Buying Your Next 3-Bed London Home In A Seller’s Market
A seller’s market is simply where there's more demand for 3-bed homes than there is supply, meaning that there are more buyers than sellers or houses available.
When buying your next 3-bed London home in a seller’s market, what are some things that you can do to make your offer the most appealing?
Pay With Cash
If possible, buy your 3-bed property with cash and without getting a mortgage…
This removes the seller having to rely on the bank or lender giving the home buyer a mortgage, which can be a risk, especially if there is a ‘chain’ of movers.
It also means that you can both exchange contracts quickly, letting you both move on with your lives, which removes a large amount of stress for the seller - if they are 100% set on moving that is!
“Be the buyer that is willing to give up a few things in order to put yourself in the best position possible…”
Pay A Larger Deposit
Typically speaking, a deposit on a home purchase in London is 10%.
If you pay a larger deposit, say, 15% (which is becoming more commonplace nowadays!) or even 20% it will open up new possibilities…
Firstly, it will show the sellers that you can afford the property more easily, as you’re putting a larger deposit down on the purchase, as well as making it more affordable for you to get a mortgage. This will mean that they will be less worried about the possibility of you being able to get a mortgage…
From your point of view, you are committing more money up front, which will also get you access to more attractive mortgages!
Concede Wants Or Preferences
If you have your heart set on a particular 3-bed home, then concede a few of your wants or preferences…
If you’d like to have moved in just before Christmas, but the seller would like to spend one more Christmas at their home, then let them (as long as they have exchanged contracts!)…
If you really like a particular piece of furniture, such as a dining room table, but the seller would love to take it with them to their next home, let them! You can always find out what the brand/ make is and buy the exact same piece for yourself.
When you are buying in a seller’s market, you need to make the experience as easy going for them as possible.
Be the buyer that is willing to give up a few things in order to put yourself in the best position possible…
You’d be amazed at how much of a pain some home buyers can be, even in a sellers market!
Home purchases can fall apart for the most ridiculous reasons of all, such as the home buyer demanding that the old fridge is left behind because it ‘fits’ the kitchen perfectly or that the 10 year old projector is left in the media room because it’s already there… Crazy!!
Which of these tips will you use when you are looking to buy a 3-bed London home in a seller’s market?