Have your cake and eat it
In an ideal world, you put your property on the market, sell over the asking price to a cash buyer and find your next home while negotiating the price down.
In the real world moving home presents a number of challenges not helped by the current market conditions where prices have so far moved up as the stock is low and demand is high.
If you find your next home you are likely to lose it to another “proceedable” buyer by the time you even put yours for sale.
If you decide to sell first but then cannot find a suitable replacement, should you then pull out or try to rent?
We look at the Pros and Cons for you and also in true Home Domus 360 fashion, offer you with an alternative.
Going on the market first
You will have more time to make sure that your home is ready and properly marketed by a top agent. If you do advertise that your home is chain free for example, you are likely to get a higher final price as the demand is high and many chains are currently not complete.
Even if you do not get a mad rush of competing offers after a highly successful campaign, plan B would enable you not to rush in accepting a lower offer. Sometimes waiting for the right price and the right buyer will yield you a higher final price.
You will know exactly how much you can afford to spend on your next home
Should the property prices turn around, you would have sold high while waiting to buy as prices ease off.
In any case you will have a strong hand when you negotiate on your next purchase as you would have a buyer or assuming that you are ready to complete before buying, you would be chain free.
A fully “proceedable” buyer may often negotiate several percentages off the buying price and enough to compensate for any price volatility in the property market.
Selling and completing first will imply renting a property as a buffer and/or storing any extra furniture and personal belongings and this could be expensive.
What if you find a buyer but you cannot find your next home? Assuming that you are ready to rent somewhere else, you are likely to upset your buyers and possibly lose them.
House prices could continue to increase and by the time you find your next home, you may be chasing higher prices.
Moving home is one of the most stressful events in your life and you should think hard and long about duplicating the experience by separating the steps of selling and buying.
Finding your home first
You need to live somewhere and it needs to be the right home for you and your family, this is often the most important aspect of moving homes. You need to make sure that it ticks all your boxes before committing on putting an offer and then selling your current home.
Sometimes vendors that you are buying from will understand how committed you are to buy their property and may well accept your offer even though you have not sold. They may also be in the same position as you and the extra time could enable them to do the exact same as you. As ever it is always a question of trust between buyers and sellers.
Quite often you may find your ideal home but vendors will not accept an offer from someone in your position and will sell to someone else before you may be in the right position.
If a vendor is sensitive to your plight, he may accept your offer on the condition of a much higher offer and possibly the payment of a non refundable deposit. So what if you cannot sell your own home at the desired price and a reasonable time frame?
Whatever your situation, we always think it is best to be 100% truthful when buying and selling. We have negotiated for offers to be accepted even though the buyer was not quite ready and it turned out great for both parties. We have put properties on the market and accepted offers while disclosing to the buyers that our vendor may take another two to three months to find another property. We have seen all sort of situations and all is fine if all parties are very transparent and truthful about what they are trying to achieve…and it is not always about the price!
Our own solution
We very simply offer you to prepare the marketing of your home even though you may not wish to “go on the market” any time soon.
We strongly believe that delivering the best selling outcome requires to prepare the best marketing for your home and this requires time that you may not have, should you rush later to sell.
By choosing the best days for our photography, we will have plenty of time maybe during an earlier season to shoot externally during the day and our famous Twilights, we will then come back at a later date to capture the internals.
Most estate agents may not spend much time and money on preparing the best marketing for their clients but we do! It takes many hours after the raw files have been shot to produce the final pictures and let’s not forget that we also offer a free bespoke 360 virtual tour. It also takes skills and time to prepare the correct detailed floor plan and an engaging description.
Taking the time to prepare properly your marketing will ensure that you will be highly satisfied with the end result.
There is no obligation on your part, no contract signed, nothing to pay!
When you see your next home, our full marketing campaign would be ready to be unleashed with the highest probability of reaching a higher price in a swift time. It will give you the best possible chance to buy that next home.
If you click on the picture below, you will see such an example of a property that we are preparing to market whenever the vendor decides to, nothing signed. If you are interested by this property, please contact us of course, you will see that in time more pictures will be published...