Should I sell now or wait until a home I like comes available for sale is something we are hearing lots of at the moment.
People want to move for all sorts of reasons and with the recent jump in house prices, many sellers have equity in their homes. Many are looking to move to larger homes, especially now that working from home has become a new normal for many.
John and Steve are real-life clients. 4 years ago they bought their home for £126,000. At the time it was the top price for the street. They bought it from a property developer who had paid £90,000 for it in 2017. We know the full history of the house as we have sold it each time.
4 weeks ago we put their home for sale for £180,000. We have agreed on a sale at the full asking price. This is a superb result and our clients are very happy. The only problem is, they can’t find anywhere to move to. They have seen 3 homes in the past but at the time, they weren’t on the market so weren’t in a position to offer. This is a true chicken and egg situation!
Does this sound like you? What can they do?
The first thing we have told them is to not panic. They are looking for a 3 or 4-bed semi-detached home for around £300,000. When people panic they often end up having buyer's remorse, buying the first thing they see. There will be lots of new homes coming available and with such a great budget I do not have any worries about them not being able to afford what they want!
In this situation it is also good practice to let your buyer know that whilst you happily accept their offer, you are just looking for your next home. This helps take the pressure off. Most buyers within reason will wait!
New homes are coming to the market
There is now a steady flow of new homes coming to the market. Easter is always a time when people get their homes ready for sale. The weather is better and the days are longer. The better weather always brings out more sellers!
We are already seeing more homes coming to the market and we have also been asked to value 3 homes next week that could be perfect for our couple.
Talk to estate agents
I always advise any buyers to talk to local estate agents to let them know what they are looking for. It does work. A buyer described her ideal home to me a few weeks ago. I’m showing them a detached home in Hest Bank this week that’s not on the open market yet. A family from Greaves described to me their perfect period home. As it was we had an ideal one for them just 5 days later. And during the first lockdown, we helped a lovely family find their ideal home on St Georges Quay by targetting those homes to see if anyone was thinking of selling. Interestingly 4 people replied!
If you do want to move, we recommend that you list your home for sale sooner rather than later. If you don’t, when your ideal home does come available for sale you risk losing out. If you sell and there is nothing available, don’t panic. We will help you find your next home and if the worse, really does come to the worse, the worse that can happen is that your buyer pulls out. We deal with this situation every day. If you are thinking of moving and this “problem” sounds like you, talk to us. At JDG we are here to help.
Thanks for reading