Should you buy before you sell your home?
21 Oct 2018
If you are planning to move on from your current home and buy your next, one of your primary considerations will be the order of events. In the good old days, pre 2007, you would find a property you wanted to buy and make an offer. Once your offer had been accepted you put your own house on the market. A simpler time, the market was all a little calmer and less stressful for home owners. Market confidence was at an all-time high in the years preceding the crash, so everybody expected properties to sell and making offers in anticipation of this was sensible.
In the years following the crash, it became the norm that buyers wouldn’t be considered unless they had already sold their own property and had a decision in principle mortgage agreement. This in itself made moving incredibly more stressful because you ran the risk of being temporarily homeless if you couldn’t find a property to buy quickly after you had sold. There will be many family members and friends out there who are due a favour off the back of lending spare rooms and sofa beds to the cash-rich homeless.
Where we are now
Confidence is returning to the market and increasingly offers are accepted with a subject to sale condition. With that being said, should you be up against someone who is sold and ready to move, you are quite possibly going to play second fiddle. If you are the top offer by a margin, it is more than likely that you will now be considered where previously you would not have been.
We find that the majority of house sales are motivated by home owners seeing a house that they would like to buy. It does therefore make perfect sense that you would offer on such a property before you have sold your own – just get ready to act quickly!
How we can help
Coulters have an excellent buying service and we can help secure properties by making sure you receive the best possible advice from our in-house conveyancing team.
We also pride ourselves on getting properties onto the market within three days so if you do have an offer accepted, we can already have the ball rolling fast to get your home sold.