The classic dilemma of which comes first, the chicken or the egg.
Selling a property and buying another can be a tricky situation for homeowners. The question arises whether they should buy a new property first or sell their current one. This is like the classic dilemma of which comes first, the chicken or the egg.
Many people start by researching the market to determine what they can buy for their budget. During this process, they usually find an ideal property they love. However, since they haven't sold their current property yet, they end up being in a weaker position as buyers, making it unlikely for them to get an offer accepted below the asking price. Sellers prefer not to limit the sale of their property to someone else's saleability.
Even if the terms are agreed upon, the situation can be uncertain. The pressure of selling their property quickly to avoid losing the new one can lead to accepting a low offer. Moreover, once a property goes under offer, many other buyers seem to be interested in it too.
The difference between an expensive purchase and a cheap sale can cost up to 20% more than moving in a controlled environment. Therefore, it is recommended to sell the current property from a position of strength and then buy the new one using the power of cash. Being a proceedable purchaser can benefit you as an estate agent might offer off-market properties that other buyers are unaware of.
Regarding your dream home, finding the perfect property just when you're looking for it is quite a coincidence. There is always another property around the corner, which may even be better. If you don't find a suitable property in time, don't worry; no one can force you to sell your current property until you're ready.
We aim to reduce the pressure of moving for our clients in many ways, and our answer to the chicken and egg scenario is emphatic…the chicken!
Please feel free to contact Putterills. We provide honest and straightforward advice, and we can give you an estimate of how long it should take to get you moving.