Home Mover Tips

The key question we are often asked… ‘Should I put my property on the market first or should I wait until I have found a property to purchase?’.

This question can be difficult to answer, as the answer contains many variables, such as what type of property you are selling, what type of property you are looking to purchase, the areas you are looking to sell/purchase in and ultimately what you feel comfortable with. Some homeowners do not feel comfortable with marketing their home for sale without having found a property they are keen to purchase, as they do not want to be in a position where they feel under pressure to secure a property having found a buyer for their home. Whilst others do not want to experience the disappointment of missing out on their dream home, therefore avoid actively looking for a new property until their current home has been sold.

So, what should you do? Our guidance below details the advantages of each scenario and the areas of note for whichever route you should decide to take:

Marketing your home first

  • Best Possible Position – this route will put you in the best position to secure a property to purchase, as upon your dream home coming to the market you may have already secured a buyer. If you are already on the market when you spot your dream home then you avoid having to rush onto the market, potentially at a lower price, simply to attempt to purchase the property you have seen.
  • Keeping Your Options Open – once your buyer has been secured you will be in the prime position to take your pick of the properties on the market, as well as those properties coming onto the market every day. Once you have found the perfect home, you will be in a position to make a proceedable offer on the property.
  • Communication & Setting Expectations – it is essential for the estate agent to set the expectations of potential buyers viewing your home, to ensure that they are aware of your position and that you will also be purchasing a property. This sets expectations and avoids unnecessary pressure being put onto you, with the estate agent able to communicate between you and your buyer, to ensure that they are kept updated regarding your property search.
  • Change Of Circumstances – until the chain is complete, we would advise not to mark your home as sold subject to contract and not to issue a sale memorandum. Until you have secured somewhere to purchase, your buyer may continue to view other properties until the chain is complete. Even if this is not the case, we would advise against a sale memorandum being issued, in order to avoid your sale progressing quicker than your purchase, as mortgage offers and searches can expire and pressure can build up if your sale and purchase are at different stages.


Finding a home to purchase first

  • Motivated Seller – buyers like to purchase from motivated sellers, who are in a position to proceed straight away with their offer, which you will be in a position to do when marketing your home.
  • Move Fast – if you have your heart set on a particular property, you will need to ensure you move quickly to market your own, especially if the home you have seen has not been on the market for long! A proactive estate agent should already have potential buyers registered, who they could call straight away.
  • Use A Sensible Pricing Structure – if you have not yet found an ideal home to purchase, this puts you in a position where you can the test the market with your asking price. However, if you have found the home of your dreams, it is important your home is being advertised with a competitive asking price. This will ensure you have the best chance to secure the property in the required timescale. ‘Guide Price’ and ‘Offers In Excess Of’ pricing structures have been used for great success in these circumstances.
  • Prepare Your Home For Marketing – ensure your home is ready for the time your dream home comes onto the market. Here at Newton Fallowell, we often have many properties with photos, floorplans and measurements taken and brochures created, that are ready to launch onto the market upon the owners finding their perfect property. This puts homeowners in the best position they can be in, as they know that their home can be on the market within minutes of them finding a potential property to purchase.

Ultimately regardless of the approach you decide to take, having an understanding towards the value of your home is the first step, to ensure you are aware of your affordability.

To arrange a free no-obligation valuation, or if you have any questions about the different possible approaches towards home moving, then please give our team a call on 01733 808826 or email peterborough@newtonfallowell.co.uk

Contact The  Peterborough Team

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