July Estate Agent Update
Lou Fletcher from Piccolo Sales and Lettings provides July’s Estate Agent Update. This month, she talks about why finding a home before you have a buyer can be a huge risk.
“If you’ve decided you want to move, you could be thinking the same as thousands of other homeowners: there’s nothing on the market, so you’ll wait to put your home up for sale until you find your next one.
“However, this is a huge risk and could mean that you will miss out on properties. If you don’t find a buyer before you start to look at houses, you’re likely to end up in one of three situations:
- You won’t be able to view because your own home isn’t on the market and there’s already a queue of able buyers lining up.
- You get a viewing but can’t compete with other buyers who are either under offer or have no home to sell.
- You somehow manage to secure a property by bidding way over anyone else’s offer, but with a strict time limit on getting your own property sold and other buyers snapping at your heels.
In all probability, the last example wouldn’t even happen right now. Most sellers won’t want to risk their move being dependent on you getting an offer, because they have so many buyers to choose from.
Added to this, unless you already have a buyer, you’ll miss out on off market homes. Not every home that sells makes it as far as the property portals or estate agents’ websites. According to research by Hamptons, there were 37,000 off-market sales in the first three months of 2022 – that’s 10% of the total market.
So who gets to find out about these homes? The buyers who are ready to go. That means those with a sale already agreed, or those with nothing to sell. But even then, how do you make sure you’re on the VIP list of people to call?
- Befriend and stay in touch with local agents in the area you want to move to.
- Have a clear list of non-negotiables (school catchment area, parking, garden size, etc).
- Show flexibility where you can – would you extend to get that fourth bedroom, or modernise a kitchen and bathroom?
Making yourself known, with a bit of charm thrown in, will keep you at the front of estate agents’ minds as their first choice to call whenever an off-market opportunity comes up.
Are you holding off making your move?
We’re right in the middle of a classic ‘chicken or egg’ situation, but when it comes to moving home, everything’s better when you’re in the strongest position.
If you’ve read this July Estate Agent Update and have questions, Piccolo Properties can help you get things right from the start. Give them a call on 01722 580059 or email at email@example.com for a chat about your plans and how to make them happen. Alternatively visit www.piccoloproperty.co.uk.
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