buy or sell first

Sell First or Buy First?

When planning on moving homes, many wonder whether they should buy or sell first. The moving process can be extremely stressful. Feeling that one single delay in the process can knock everything out of sync and allow chaos to ensue. Many people want it to be as simple as selling one house and moving into another, but it is rarely that simple.

The majority of people are dependant on selling their property to buy another one. To ensure a smooth transaction, it is advisable to have your current property listed and under offer before considering making an offer on a new home. Certain sellers may prioritise proceedable buyers, meaning having your house on the market and under offer beforehand can increase your chances of securing viewings and offers on potential properties.

Putting Your House on the Market

If the purchase or deposit on your new home heavily relies on the money from selling your current property, it pays to start with how to sell a house.

It does not do any harm to look at house prices and check if it is possible to buy what you want with the expected budget. However, any offers you make will almost certainly be rejected until you are ‘proceed able’. That means being in a position to proceed with the purchase.

If your house sale funds are required to proceed, you won’t be in a good position to make that offer over someone else in line who has them.

Ideal Buyers

Cash or first-time buyers are ideal as this is a shortened chain, but having any proceedable buyer for your home will put you in a position to make an offer on another property. Having your existing property under offer to a proceedable buyer will give you the strength as a buyer to make your dream move a reality.

Of course, you should consider that different sellers and agents may have varying viewpoints. Many won’t entertain allowing viewings by buyers who cannot proceed immediately.

Market Stability

Another element to consider with your choice is the state of the market at the time. In a buoyant market – where demand is greater over supply – there is a greater chance of a buyer being secured in a shorter amount of time. When the market supply is greater, more sellers will be inclined to wait it out to get the best possible results.

As well as the market, individual circumstances are one of the biggest influencers. Some sellers will need a quick move and to sell up as soon as possible. Other sellers may have the luxury of not having to move so fast.

The best advice will always come from professional estate agents Stockport when it comes to selling and buying property advice. Contact the team at Joules to help determine the best way, time, and avenue to sell and buy property in Stockport.