When is the RIGHT TIME to SELL my property? Back

  • When is the RIGHT TIME to SELL my property?
    16 Nov 2017

    Picking the right time to sell your property is not as easy as choosing the right answer from a multiple choice question.  Here are some factors to consider:

    1. What is your current financial situation?

    If your financial situation is in dire straits and you cannot afford to wait, then putting your property on the market as soon as possible is most likely to be the best option. However you will need to be realistic and lower your asking price if necessary. If the market situation is not favourable and demand is on the low side, you will be at the mercy of prospective buyers. If you are happy to take a lower price, then a property investor may be an option.

    2. Time of the year

    The time of the year can play a very important role when trying to sell your property, but it depends a lot on your target market. If your place would suit a family, then spring or autumn is likely to be the best time of the year. Due to school holidays, families tend to go away during the summer period. Winter is not the best time either especially in the run up to Christmas.
    If your property suits young professionals, bonus time is one to pay close attention to. A large number of insurance and banking sector tend to declare and pay their bonuses in the first quarter of the year.

    3. Property Location

    According to research from Santander Mortgages, a property with a good school catchment area could earn you an extra 12 percent over the actual market value. Pay close attention to state school application deadlines. Since a proof of address is required, families may need to occupy your property at least a month before these deadlines. If the exchange date is likely to compromise your sale, you could always suggest a part rental of the property until completion and exchange.

    4. The right estate agent

    Choosing the right estate agent is very important. A good estate agent will know your location better than anyone else and can advise you on the best time to go to market. Don’t be swayed by a high evaluation. An incorrectly priced property is likely to remain on the market for much longer and subsequently become stale and unwanted.

    5. The Economic Situation

    If you are looking to maximise on profit, the current economic situation is unlikely to be in your favour at the moment. Financial jobs are at risk as some firms start making plans to move their head office to other parts of Europe. The impact of Brexit coupled with the latest interest rate increase, have placed tremendous pressures on property prices. According to the latest statistics from Rightmove, over one third of asking prices have had to be reduced. With further interest rate increases anticipated in the coming months, the situation is not likely to improve overnight.

    Of course, there are so many other factors to consider. Needless to say, with December a few weeks away and the gloomy market conditions it may not necessarily be the right time to place your property on the market. However, you should spend some time and assess what works for you. If you have to sell imminently then you cannot afford to delay. Delaying placing your property on the market may not necessarily help if that your one lucky buyer is looking for a property just like yours NOW!