To Sell or Not To Sell…Now?

There are already enough stresses when it comes to putting your property on the market, with pricing, choosing to work with an agent or alone and ensuring the property itself is structurally and cosmetically sound. However, the difficulties surrounding the actual selling of your property, can be exacerbated if you put your home up for sale at the wrong time. As important as it is to deal with the house itself, and spend time accommodating it for prospective buyers, you could limit the number of clients you draw if you aren’t identifying the best times to sell, and particularly, the most appropriate time for the specific demographic of your property.

Seasonal Selection

Before determining the specifics for the home that you want to place on the market, it is always beneficial to be aware of the times of year that are better for selling, in general. It is even more important to be aware that these fluctuate over time, so checking in with this every so often to check that the knowledge you have is up to date, is something to note.

According to leading property portal, Rightmove, a strong selling window begins at the height of January, as a result of the New Year, and carries on through to April. With March accruing the most buyer activity, it could be a lucrative option for you to capitalise on Spring’s benefits to you as a seller.

Area Analysis

After establishing an idea of suitable periods in the current market to advertise your property, you can then zone in on your region and the surrounding homes to create a stronger understanding of the demand in the local area. Regarding Coventry, you’re looking at an average of 90-100 days on the market, with an average price of £304,641.

It doesn’t need to be limited to a city analysis, however- if you’re wanting a more precise idea of the length of the process for similar properties, there are free online resources that you can use to gain further insight into this. They can demonstrate the average sale time and at what price in the last 6 months for your quarter, which could allow you to verify whether selling your property at this time can provide you with a suitable sum.

Demand

It’s no surprise that with housing costs on the rise, and people still getting to grips with finances due to the pandemic and cost-of-living crisis, shifting a house on the current market has proven trying. The Royal Institute for Chartered Surveyors has said that buyer demand is at its lowest in nearly 14 years and, Zoopla stated that home buyer demand dropped by 50 percent in the last quarter of 2022, with the amount of sales agreed dunking by nearly a third, year on year.

As accurate pricing has become vital in securing a sale, it can be a huge worry for many when wanting to recoup the value when the property was bought, with talks of an impending price crash. Undoubtedly, proceeding with precaution will be a popular option for sellers, as many will choose to wait until the market is in a steadier, predictable position, where those looking to purchase, are more confident in the amount they are paying for, and thus, more likely to buy.

With so much conflicting data and analysis from a plethora of sources, choosing whether to sell your house comes with more uncertainty than ever, with some saying that the current exponential rise in costs in the UK, could provide a higher return on a house sale than it may have, in past years. It seems the general consensus is that a drop will arise soon, so, if you can’t afford to wait it out, it’s in your best interests to sell with speed to avoid selling for less, although, if you don’t intend to buy after, a better option may be to hold off and wait for a rebound in prices. Individual circumstances will be the biggest indicator of how to proceed, so, evaluate your situation and then act in an according manner to make sure that your sale is a positive experience.

Maya