When Is the Right Time to Sell Your Home?
Knowing when to sell your home is tricky.
Every homeowner wants to do what is best for their family and get the most profit from their property. So when is the best time to sell your home?
When You Are Ready
This might at first seem obvious!
However, many sellers get caught up in putting their homes on the market at the ‘optimum time’ rather than when their family is ready.
Although moving in the summer months is often deemed unfavourable, it might be the only realistic opportunity for young families. Trying to force a move when the timing is not ideal for your personal circumstances can be catastrophic.
Additionally, there is a considerable amount of work involved with preparing the home for sale. Before the property can be photographed and viewed, a substantial declutter and a thorough clean will be necessary. You might also be required to redecorate, adding a more neutral colour palette to the home so it appeals to the broadest possible market.
Ten years ago, advising a client on the best time to market their home would be straightforward.
Spring was always the best, with Easter routinely ranking as the busiest week for home sales. Conversely, Christmas was the worst, with buyers deciding to stay put and begin their home search in the new year.
However, the housing market has changed dramatically. Video viewings offer more flexibility, and the current housing shortage means buyers are now often willing to move at previously ‘unfavourable’ times.
Spring is still the most popular time to buy and sell properties. Most of us are inspired by the new season and eager for a fresh start in a new home.
Completing a sale in spring allows us to reap the rewards of the summertime in our new property.
Selling your home in summer allows you to show it in the best light. The house will photograph fantastically, and prospective buyers will enjoy the late evening viewings with natural light.
Houses aimed at young couples and the elderly often perform better in the summer months, with families often preoccupied with the school holidays.
Autumn offers an excellent opportunity to buy a new home and be settled before Christmas.
When marketing your house in the autumn, be sure to make the property warm and inviting, showing viewers just how fabulous and cosy winter in their new home can be.
For years, winter has been considered the most tricky time to sell your home.
The market tends to slow in the middle of October, with buyers accepting they will spend the festive period in their current property.
However, the massive benefit of selling in the winter is that you will face much less competition. Meaning, determined buyers are more likely to land on your home than they might have been in the more competitive spring or summer months.
Focus on Supply and Demand
Before contemplating putting your home up for sale, consider your target market.
If you have a two-bedroom property, you will most likely be appealing to young couples. They might be more flexible with move dates, especially if they do not have children.
Conversely, if you are looking to sell a bungalow, it will likely appeal to older people and those looking to downsize after children have flown the nest. These clients may be more reluctant to deal with the hassle of moving in the winter, and therefore a spring or summer completion will be ideal.
The Current Economic Situation
The housing market is known for its fluctuations. However, it continues to bounce back following any adversity, and house prices grew a staggering 8.5% last year, despite challenges in the economy.
It is crucial sellers consider incentives such as the 5% mortgage deposit scheme, which will encourage buyers at less favourable times of the year.
Buyers aren’t just viewing your particular home; they are assessing the area.
So considering any dramatic changes planned for the town may make a huge difference to the best time for you to sell.
For example, if a great new primary school is in the pipeline, it may be worth holding out on advertising the home. Excellent schools drastically increase the price of homes, and it will also widen your target market.
On the other hand, something may be planned that will reduce the price of your home. If this is the case, it might be worthwhile moving more quickly, even if this means advertising the house in a less popular season.
Ready to move? Warren Powell-Richards are your local property experts.