A property chain is a very common and unfortunately, frustrating aspect of buying and selling property. But what is the average property chain length?
You will have likely heard of property chains or if you have ever moved house, may have been a link in a chain of your own. In this post, our experts will discuss various aspects of property chains, if there is an average property chain length as well as what to do if your chain breaks.
What Is a Property Chain?
The term “property chain” is used when buyers and sellers are linked together during housing sales. Each buyer or seller is reliant on the others in the chain for a successful transaction. Property chains usually occur when sellers want to move from their current home to a new property.
For example, if you want to move into your dream home, you are reliant on your current home being sold. If you have an offer accepted on a new home and have a buyer in place for your old property, you are now part of a chain that depends on others. The process can be frustratingly longer than expected.
Is There an Average Property Chain Length?
The time it takes to sell a house can differ significantly. Sometimes it can be a few months whereas, for others, it can take longer. However, if you are part of a property chain, this process tends to be even longer. Unfortunately, because of how unique every house sale is, the average length of a property chain is tricky to put a number on — how long is a piece of string?
What is clear is that being part of a property chain means your house move can take a while. Each property case is different; a lot of the time, there is only one other link (buyer/seller) in the chain. However, other chains can include as many as five, six or more sellers and buyers. So while the average property chain length may be one or two links, it’s worth noting that a longer chain could be a lot more complicated.
With that said, a lengthier property chain doesn’t always mean the buying and selling process will take longer. Some chains can break, although this is an issue that can be resolved.
Can I Fix a Broken Chain?
Being part of a property chain can often be frustrating, even more so if it breaks. However, there are a few ways to fix a broken chain. Firstly, instead of selling and then buying simultaneously, after selling your property, you could rent somewhere temporarily or stay with friends or family. Not the ideal solution if you’re eager to settle into your new home, but a solution nonetheless.
Setting a lower asking price is another way to lower the risk of having a chain break. If you price your home lower than others that are similar and in your area, prospective buyers are much more likely to purchase, therefore, fixing the chain from the start.
Want a quick, easy and cost-effective way to repair a chain break? At HBB Solutions, we offer a broken chain repair service that provides a swift and hassle-free property transition. With the help of our experts, you can avoid many of the issues that face homeowners stuck in a conventional property chain, allowing you to complete a successful transaction as quickly as possible.
Do you want to know more about property chains or any other aspect of buying and selling properties? Get in touch today to discuss your needs with our team of helpful property experts.