David Orpin, our branch manager in our Pitshanger office says that on one hand he is seeing a lot of very, very happy sellers right now and on the other, he’s seeing some very unhappy sellers.
Reason being he explains, is that “When I go to give a potential seller a free valuation they will often ask me if they can show them some property to buy. They tell me that once they find someplace, they’ll then put their house on the market.”
“This kind of strategy used to work just fine, but the market in Pitshanger has drastically changed over the last 6 months. What ends up happening to these poor sellers is that they will find a new home and fall in love. They’ll put in an offer, but because there are so many buyers currently going after a very limited number of available properties, the sellers will lose out because they have not sold their own home and are therefore considered un-proceedable.”
“I’ve seen it happen to so many sellers right now who feel nervous about putting their property on the market before they find somewhere to move.”
“That is why I’m advising all my potential sellers to put their property on the market first and get it under offer. What we are seeing now is that buyers are willing to wait until the owners of the home they are purchasing find a property of their own.”
“All buyers are in the same position – all vying for very few properties, so when buyers find a place they love, many are willing to wait until the seller is ready to move. It’s a very different attitude to want we’ve seen over the last few years”.
What is really making sellers smile right now is to find out their homes are worth so much more. David is seeing price rises of 10-15% in Pitshanger when compared to last year. “We’re getting multiple offers on properties and many properties are now selling in excess of the asking price.”
“That means sellers have so much more to spend on their next property. And finding out just how much more you might get for your home is another reason to sell your property first and then buy – the price we end up achieving on your home may surprise you and you could end up being able to afford more than you originally budgeted for.”, David says.
Besides making sure that your own property is under offer, there are a few more tips that David has shared to make sure your offer is the most tempting to sellers.
1) Make sure you have consulted an independent, whole of market mortgage advisor and have a mortgage in place before you offer – use an independent mortgage broker who is not tied down to any specific product or range of products and can therefore look across the whole mortgage market to recommend a deal that works for you. Independent brokers also often have access to mortgage deals that are not available on the high street. Call Anthony Cusack, our independent whole of market mortgage advisor on 020 8280 9600 or click here to e-mail Anthony to take advantage of Anthony's free advice and expertise.
2) Instruct your conveyancing solicitor before you make an offer and as soon as you put your property on the market – don’t wait until you accept an offer on your property (or make an offer yourself) to instruct a solicitor. Doing it at the beginning of the process can shave as much as a week off of the time it takes to proceed to exchange, in our experience. And it will also show the sellers you plan to buy from that you are ready, willing and able to proceed. David can give you a referral to reliable conveyancing solicitor to help you get the ball rolling on your big move.
Ask David for his advice or arrange for your free valuation on 020 8998 3111. You can also ask questions about the market via our twitter account @Northfieldslive or you can get a feel for what we currently have on the market on our website www.northfields.co.uk