Selling and buying in Brighton. Chicken and egg scenarios
We are very pleased that we are being invited out to value quite a few properties at the moment.
However, as everyone looking to buy knows, there is still a real dearth of property coming on the market. People are often unsure what they should do first. It's the 'chicken and egg' situation we discuss with would-be clients continually. “If I put my place on the market and get a buyer, what should I do? Take the offer or just put everything on hold till I find somewhere to buy?” The short answer is “no” and this is why...
From my 30 plus years in the business locally, I'll try to explain how it is:
There are two typical buying scenarios;
1. You can buy without selling (i.e. cash in the bank already or all the finance in place to buy without selling).
Solution 1: Go out, find the place you like and buy. Simples!
2. You need to sell your existing property in order to buy.
Solution 2: Get your own property on the market and get a buyer who is able to buy, i.e. sold their own property and have a complete chain behind them, all parties ‘proceeding’ with solicitors engaged and surveys being carried out;
Or a cash buyer, not needing to sell so no chain;
Or a buyer with finance arranged who can buy without selling.
Now, put the sale ‘in hand’ with solicitors and get it moving along.
Then, go out and find a property to buy. When you like one, don’t wait a couple of weeks in case a ‘better one’ turns up; it rarely does. If you like it, buy it.
Lastly but critically, trust your estate agent to manage the relationships in your own sale and along the chain. If you are not sure they can do that, don’t go with them. Getting a buyer is the ‘easy bit’. Holding onto a buyer is where an agent earns their fee. You need intelligent, thoughtful people, preferably who have themselves sold and bought, who are aware of the emotional as well as practical sides of getting it all to happen.
The worst scenario and the one we come across all too often is the prospective buyers who view a property, like it and want to buy it BUT, they haven’t sold. Even worse, they are not on the market; even worse, they have not had a valuation so they don’t really know what money they have to play with.
So, to be a ‘good buyer’, sell first: you know exactly how much money you have to work with and you can make real, solid decisions and be taken seriously by all parties. It really is as simple as that.
Step one: Find an agent you can trust and ‘crack on’... a good agent will handle all the challenging bits and you’ll be happy to pay their fee at the end.
Finally, there is no ‘best time to sell’. There are always buyers out there looking if your property is accurately priced.
Paul Bonett FNAEA MARLA