Hi there does anyone have any ideas other than the standard ways to sell a house ( with agent though ) I don't want to sell first and be out of the market also would prefer not to buy first subject to selling it seems pretty hard that way , one way I thought of was the sell subject to say 6 weeks to find one that way I know how much I have to spend , just would need a patient buyer , any ideas would be handy .. thanks

daz1968 - 2021-09-05 18:23:00

You wouldn't need to be out of the market for long if you sell first. But you might need to put stuff in storage and find somewhere to stay for a while. To my mind that is preferable to being under serious pressure to find a new place and go through the buying process. Especially when stock is apparently the lowest it has been for years, and demand is high. Buy in haste, repent at leisure.

artemis - 2021-09-05 18:49:00

Think about yourself being the patient buyer. Push for a longer settlement when you buy and if successful that will give you time to sell yours. Make sure your house ready to go though.

superdave0_13 - 2021-09-05 20:24:00

I wouldn't sell before buying. I would put yours for sale and be looking to buy. When you get an offer on yours see if you have one to buy if you don't do not accept the offer even if it is for the amount listed say changed mind. If you have one to buy say conditional on buying this one not conditional on finding one. It should not take long for vendor to accept your offer which is conditional on sale of other 7 days each waiting to see whats happening. have settlement date same on sale and on purchase property

ash4561 - 2021-09-05 20:52:00

superdave0_13 wrote:

Think about yourself being the patient buyer. Push for a longer settlement when you buy and if successful that will give you time to sell yours. Make sure your house ready to go though.

Thanks Dave , in the past I have sold with long settlement and purchased easily I'm not game in this market you might be able to advise , if I buy first , and let's say I'm not happy with offers for mine or it's just not selling , what happens then ?? as locked into another house .. I don't have a mortgage and won't on next but would set up bridging , as mentioned I've only ever sold then bought

daz1968 - 2021-09-05 23:03:00

Your agent should have a very good understanding of whether your property is saleable or not and where it sits pricewise in the market. Some vendors are a a bit greedy at the moment about thinking how much their house is worth so make sure you are realistic about your expectations. Make sure whatever you do you have a contingency plan if things don't pan out the way you think they might. (Storage, living short term with friends and family etc).

Bridging finance is getting harder to get right now even with lots of equity. They are even withdrawing it from people they have already approved.

superdave0_13 - 2021-09-06 11:26:00

what ever you do, you want to avoid the situation where you are under time pressure to get out and buy a new house.. end up with a less than ideal property because you HAD TO buy !!

onl_148 - 2021-09-06 12:42:00

daz1968 wrote:

Thanks Dave , in the past I have sold with long settlement and purchased easily I'm not game in this market you might be able to advise , if I buy first , and let's say I'm not happy with offers for mine or it's just not selling , what happens then ?? as locked into another house .. I don't have a mortgage and won't on next but would set up bridging , as mentioned I've only ever sold then bought

If you don't have a mortgage then you're in a good position to buy first then sell yours at the right price later on.

Edited by loud_37 at 6:10 pm, Mon 6 Sep

loud_37 - 2021-09-06 18:09:00

artemis wrote:

You wouldn't need to be out of the market for long if you sell first. But you might need to put stuff in storage and find somewhere to stay for a while. To my mind that is preferable to being under serious pressure to find a new place and go through the buying process. Especially when stock is apparently the lowest it has been for years, and demand is high. Buy in haste, repent at leisure.

I agree with this, based on our experience last time we sold and bought. Our house sold before we found anything else we really liked, and we decided not to rush into anything and just buy whatever out of desperation. So we figured we would rent for a while. Found a rental we liked - in fact we liked it so much that we asked if they wanted to sell it, and they did! So we got it at a really good price, paid cash, and got occupancy three weeks later. It meant we had to pay for a motel for the interim period but we had enough money left so that didn't bother us. Our stuff went into storage. My point is - had we just bought something that was "sort of okay" because it was all that was available, we would have missed out on a home that is perfect in every way.

Edited by kitty179 at 6:20 pm, Mon 6 Sep

kitty179 - 2021-09-06 18:19:00

artemis wrote:

You wouldn't need to be out of the market for long if you sell first. But you might need to put stuff in storage and find somewhere to stay for a while. To my mind that is preferable to being under serious pressure to find a new place and go through the buying process. Especially when stock is apparently the lowest it has been for years, and demand is high. Buy in haste, repent at leisure.

It's mental to sell first in the current market.

OP I bought and sold earlier this year, both contracts conditional on us finding a new house. There were two contract extensions as the vendor of my house kept losing out on properties. It was frustrating and stressful, but the house was worth waiting for. My buyer was patient when our contract was extended twice, and we got there in the end. Offers accepted in October, settlement in late February.

I have kids and a lot of pets, and did not want to be caught out like I was in 2019 when I sold a previous house very quickly. THAT was a nightmare, there are no easy to get rentals now, and I had animals boarding all over the place for 3 months, furniture in storage and had to stay with family.

melagray - 2021-09-07 08:12:00

onl_148 wrote:

what ever you do, you want to avoid the situation where you are under time pressure to get out and buy a new house.. end up with a less than ideal property because you HAD TO buy !!

