scenario: someone puts an offer on your home before you’ve found somewhere and at the higher asking price. Bingo! You achieved a higher price than you originally wanted and you’re now the creme de la creme of potential buyers. Sharpen up your negotiating skills and put your hat firmly in the ring for your dream home.
Remember that you’re in the driving seat. The situation doesn’t have to run away with you. It’s a process that’s manageable. Seek the right help, get the right advice and take it step by step. What’s your experience of selling before buying, or vice versa? Share with us below.
When you're ready to sell, let Cubitt & West take care of your home, while you look after the memories...