"The majority of homebuyers also have a property to sell, and whilst many start the process of finding a selling agent early on, a large proportion don’t consider the sale of their current property until later in the property purchasing cycle"
- Colby Short - GetAgent
New research from GetAgent Exchange suggests that delays in the home-buying process are often tied to how late buyers begin selling their existing property.
A survey of recent UK homebuyers found that 59% of those purchasing a new home also had a property to sell. Of those, a considerable 41% admitted they didn’t begin the selling process until they had already progressed into viewing potential new homes—or even later.
The data, commissioned by GetAgent Exchange, revealed that while 59% of home movers started selling at the same time they began searching for a new property online, others delayed the process. 24% only began once viewings were underway, and 7% waited until they had submitted offers.
Another 10% postponed the start of the selling process until after receiving an offer on a new property or completing the purchase.
This lag often comes at a cost. 37% of respondents said that delays in selling their current home slowed down the purchase of their next. The most frequently cited reason was that they simply waited too long to get started. Other issues included their chosen estate agent taking longer than expected to secure a sale and the general time-consuming nature of the selling process.
“The majority of homebuyers also have a property to sell, and whilst many start the process of finding a selling agent early on, a large proportion don’t consider the sale of their current property until later in the property purchasing cycle," comments co-founder and CEO of GetAgent, Colby Short, "When they do, they can often find the purchase of their new home is delayed due to the time it takes to sell their current property. This presents a great opportunity for buying agents to capitalise on potential out-of-area leads."
He added, "Of course, this can be easier said than done, particularly if you don’t have a network of agents in other areas. That’s exactly why we created GetAgent Exchange, to facilitate the referral process for buying agents, ensuring their buyers are connected with a top-performing selling agent in the area they’re moving from.
"In doing so, they can not only monetise the lead, but they can ensure that both the vendor's purchase and sale is as problem-free as possible due to the fact that there are high-quality agents facilitating both aspects of the move.”
