With a staggering 1,300 properties (and counting) being offered for sale locally between £175,000 and £300,000 alone, there seems to be an abundance of potential local movers on the Island and the only reason stopping them make that move is agreeing a sale of their own house/ property.
In a challenging market, where lending conditions are tight and local stock levels are high, a property swap really does become a realistic option. Black Grace Cowley has been operating a Property Swap function for a number of months, which has resulted in a series of vendors who were finding it difficult to sell being able to move on. Up the chain, this ability to arrange a swap has led to high level sales transactions that without our help simply wouldn’t have occurred.
We are realistic and realise that a property swap will never take over from the conventional sales transaction, however, whilst conditions remain challenging, giving our clients the option adds to the package of services we offer at Black Grace Cowley that will hopefully make the difference for a percentage of our clients between moving home or not.
We believe in the adage, ‘Think Different’; it is paramount in these difficult but highly competitive times that estate agents look beyond the conventional, continue to think creatively, be forward thinking and proactive to try to service the needs and manage the expectations of our growing client base. With over 30 years’ experience in the local property market, my team and I have been through many different market cycles, and whilst we have enjoyed the frantic, busy and rewarding sellers markets of the past, we much prefer the sense of achievement that securing a sale brings us, where you have to actively market properties from all angles and locate purchasers, instead of waiting for them to find you.
So why Swap?
You want to sell your home; that’s why you’ve called us, taken advice, and made that often emotive but important decision to move. We all know how hard it is to find that elusive buyer when times get tough. Consider this though for a minute; could you find someone in the same situation who wants to move to the area or locality where you live?
Might they just so happen to have the sort of property that you’re looking for, in the area you’re keen on moving to? Black Grace Cowley can help you achieve this and will find your perfect match!
By advertising your property on our dedicated Property Swaps page, available at www.blackgracecowley.com/propertyswaps you will be seen by potential swappers in the same situation, and they may just want what you have – can you afford to ignore the opportunity!?
Alternatively, you could consider a permanent property exchange which is really just saying ‘I will buy your property if you buy mine’. All the legalities are basically the same as they would be in a conventional sale, and you should incur no additional costs, and can actually make big savings. You don’t have to find an exact match in value to your own home, and it is possible to trade up or down as long as all concerned are in agreement. Hence you can buy a larger home for your growing family or take cash out when you acquire a less valuable home.
Here are some key pointers for you when you’re considering a swap.
1. Transaction costs for a house swap are the same as with any house purchase: seller pays agent’s fees.
2. Swapping works well for downsizers. “The chances are that the buyer for your house will have similar tastes and expectations, so why not speak to them about their property in case you like it,” says Nick Cooper – Residential Director and architect of Black Grace Cowley’s Property Swap Register
3. House-swapping can mean a straight swap, where two people exchange properties. But there are also part- exchanges, where vendors higher up the chain buy properties lower down.
4. It speeds up your sale getting you moved while others sit waiting.
5. It is critical to establish ground rules on how the sale and purchase figures are to be derived at an early stage. Many deals automatically work on the respectively asking prices which sound sensible but can lead to disaster so let us the professionals help lead the process.
Contact our office on 01624 645555 today to discuss property swaps