Timing can be a significant factor in property selling prices, and so it’s natural to worry about getting it right. Within the property market, there is much written about when is the best time of the year to sell a home. Let us share with you some of our thoughts.
Ultimately the decision to move should be a personal one. It’s important to take other factors into account like your financial situation, the current condition of your home, if you plan to make any improvements, and whether or not local market conditions are in your favour.
[click_to_tweet tweet=”“Spring always comes out on top as the best time to sell.”” quote=”“Spring always comes out on top as the best time to sell.””]
Spring always comes out on top as the best time to sell. This is probably because people aren’t away for the summer holidays or busy with Christmas celebrations. There are plenty of prospective buyers hoping to move into their new home by the summer, and they’re motivated to act quickly.
Summer often sees the property market slow down, as prospective buyers will be taking holidays and are less available to attend viewings or to move through the sales process.
Activity increases again in autumn. The back-to-work period drives potential buyers to resume their search, with the aim of moving in for Christmas.
Winter is typically the quietest period for the property market, particularly in the festive season, when potential buyers have other priorities.
[click_to_tweet tweet=”“Bank holiday weekends in May and over Easter often see a spike in viewings, at a time of year that’s already busy.”” quote=”“Bank holiday weekends in May and over Easter often see a spike in viewings, at a time of year that’s already busy.””]
THE ACADEMIC YEAR
The academic year runs September to September, and this influences the property market in a couple of ways.
Firstly, most families will be hoping to move over the summer holiday period, and so will be looking at properties in the first half of the year. Families will be least keen to move in the first and second terms of the school year (September to December and January to March).
Secondly, many tenancy periods begin and end in September – a pattern that some renters establish as students. First- time buyers may be keen to ensure their property purchase is complete before the end of their tenancy period as the alternative can be costly or inconvenient.
While the summer and Christmas holidays usually signal a slowdown in sales, other holidays can work in sellers’ favour.
Bank holiday weekends in May and over Easter often see a spike in viewings, at a time of year that’s already busy. If you’re listing your property in summer, doing so close to the August bank holiday might help you overcome the seasonal slump.
After the slow festive season, the New Year holiday tends to bring a rebound in buyer numbers, who find a fresh commitment to their property hunt as part of their resolutions.
Taking a longer-term view, sellers may be wondering if 2021 is a good or bad year to sell property, in light of the coronavirus pandemic. There are several factors to consider:
House prices have fallen this year, so you may get less for your property. There’s also an increased likelihood of house prices falling in the near future, which might put you off buying somewhere new.
WILLINGNESS TO BUY
With the current uncertainty over the future of the pandemic and the economy, buying a house now might be a greater risk than many are comfortable with. A low number of prospective buyers usually means a worse time to sell.
Even if there are those willing to buy, it might be difficult for these potential buyers to secure mortgage approval. People who have been furloughed may find they can’t borrow as much as they expect, which can delay or prevent your sale.
WHAT TYPE OF PROPERTY DO YOU HAVE
You should consider what type of property you have and whom it will attract. If you have a large family home then it’s likely that viewings will increase during term time as most parents prefer to view a home while the kids are out of the way.
On the other hand, if you own a bungalow then you might find that you have more viewings in the summer, as older buyers prefer to move in the warmer months.
It’s also important that your property doesn’t stay on the market for too long. If you want to get the best price then you should aim for a quick sale, as the longer it stays on the market the more likely it is that the buyer will think you might accept a lower offer.
You also should be aware of what’s going on in the housing market, both nationally and locally, and consult with an experienced estate agent on what time of year is best for you to sell your property.
As well as seasonal changes though, your local area can also be a factor on whether it is a good time to sell your home. If there is local planning permission for building works or road works planned nearby then this could be off-putting for potential buyers, in which case you may want to put your plans on hold. In any case, it’s a good idea to contact your local council to find out about any intended plans or proposals.
If you are looking to sell your property, it’s important not to base this solely on a specific season. The key is that your property is marketed to maximise its full potential and value. Talk to your Mortgage Advisor as we can also guide you on things like the best time to get a mortgage if you are self employed from an accounts perspective.
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