Sunday Musings - The Sell - Buy Gap
FTB, SSTC… and now NOMs. If January viewings feel busy but nothing’s moving, this explains why and how one small timing decision could cost (or save) you £50,000.
The property world loves an abbreviation. FTB, SSTC, OIEO… the list goes on.
Today’s one is NOMs.
Outside of property, January NOMs sounds like a diet or a seasonal health condition!
In my world, it means 'Not On Market' buyers. People who are looking, viewing, asking plenty questions… but haven’t actually put their own home up for sale yet.
Some agents call these buyers “not proceedable”, but I don't think these are the same. A NP is already on the market and further along than a NOM.
And January is peak season for both groups, especially NOMs.
Why?
Because the “this is our year to move” conversation has happened over Christmas. And before anyone does anything practical, they want to look. Upsizers especially.
❓ What does 2,000 sq ft actually feel like?
❓ Is a third of an acre exciting or terrifying?
❓ Will a 20 x 30ft sitting room work for how we live?
You can’t really answer those questions online. You have to walk around some houses.
From my side, those viewings are useful too. Watching how people react to space, layout and gardens tells me far more than a Rightmove search ever could.
It's abit of a 'Goldilocks Effect'. Even if this house isn’t the one, I’m much better placed to guide them to the right one later.
But if you’re a seller, January can feel a bit deflating. Lots of viewings, plenty of interest… but some buyers aren’t ready. Yet.
That’s normal. It happens every year and situations change quickly.
Looking ahead, I think spring is going to be busy, particularly at the upper end of the market. Which brings me to something I talk about a lot with NOMs who want to upsize:
The Sell ➡ Buy Gap.
Let me explain with two versions of the same seller.
In the first, they go to market early. They secure a buyer at a strong price within a few weeks. And when their next home appears, they’re fully proceedable and in control.
They sell for £800,000 and negotiate £10,000 off their purchase, buying at £990,000.
Their sell–buy gap is £190,000.
In the second version, they wait. Their “dream home” comes up first. To have any chance, they offer over the asking price to look serious, while rushing their own home to market at the same time.
There’s no time to spare and everything feels rushed and 100x more stressful.
They sell for £785,000 and buy for £1,025,000.
Their gap? £240,000.
That’s an £50,000 difference, for the same people, in the same market.
A huge chunk towards their stamp duty cost if nothing else!
And that’s assuming they don’t lose the house altogether to someone who was already ready.
So if you’re serious about moving this year, especially if you’re aiming for one of those rare “forever” family homes, the best thing you can do is get a plan in place early.
It puts you in control, reduces stress, and very often saves you a significant amount of money along the way.