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Why homeowners should sell before they buy

Would you like to move house but feel the choice of available properties for sale is too limited right now? Or worry that if you sell first, you won’t be able to find somewhere to move to?

Are you thinking that it might be wise to find somewhere first and only then put your property on the market?

These are the type of questions that thousands of homeowners are asking and all perfectly reasonable too, on the surface.

In this two-minute read, we look at the BIG reasons why your home needs to be up for sale at the very least before you start seeking a new one.

why homeowners should sell before they buy

The downside

Firstly, let’s look at the downside of not putting your property on the market before finding a property.

Let’s say you start searching the portals and find a property, how exciting, could this be the one? So, you contact the estate agent for a viewing. They are bound to ask you what your position is. In other words, as part of their due diligence and duty to their client they need to establish whether you are in a position to buy.

When you tell them your own property is not on the market yet, with all respect they are not going to regard you as a hot buyer are they? That’s a hugh disadvantage when you are competing with other buyers who may have nowhere to sell. So if you want to make and offer on that property its likely that the seller will not accept your offer because your simply not in a position to proceed. They wouldn’t want to delay their sale by effectively making the saleability of their own property reliant on the sale of yours. But it doesn’t stop there. Let’s say the seller did agree to accept your offer. This would mean that you would have to sell your own property quickly which may mean you will have to let it go at a lower price than you would have originally liked.

Estate agents offer, off market properties which do not make it to the portals to hot buyers. So if you’re not in a strong position its likely that you will not get to hear about these properties.

So, here’s our advice for homeowners in Co. Cork on why it’s a wise move to sell first and seek later.

If you come to market first then your property could be one that’s offered to one of those hot buyers. You would then be regarded as a hot buyer yourself even if you haven’t found a buyer yet, more opportunities open up for you so you can get moving. You will be selling in a strong position and buying from a strong position hopefully within a relativity condensed period of time.

Finally, if you’re trading up in a rising market then you absolutely should be selling quickly in order to avoid another potentially cash gap.

Lets say the market has risen by 15% so your €400,000 sale is now worth €460,000. Hurray you just made another €60,000. But don’t forget that the home you’re trading up to has also gone up by 15% so if you’re trading up to a €500,000 house you are now paying €575,000

A cash short of €115,000 So if you are trading up in a rising market the key is don’t wait, move fast

We are here to give you advice on buying and selling

We’re here to help you make the best decisions when it comes to moving home. And we’d gladly give you advice on buying and selling.

To speak with one of our experienced team, call 023 8844958 or send an email to [email protected]  

https://dnggalvin.ie/contact/

on Saturday, May 21, 2022 in Blog

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