In recent months it was key to have sold your home prior to putting an offer in on a new house, and in most cases we were only undertaking viewings with potential buyers who had already sold their home, were cash buyers or were in a rented property.
The market has now slowed down a little to the levels of 2019 and it may be the case that you have sold your own property, but are struggling to find somewhere to move to – so what are the options if this is the case?
Firstly, Congratulations, you are in a great position, particularly if you managed to secure the sale at a good price – the mini-budget in September 2022, the increase in inflation, household bills and also in some cases mortgage payments may mean that the property market sees some pricing adjustments in 2023. If you have an offer you are happy with then this puts you in a good position in 2023.
Because you have sold your home, you now have a very clear position re your budget, knowing exactly how much you will make from the current sale which in turn means you also know exactly how much you can afford when you find your next property.
A buyer who has already sold is very appealing to someone selling as this means you are chain free. In current market conditions, many buyers are looking to re-negotiate the price of the property they are purchasing and there is also a level of uncertainty around mortgage rates – being chain free is definitely a bonus.
Rather than panic-buying a new property, renting or moving in with relatives may be an option, providing you with more time to find the right property – this is a good option if you don’t mind moving twice, potentially having to store furniture and also if you don’t have young children (or pets, as some rented properties don’t allow).
Rather than moving at a slow pace, you could agree to an exchange date but with a longer time- period between exchange and completion, this delay could give you time to find a new home without ‘stringing along your purchaser’. Beware though, if your buyers have a mortgage, there may be a limit on how long the offer is valid for, and if it runs out then the new rate may be higher which is something your buyer will definitely want to avoid.
Ensure you are being as proactive as possible to find a home – set up alerts on all the key portals – at David Phillip Estate Agents our properties are listed on Rightmove, Zoopla, On the Market and Home on Film – we can help you set up property alerts.
We also have a relevant and fresh database of people looking to move, so make sure you have registered your requirements with us. We will always ‘match-out’ properties before they appear on the portals and we frequently sell properties before they even appear on the portals too.
Ensure that your finances are in order, if you do have a mortgage, how long is it valid for? – this is a key part of your timeline as many lenders are increasing their rates.
So you are in an enviable position to find a new home, the key thing is not to panic and worry that you will be homeless – if you are using an Estate Agent they will also be able to manage the whole process for you.
If you are looking for a new home call David Phillip Estate Agents, we can add you to our property database and January is traditionally a time when more properties come to the market.
If you have not yet sold, but are considering moving in 2023, call David Phillip FRICS for a free market appraisal on 01134 676 400
86, Leeds Road, Bramhope, Leeds, LS16 9AN, w: davidphillip.co.uk e:info@davidphillip.co.uk
Covering North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley