If you list your property for sale and it sells more quickly than you thought it would, that is generally cause for celebration. But it also means you will need to guard against making an unsuitable or too expensive purchase now that you are a buyer in a hurry to find a new home.
Your first step should be to analyse your needs and list the essential features the new home must have, then prioritise the other desirable features in order of importance, as it is unlikely that you will find a home that meets all of your requirements at short notice.
This exercise will enable you to gauge a probable price range for your new home and to take the next step, which is to line up the finance for your purchase. Ensure your credit record is clear and approach a bank or mortgage originator with your salary and employment details as well as the details of your own sale and the proceeds you expect to receive.
Then, armed with information about the size of loan for which you would most likely qualify, you can begin your hunt. You can immediately multiply your search resources by contacting established estate agents operating in the areas you like and asking to view any listings they have that come close to your list of requirements.
You can also ask these agents to review their expired mandates. Some of these homes may have been taken off the market altogether, but sometimes sellers have just decided to take a break, especially over a holiday season or during the winter months, and will be just as happy as you are to conclude a sale.
Agents may also be prepared to let you view suitable new listings before they go on show. Some sellers will be reluctant to accept an offer before they have tested the market with a showday or two, but others will be delighted to do a deal right away.
And finally, to reassure yourself that you are not overpaying in your haste to get settled, you should always ask the seller’s estate agent for the Comparative Market Analysis that was used to decide a particular property’s asking price.