Deciding if it’s the right time to sell a property can get confusing. It can seem like everyone has an opinion on when the best time is to sell. This can make it very easy to second-guess yourself. Ultimately, it boils down to two important factors: your personal situation and the property market. Understand those, and you’ll be in a much better position.
Selling a property in Leicester is also a task in itself. The real estate market is extremely dynamic in the city, and the prospect of selling may lead many to think selling now can mean missing out on future financial profit in the future. In this article, we’ll take a look at the reasons behind selling and whether or not it’s a good idea to sell.
Let’s get started.
Why you might be thinking of selling your Leicester home
Selling your home is a significant decision, and it is usually fuelled by one of the following reasons.
Change of Scenery
Your reasons for selling may be a simple reason, like looking for a change of scenery to refresh your life. You may have decided that you need a new neighbourhood with better amenities or just a move away from the city life of Leicester.
Selling your Leicester home for a change of scenery can be an excellent move if you find yourself in a situation where your current location no longer matches your lifestyle or future goals. Moving to a new neighbourhood or area that better suits your needs can lead to improved quality of life and satisfaction.
In this case, selling is definitely a great move, especially if your current lifestyle just isn’t working for you.
Divorce
Divorce or separation usually makes selling a home a priority, and it’s completely understandable. Dividing assets, including the family home, is a common part of the divorce process.
In the case of divorce, selling a home is usually the best course of action to ensure a fair division of assets. It can provide both parties with the financial means to establish separate households and move forward independently, removing the financial burdens associated with joint ownership.
Repossession
Repossession occurs when homeowners are unable to meet their mortgage payments, leading to the risk of losing their property to the lender. It’s a challenging situation that can result from financial hardship or unforeseen circumstances.
Selling your home to avoid repossession can help protect your credit and financial well-being for the future. By selling the property voluntarily, you can pay off the mortgage, settle any outstanding debts, and potentially have funds left over to start anew without the burden of a looming repossession on your record.
Inherited Property
Inheriting a property in Leicester may seem like a positive at first, but the costs of maintaining a property may not always be worth it.
In this case, selling can be useful, especially if the property doesn’t fit with your current lifestyle or investment goals. By selling, you can convert the property into cash that can be reinvested in a way that better aligns with your financial objectives, whether that’s buying a home in a more suitable location or diversifying your investments.
Repair a Broken Chain
Property chains are common in real estate transactions, where multiple buyers and sellers are interlinked in a series of sales. A chain can break due to various reasons, such as a buyer pulling out or delays in the process.
If you find yourself in a situation where your property sale is dependent on a chain, and it has broken due to unforeseen circumstances, selling your home can be a lifeline. By doing so, you can break free from the complexities of the chain and speed up your sale, avoiding potential complications and uncertainties.
Is it a good time to sell?
With all that said, you still want to ensure that when you sell your property, you’ll get the best possible price for your property. The best way to do this is by understanding the current Leicester property market.
What the current Leicester property market is like
The average property price currently sits at £280,000 for properties in Leicester. However, the value changes by the type of property. Take a look below.
- Average price of a detached property: £425,000
- Average price of a semi-detached property: £284,000
- Average price of a terraced property: £230,000
- Average price of a flat: £140,000
Property prices as a whole have increased by 2% since this time last year. 2% may not seem like a lot, but property prices have increased by 57% in the last ten years alone. As property prices are now increasing in smaller increments, it would appear that now is the best time to sell a property, especially if you’ve owned your property for ten years or more, as you stand to benefit from a lot of financial gain.
How easy is it to sell in Leicester right now?
The answer to how easy it is to sell a property in Leicester will depend on factors such as your type of property, the condition of your property and the location. Take the type of property as an example; here is how long it takes to sell a property:
- It takes 145 days to sell a flat
- It takes 73 days to sell a terraced property
- It takes 78 days to sell a semi-detached property
- It takes 95 days to sell a detached property
As you can see, the type of property makes a big difference. It ultimately comes down to supply and demand. For example, it’s harder to sell a flat fast when compared to a terraced property. This is usually because there are fewer people interested in buying a flat as it isn’t really suitable for families who make up most buyers. However, if selling fast is what you’re interested in, we can help.
The easy way to sell your home in Leicester
Here at We Buy Any Home, we act as cash house buyers. This means if you’re looking to sell a property, we’ll make you a cash offer. It doesn’t matter what type of property or the location; we’ll make you an offer. So, who do we help? Anyone who is looking for a quick and easy way to sell their house can benefit from our services. We’ve helped people going through a range of issues where a quick sale is what they needed. How do we help? Because we’re cash house buyers, we have the funds readily available to make a cash offer. Through this, we can complete a sale in as little as seven working days.
As we’ve covered in this article, property prices in Leicester are currently at some of the highest prices that they have ever been. This means selling now is a great time. So the only thing you need to think of is about your personal situation. If you need access to cash, then selling now will ensure you get the best value for your property.
If you’re looking for an efficient way to get your property sold, get in touch with us for a free cash offer on your property.
