Securing offers on your home before you start house hunting

When demand for property is high, as the current market is experiencing, and there are more buyers than sellers, it can be tempting to wait until you have secured a property for your own onward move before putting yours on the market. However, this approach could mean you end up missing out on your ideal home.

Putting your property on the market and accepting an offer on your own property first will put you in a much stronger position and allow you to take advantage of the current market conditions whilst demand is strong.

“There’s no need to panic if you secure offers before you’ve found your next property.” Comments Alex Horne of Matthews. “We’ll carry out our due diligence on those buyers offering on your property and identify which one is in the best position and prepared to wait for you.”

Benefits of marketing your home before you start your property search

• If you already have an offer on the table, you will be far more attractive to your seller than someone whose home is not even on the market.
• You may receive an offer that is higher or lower than you expected, and this will allow you to budget accordingly for your next purchase with more confidence.
• If your seller is looking to move quickly, they may accept a lower offer from you if you have already secured a buyer.

Rightmove Director of Property Data Tim Bannister said: “This imbalance between supply and demand has resulted in buyer demand per available property being at near record highs, suggesting that the 2022 scenario of multiple buyer bids on a high proportion of properties when they come to market is set to continue in 2023.”

“Movers will still benefit from good mortgage availability and attractive rates even if base rates rise, and more choice of property coming to market and the slower pace of price rises compared to 2022 will encourage some who have held back so far to take action,” Bannister added.

If you have been holding off putting your property on the market, we encourage you to take advantage of the current market conditions whilst they last. When you do receive a proceedable offer, we will negotiate with your buyer to secure a completion date that meets your timescale and coincides with your onward move.