Yeah that was me in 2019, but I grabbed an ex-rental that had been a party house and local tinny house, and was totally trashed.
Reno'd and sold it for a decent price. If life gives you lemons......

melagray - 2021-09-07 08:15:00

daz1968 wrote:

I prefer not to buy first subject to selling it seems pretty hard that way

No it's the only way at present with houses being snapped up.

lythande1 - 2021-09-07 08:33:00

melagray wrote:

It's mental to sell first in the current market.

OP I bought and sold earlier this year, both contracts conditional on us finding a new house. There were two contract extensions as the vendor of my house kept losing out on properties. It was frustrating and stressful, but the house was worth waiting for. My buyer was patient when our contract was extended twice, and we got there in the end. Offers accepted in October, settlement in late February.

I have kids and a lot of pets, and did not want to be caught out like I was in 2019 when I sold a previous house very quickly. THAT was a nightmare, there are no easy to get rentals now, and I had animals boarding all over the place for 3 months, furniture in storage and had to stay with family.

Hi sorry bit confused be post , so did you sell your house with a clause - subject to u finding one to buy ??

daz1968 - 2021-09-07 13:45:00

daz1968 wrote:

Hi sorry bit confused be post , so did you sell your house with a clause - subject to u finding one to buy ??

Yes. When my offer was accepted on my new house, with a contract conditional on the vendors finding a house, I listed my own house immediately with the same condition.

melagray - 2021-09-08 13:36:00

melagray wrote:

It's mental to sell first in the current market.

OP I bought and sold earlier this year, both contracts conditional on us finding a new house. There were two contract extensions as the vendor of my house kept losing out on properties. It was frustrating and stressful, but the house was worth waiting for. My buyer was patient when our contract was extended twice, and we got there in the end. Offers accepted in October, settlement in late February.

I have kids and a lot of pets, and did not want to be caught out like I was in 2019 when I sold a previous house very quickly. THAT was a nightmare, there are no easy to get rentals now, and I had animals boarding all over the place for 3 months, furniture in storage and had to stay with family.

Its mental not to if you actually want to be in the running when you find the perfect place, you will be bottom of the ladder with all the cashed up buyers who sold first. If you are subject to sale you might as well not bother looking.

sellontrademe - 2021-09-10 12:28:00

sellontrademe wrote:

Its mental not to if you actually want to be in the running when you find the perfect place, you will be bottom of the ladder with all the cashed up buyers who sold first. If you are subject to sale you might as well not bother looking.

Yes this. The only reason we managed to buy our current house (in 2020, so not quite as crazy as now) was because the other bidders hadn't sold yet. They were offering the same as us, so that was the deciding factor. We also offered a quick settlement to sweeten the deal.

sarahp24 - 2021-09-10 17:43:00

sellontrademe wrote:

Its mental not to if you actually want to be in the running when you find the perfect place, you will be bottom of the ladder with all the cashed up buyers who sold first. If you are subject to sale you might as well not bother looking.

Depending on how long it takes to find the perfect place it would be mental to sell and not get anything for a year if house prices go up 20% and you can only afford something 4/5th as good as what you sold a two bedroom not a 3 or 4. Be a good idea to sell and be cashed up waiting if house prices drop continuously with all the things the government are doing to lower the house prices

ash4561 - 2021-09-10 22:02:00

sarahp24 wrote:

Yes this. The only reason we managed to buy our current house (in 2020), so not quite as crazy as now) was because the other bidders hadn't sold yet. They were offering the same as us, so that was the deciding factor. We also offered a quick settlement to sweeten the deal.

Well it worked for the vendors of my current house, and it worked for me.

Everyone's situation is different and IF the other party had offered a bit more, you would have lost out AND have already sold your house. Not everyone wants to risk that happening.

In my multi offer situation my offer was conditional on me selling my house, but was the higher offer. And there was no real risk of me not selling my house in this market. The agents had buyers waiting to look as soon as I signed the contract. I had hordes of people through the house before the scheduled open homes, which were also packed, had multiple offers and a done deal in time to go unconditional on my new house. And I got far more than I needed or expected to get.

Edited by melagray at 9:28 am, Sat 11 Sep

melagray - 2021-09-11 09:26:00

ash4561 wrote:

Depending on how long it takes to find the perfect place it would be mental to sell and not get anything for a year if house prices go up 20% and you can only afford something 4/5th as good as what you sold a two bedroom not a 3 or 4. Be a good idea to sell and be cashed up waiting if house prices drop continuously with all the things the government are doing to lower the house prices

Agreed. I made what was a high offer on my house in October, and it would be a laughably low offer today. I've done a few things to the place, but nothing to justify its increase in value.

Prices are going up so fast, people are going to get caught out if they get out of the market for too long. It's safe if people are down-sizing, but I was upsizing and really didn't want a gap between the prices to grow!

melagray - 2021-09-11 09:33:00

Do your home work find out how much you will need to buy the type of house you require in the area you wish to be in, as well as whether there is much coming on the listings there. Sell yours and be cashed up ready to jump unconditionally. Cash is king.

deboron - 2021-09-11 12:40:00