Should you find a buyer first or find a home first .... Which is best?
The worry that you will ‘sell’ your home and then not be able to find what you are looking for is a real fear for many … so what should you do? Do you start marketing first to find a buyer and then search for your next home or search first and then market your property to sell?
The worry that you will ‘sell’ your home and then not be able to find what you are looking for is a real fear for many … so what should you do? Do you start marketing first to find a buyer and then search for your next home or search first and then market your property to sell?
As agents we get asked this question a lot. The main fear being that people will sell their home and not be able to find something to buy and then will have wasted everyone’s time. We also hear a lot of ‘we will have no problems selling our property and I’m looking for something very specific and unique so don’t want to sell before I have found’. Believe it or not, everyone thinks the same, every home is unique and a ‘one off’ to every buyer and if everyone thought this way no home would ever come to market. Its also important to remember that an experienced estate agent manages buyer expectations in terms of a sellers position. Also remember if you don’t find a home you don’t move. No one is going to push you out of your home or make you feel that you should move.
Whilst our answer can differ depending on individual circumstances, in our experience marketing your property and finding a buyer first is the right decision.
Once you have a buyer, your position of purchasing changes considerably with the ability to offer on a home knowing you are in a proceedable position. Your offer will be looked upon more favourably than someone that offers the same or maybe even higher than you if they have not got their own home on the market yet.
Emotionally seeing a home you fall in love with sell to a ‘proceedable’ buyer whilst you try to sell your own home can be heart breaking and demoralising to your home move. This is because the majority of home sellers leave their properties on the market until a ‘Non Proceedable’ buyer is able to move forward which means viewings will continue and another offer may come forward and be acceptable.
Lastly and in many ways the most important, is the financial benefits of agreeing a sale first. If you find a home before you are ready to move there can be an urge to offer big through fear of losing the home. This can be coupled with the need to sell very quickly which may result in you accepting a lower offer for your home. By agreeing an offer first, financially you also know what you can afford to buy too.
By marketing your home to find a buyer as soon as you want to move you can ensure you find the best buyer for your home and achieve the best possible price, as well as being in the best position to ‘jump’ on your new home when you find it without the need to overpay!
Should you wish to discuss any aspects of your move please do not hesitate to contact us. We’re here and ready to help!