Homeowners have had all sorts of updates in the last few weeks, with the property market opening back up and viewings now able to take place safely. They have been told from all angles that now is the time to sell their house, but have you, as a homeowner, been told exactly why now is the time to sell?
Is now a good time of year to sell?
There can be complications with selling a house at any time of year, so waiting for a specific season to sell isn’t the best way to move forward with your sale.
You will always find a reason not to sell at a certain time, but you should focus on more than the time of year when you’re looking to sell. Look at the housing market, and see how other houses are performing. Currently, with house prices dropping and more homeowners looking to move after being in lockdown for so long, now is a great time to sell a house.
There are plenty of interested buyers, and with prices expected to continue dropping, you will likely get a better price selling now than you will in six months. While you will almost definitely sell now for a lower price than you may have expected due to the pandemic, selling now will help you avoid more of a drop in the coming months.
I was thinking of selling before lockdown, should I go ahead now?
As lockdown is easing, more homeowners are now starting to get their houses ready for sale. If you were looking to sell some time in the next 12 months, now could be the best time for you to go ahead. House prices have dropped by nearly 5% since March, and are likely to drop further in the coming months, so selling now will help you achieve a better price than you might in 6 months’ time.
Will I have to accept a lower offer?
When you receive offers for your house, you don’t have to accept anything that you’re not happy with. What you should keep in mind, however, is that if you receive an offer that’s less than you’re expecting and you reject it, there is no guarantee that you’ll get a higher offer.
Some homeowners find themselves in this position, and end up selling for an even lower price than the original offer because their house has been on the market for so long it’s lost value.
If you’re selling on the open market, agents will always suggest a higher than market price for your sale price as buyers will almost always offer below the advertised price. This means that you’ll need to take into account that your asking price often won’t actually reflect your value, but is simply the way that house sales work.
If you choose to sell in another way, such as through a quick sale company like We Buy Any House, your price will be settled on by looking at actual market value rather than the advertised price that an estate agent would provide you with. Knowing this will save you hassle and confusion when selling, and help you avoid missing out on a sale.
Should I wait to sell?
This will depend on why you’re looking to sell your house.
If you want to sell to relocate or to gain some financial relief, delaying your sale could mean that you end up selling for less in the future and find it difficult to buy elsewhere with the decrease in value.
If you’re thinking about selling so you can downsize, or want to retire mortgage-free, you need to decide what is going to be best for your personal situation.
There is no way to tell how long it will take for house prices to start increasing again, and even then, you can’t guarantee a sale for the price that you’re hoping for. Selling now will mean that you can get a better price than you are likely to be offered in 6 months’ time, and allow you to move on freely with your plans instead of putting them on hold indefinitely.
My house isn’t ready to sell, do I have to improve it?
Depending on who your potential buyers are, this answer could vary. If you have a property that isn’t in the best condition, whether it’s out-dated or damaged, you’ll likely find it harder to sell than a house that’s ready for someone to move into straight away.
However, there are exceptions. You can spend some time and money improving the house, and at the same time increasing value, but you should be wary of spending too much or making changes that don’t particularly affect the value to make sure that you won’t lose money in the process.
Some buyers will be willing to take a property that needs work, especially if they’re looking for an investment property, but the price that they offer will reflect the work that they need to do in the house to make it a worthwhile investment for them, and it can be hard to find buyers who are looking for this sort of house.