Chicken or the egg

It’s interesting how much things have changed since I began my career as an Estate Agent wet behind the ears some 30 years ago. Back then properties took a while to sell. At this time we were in a recession which definitely didn’t help but we also didn’t have mobile phones and whilst the internet did exist in the UK, it only served 150 customer sites and you couldn’t see pictures of your friends having a better time than you. So not all bad.
          The Cambridge Evening News had a bit of a stranglehold locally and contained the weekly property adverts from every agent. This along with the sales negotiators list of prospective purchasers (known as a Hot Box) was how you created viewings. As properties took longer to sell if you saw something you liked you needed to sell your own property you had a chance. It was simply a race as to who sold first or in some cases we had sellers who were happy to wait for you to sell, normally because there wasn’t any other interest rather than being altruistic.
          Fast forward to now and unless you have created the next social media platform (a responsible one please) or for another reason (please dm advice) you have the means to buy without selling, you definitely need to sell first. There is nothing wrong with you browsing for your new property online or registering your search with agents but in most cases you are unlikely to get your foot in the door unless you are sold. It can quite often lead to you falling in love with a house that is ultimately unrequited.
          Put the carpet slipper on the other foot for a moment. If you are selling your home do you want your agent to show buyers around who can buy it now or ones who can't? And if you do get your foot in the door, how are you going to compete with 'better' buyers - by making a higher offer? Then sell your property under pressure to sell quickly? This quite often results in you not achieving the best outcome.

Here are my thoughts on how to move forward. Firstly, research. Have your property valued and with this figure in mind see what properties you can realistically buy. If you are happy with the value of your property and its sale would leave you the budget you need to get what you want, place your property on the market. Naturally all of the time keeping an eye on what suitable properties come to the market. Remember things move quickly.
          Agree a sale, let’s not forget that accepting an offer doesn’t mean you will be forced out in three months, even if you haven’t found anywhere. Your sale would have been agreed on the terms that you need to find somewhere and unless you do you cannot move forward. Find a new property, the chain is then complete and you move forward to completion. Naturally for everyone this is the best outcome and generally where things end up but on rare occasions you cannot find anywhere suitable to buy.
          If this happens there remain a number of options so don't worry. You can ask your purchaser to wait a little longer, which many are very happy to do. If this isn't an option, you can re-market your property. Finally you take your property off the market, regroup and possibly re-market at a later stage. Having this foresight and strategy means you are in control throughout the whole process rather than running around like a headless chicken. Believe me when I say we meet many headless chickens. For want of a much less unpleasant expression.
          If you would like to talk tactics with us and save yourself unnecessary stress or have me personally walk you through the history of UK estate agency 1991 - 2022 in granular detail (No?) please get in touch. If you are interested in the value of your property click here.