Posted: 9th February 2024
WHEN IS THE BEST TIME TO PUT MY HOUSE ON THE MARKET?
There is a dance we do when it comes to buying and selling a property! In most cases, you’ll want to sell your property first and then buy another property second because this means having a greater deposit to work with and enough funds to cover all your moving costs. If you sell at the right time, then you can potentially sell your house fast and for the asking price or, if you can start a bidding war between multiple interested parties, in some cases, greater than the asking price.
Seasonal Selling: Housing Market and Selling Expectations
Spring is a great time to sell and traditionally is the season when lots of properties come to market. Potential buyers are not away enjoying their summer holidays, there is that feeling of warmth and renewal in the air, and in general, many people want to move during this season simply because it means they can settle into their new home during the warmer, more pleasant months of the year.
Summer Summer has windows of opportunity for selling your home but it’s important to understand that this is also a time when families will be preoccupied either with taking care of their children who are off from school, or away on holiday. That said, many people do have extra time in the summer due to taking time off work and may potentially fit viewing houses into their schedules.
Autumn Like Spring, Autumn is another traditionally great time to sell. Try to get your property up and ready - clean it, declutter it and stage it - before the summer ends. This way, you can get it on the market by late August ready to woo those fresh September buyers!
Winter is busy with preparations for Christmas, which means that after December 1st you may see buyer activity slowing down. Come January though, the market usually picks up again ready for that all important leap back into Spring!
Other Considerations When Putting Your Home on the Market It’s not only the season that can make a difference to the best time to put your home on the market. These other factors also play a part:
Planning Works Nearby If there are big road works or building works going on outside your property, you might want to wait until these are completed. Objectively, it should only improve the value of your home, so it may be worth holding off! Conversely, you could also use planning works in progress to boost the value of your home whilst it's on the market. For example, if new transport links are being built nearby this could attract more buyers to your property. Be aware of what is being done near you so that you know whether to wait or whether you can use it to boost value.
The Housing Market In some cases, the housing market will be booming, and the value of properties will be so high you will want to ensure you take advantage of this and get a sale as fast as you can. In this case, it is best to hire professionals to come in and deep clean and stage your home so you can sell it fast, whilst the market is hot.
The Economy A recession or political uncertainty is always going to have an impact when selling your home, but you do have other options whilst you wait for the ideal time to put your house on the market. If your mortgage is entirely paid up, you could rent your property out until the best time to sell. This way you can also benefit from an income. If you want to rent out your home but still have a mortgage, then you will need to speak with your lender to get the necessary permissions and switch to a buy to let mortgage.
Be Prepared in Advance No Matter What Of course, you want to sell, above all else, so whatever the season, it’s important to be ready. This means having your finances in order, getting your home in order, decorating and making minor improvements and repairs, and ensuring your property looks its absolute best and so attracts views. A house that is ready to be sold is far more attractive to buyers than one that is not!
If you are considering putting your house on the market, talk to us at Scoffield Stone on 01283 777100 for the best possible advice.
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