Is It A Good Time To Sell A House?
Judging when to sell your house isn’t an exact science, you could get lucky at any time of year if the right buyer happens to be house hunting at the right time. However, if you’re able to be flexible about when you put yours on the market there are a few things you can do to help it work in your favour.
Sometimes your circumstances mean you have little choice when to sell. If this is the case and you’re keen to sell quickly, we can buy your home in as little as seven days.
Selling during coronavirus
Clearly now is a particularly tricky time if you’re looking to sell your home. Nobody is sure exactly how the market will respond.
But that doesn’t necessarily mean it’s a bad time to sell if you’re realistic about the price of your home. It’s true some potential buyers will be impacted by job losses, but many will be keen to continue their search after putting it on hold during the lockdown. If you need a larger home because a baby is on the way for example, you still need that larger home.
There is also some evidence there could be a surge of people looking to move from cities to more rural parts of the country, so if your home is in a village or small town you may find there’s plenty of interest. However if you can, it’s worth waiting to see what happens in your area.
Taking advantage of falling markets
Just because the housing market is dropping doesn’t mean you should rule out moving. If your goal is to get the best price possible and you are in no rush, then it may be better to wait. However falling prices can be of benefit in some situations.
If you want to buy a bigger home or move to a more expensive area you could save money. For example, if the market drops by 10% a £200,000 will lose £20,000 in value, but a £300,000 home you may want to upsize to will drop £30,000, saving you £10,000. Also, a drop in price could take your next home into a lower stamp duty bracket.
However if the market proves too slow, you should try not to let your home linger on it for too long. Buyers are wary of homes that haven’t sold for several months, assuming something must be wrong with them. So, if possible, take it off and try again later.
What time of year is best?
Generally speaking some seasons are better than others when it comes to selling your home. Although, as ever, this will depend on your property and the market in your area.
- Spring – traditionally this is the best selling season. The sun is (sometimes) out, gardens look enticing, few people are on holiday or busy with other celebrations and buyers may hope to be in a new home for the summer.
- Summer – with lots of people on holiday or tied up with childcare there are usually fewer house hunters.
- Autumn – interest picks up as people return from holidays where they may have spent time by the pool scrolling through Rightmove.
- Winter – minds are distracted by Christmas. But sometimes a new year has people looking for a new start.
You should also factor into your decision what kind of home you’re selling. Young first-time buyers may have had one too many Christmases at home and be desperate to start their search in January, so it could be a good time to put one and two-bedroom homes on the market.
For those with larger family homes, research local school term times and make sure yours is on the market during them, when parents are more likely to be looking. Older people seeking to downsize tend to prefer searching and moving in the warmer months, so spring is the best time to catch their eye with a view to moving before autumn.
Research the local area
You can get a good idea of the market in your area by using online property portals to see how many new homes are being added each week. You’ll also be able to see how long properties have been on the market – if lots have been on for several months it could be a sign the market is slow. You can also ask local estate agents, although be aware they want your business and may give a slightly rose-tinted view of how fast homes are selling.
Also, investigate whether there are any plans for large developments near you, by searching the register of planning decisions. Many people won’t want to move into a home that’ll be next to a building site for years. Conversely, the development may improve the area and attract buyers.
Are you ready?
This is the key question. You shouldn’t be swayed into putting your house on the market because you think the market is right, if you’re not ready to move. When you do put your home on you want it to be at its best, so take the time to do those jobs that will make it more appealing.
Equally, sometimes your circumstances mean you can’t wait. Perhaps your family is about to get larger, you are selling a home as part of a divorce or have inherited one you want to sell quickly. You can test the market at any time of the year, you may find you get lucky.
Working with us
If you have no other option but to sell or your home has been on the market for a long time with little interest, we can help. Not only can we move the process along in a short space of time, but there are also no estate agent’s fees to pay when you work with us and we take care of arranging and paying for solicitors.
We’re also experienced at dealing with sensitive and sometimes distressing home-selling situations such as inheritance and divorce. We aim to buy your home with as little fuss and hassle for you as possible. Get in touch if you think we can help.