If you’ve been keeping an eye on your local property market, you may have noticed prices rising across the country. It’s no secret that demand is outstripping supply despite an increase of homes coming to the market according to recent RICS survey. As a result, those looking to move into or out of the city are faced with an intimidating duo of problems: a market that is both competitive and expensive and the enduring question; When’s the right time to sell my home?
This begs the question: should property owners think about selling whilst prices are high, or tactically bide their time?
Imagine this: you’re scrolling through the depths of Rightmove and Zoopla and stumble on the home of your dreams. Whether it’s quaint suburban bliss or a swanky new-build apartment, the age-old question persists. Do I buy before selling, or sell before buying? It’s the “what came first, the chicken or the egg?” of the property world, and it’s been plaguing movers for decades.
Despite there being no easy answer to this dilemma, trends suggest over 50% of purchasers are putting their houses on the market before starting their property search. Prospective purchasers have embraced the ‘sell first’ approach to avoid the manic rush to sell in the event of onward chain complexities. What’s more, you’ll become the triumvirate of purchaser perfection: ready, willing and able.
As you’ll no doubt have noticed if you’ve made any enquiries into properties that have sparked your interest most estate agents will be interested in what position you’re currently in, whether a first time buyer, have a property to bring to market or, of course, have already agreed the sale on your current home. Well there is a very good reason for this, and it’s perhaps not what you’d imagine. If you’re selling your home chances are as well as achieving a premium value you’ll also be interested in selling your home fairly quickly and herein lies the reason that good estate agents will want to find out your current position, not because they’re nosy, but because sellers want to sell quickly and having a sale agreed on your own property can make you an attractive prospect to the vendor. Having a sale already agreed on your property can also make significant difference if you do end up in a bidding war with another buyer and might just help you pip the competition to the post in securing the home of your dreams.
Conventional wisdom suggests that the best time to put a property on the market is the season of Spring, as winter nights become a thing of the past and outdoor spaces start to become active again. As we start to catch the first rare glimpses of English sunshine, the property market starts to thaw from its winter hibernation. This conventional wisdom however is challenged on a fairly regular basis and will of course depend on the local market, in fact just this year RICS reported an 8% rise in homes coming to market between February and March, which could be an indicator of sellers responding to the demand from buyers for property.
Typically the housing market is always more active between March and July as we all feel the “itch’ to move, look for bigger, better and different spaces. Depending on your property type and the local demand though this can be both a positive and negative factor, too many properties on the market can drive down prices, whereas limited supply will do just the opposite and drive prices up. With recent statistics from the Halifax House Price Index showing a price increase of 1.4% between February and March, and 9th consecutive month of house price growth there are few signs that the market is slowing down. For the right property then, with the right estate agent “when’s the right time to sell my home” has never felt so relevant.
With demand at an all time high, The Advisory indicate that the housing market once again will start to blossom in the spring, with purchasers historically postponing their search until Christmas and New Year have passed. Property portals like Rightmove and Zoopla are also set to experience a so-called ‘spring surge’, which is anticipated to be particularly remarkable in 2022 considering the dichotomy of increasing demand and lagging supply.
On a more superficial note, it’s certainly worth adding that professional photography of your home will look particularly exquisite when basked in spring sunshine – especially those all-important external images.
If you’re thinking of selling your property, now is the perfect time to do so. Get in touch today to find out how we can help on your journey.
November is coming to an end – Christmas lies on the horizon, and New Year’s Day is...
This morning, King Charles made his first speech to open Parliament, outlining the key pieces of reform...
Residential property investment expert Centrick Invest has expanded with the appointment of a new team operating in...
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.
Keeping these cookies enabled helps us to improve our website.
Please enable Strictly Necessary Cookies first so that we can save your preferences!