Selling your house is a time-consuming process filled with uncertainty. When and how you choose to list your property for sale does determine the amount of success you’ll have with the current market as it stands. Unfortunately, it appears that most homeowners are choosing to hold onto their properties as the lack of real estate available on the market makes them question their own ability to buy a replacement home. Of course, this does have a negative effect on the real estate market.
Is now the ideal time to sell your home? How you choose to answer will depend on a number of factors, much of which we’ll explore below!
The decision to choose to sell your property may prove out of your hands altogether. A change in fortune or circumstances such as a death or a divorce may hasten the need to sell. However, for the most part, homeowners want a change of scenery or wish to explore their options for a bigger home.
Buyers Are Looking For Houses!
The buyer’s market has shifted and the need for space is on! Many potential buyers eschew looking for condos or townhouses in favor of more space in the countryside that only a larger house can offer. This need to enjoy the slower-paced lifestyle in the country with more space is advantageous for sellers looking to relocate from smaller out-of-the-way towns.
Mortgage Rates Are Changing
Spring is the ideal time for potential buyers to go house hunting, but this year, the significant change in mortgage rates will spur the race on! Unfortunately, as interest rates are slated to rise, many potential buyers are rushing to quickly purchase a home– this is ideal for sellers looking to make a quick sale.
An Increase In First-Time Buyers
First-time buyers are the most attractive potential buyers as they don’t have previous properties or loan problems to deal with. Unfortunately, the rising property costs in the past year or so have negatively impacted some first-time buyers as they’re unable to afford the change in the market prices.
On the other hand, first-time buyers are also receiving more help than ever before in the way of government grants and lower interest costs. As a result of this extra help, the number of first-time buyers has significantly risen in 2021. In fact, it was at its highest since 2002! However, as interest rates are climbing higher, it’s very unlikely that this trend of first-time buyers will continue past 2022.
March Is The Perfect Month To Sell
The pandemic hasn’t caused a standstill in the real estate market. In fact, because of the pandemic, many people are re-evaluating their places of dwelling and reflecting on how much space they need as the trend of working from home continues. This self-reflection is driving success in the real estate market.
Over the past two years, different sources have reported that potential buyers are 70% more likely to purchase a home with outdoor garden space. It is also reported that selling a property in April and May can yield great results!
Make A Speedy Sale
Selling property has always caused undue stress for most homeowners as the process is finicky and filled with uncertainty. From dealing with multiple buyers to flaky offers, there’s a way that you can prevent all of this!
Considered a wholly modern method of selling, online real estate auctions are becoming more and more popular. Though these auctions aren’t ideal for every situation, they provide perfect flexibility along with a faster timescale. Most importantly, they widen your pool of potential buyers significantly by broadening your reach.
Much Higher Housing Costs
The real estate market, especially in the UK, has reached an all-time high in pricing by upwards of 6%. 2021 was a record year for real estate while the market hasn’t seen such a boom since 2007!
Consider The Lack Of Competitors
As real estate still remains in high demand, as a seller, you have the upper hand in helping meet the needs of potential buyers. The demand for housing is driving up sales prices, and though this will eventually drop, 2022 is still a good year to make sales.
Is This The Right Time To Sell My House?
Only you can truly answer this question. It depends on a number of circumstantial factors, including your personal finances as well as familial needs.
For some, selling right now is the best course of action while the market is still hot. However, other, more level-headed homeowners may prefer to sit it out and see what their options are.
Before answering the above question, give yourself some thorough thinking time. Below, we will highlight some of the most helpful questions you can ponder to arrive at a conclusion:
*Is the house in a desirable location?
*Are there developments in your area?
*What are the neighborhood comps?
*Is now the ideal month (spring or autumn) to list?
Of course, once you answer those questions effectively, it’s still important to employ the help of a real estate agent who knows the local market. They can help you assess data trends and show you comps similar to your own home.
Selling your home is partially about desirability, but also about listing it for what it’s worth. An agent can help you price your home properly while allowing you to ensure your property is marketed to the right audience. The number one culprit for not selling in a timely fashion is listing a property too high.
February is the ideal time to list your property on the market as most potential buyers will continue house hunting from March until May. Though traditionally this has always been the way of the market, the changes in expectations have made way for new trends.
Can You Afford To Sell?
This is perhaps the most crucial question to pose to oneself. There are costs associated with selling your property from lawyer and agent fees to needing to invest in staging, renovations, cleaning services, and even storage fees. You can save on agent fees with an online estate agent.
Whenever you consider listing your property on the market, it’s vital to take into consideration what you’ll be required to pay out-of-pocket and whether you’ll need to offer incentives to potential buyers as a method of attraction. Lastly, if you don’t necessarily live in a home in a desirable area or locality, then the process of selling right now isn’t particularly worth the extra effort. After all, the real estate market is constantly changing and evolving, and though interest rates are rising, the needs of potential buyers have their constant ebb and flow.