Nobody has a crystal ball that can tell you the exact future of the property market, but getting to know the patterns will certainly help you make an informed decision on when is best to buy or sell your home!
It is pretty important to pick the right time to buy or sell your home. If you get the time wrong you could pay more then you have to for a property, or your property could end up sat stagnating on the sale market for months. People tend to make the decision to buy or sell based on a change in life circumstances or because of financial issues, they rarely think about the real estate forecast. However, buyers and sellers always ask ‘when is the best time to buy or sell?’
If you aren’t under pressure and don’t need to rush take your time to do the research! Here are some pointers to help you out.
Not every market is the same!
These days the market forecast is not the same across the whole of the country, it can differ from one county to another. One town can be a hive of activity whilst another town just 10 miles away can be practically dormant. You need to dig deep, do your research, look around and get as much local information as possible. Speak to good local estate agents or professionals, who may be in the know, regularly to stay informed of any shifts in the market.
Interest rates do fluctuate!
When buying a new property most people need a mortgage and long term interest rates are a big factor. For many years people have been pretty lucky to have had low mortgage rates of under 5% but don’t forget there was a time in the 80’s that they were 12% or higher! Watch the mortgage rates and buy at a time when the rates are good!
Changing with the seasons!
Is there a good time of year to sell? Yes! When looking at past market trends it can be seen that spring is a popular time in the property market. There are lighter, sunnier days, flowers are opening up, and the grass is growing lush and green, perfect for those all important photos and viewings! Also those buyers relocating, who have children, will look to buy in the spring ready for their children starting a new school in September.
However, even though spring is a strong time to sell, buyers are always looking online no matter what time of year it is, and if you are thinking of selling your home it may be worth waiting until one of the quieter times. Why? Because there will be fewer homes for sale meaning less competition for you. Remember though that the season you sell isn’t the biggest factor to focus on! Showing your home in the best possible condition, and choosing the right listing price are more important then the time of year! If your home is priced right and shows well, it will sell no matter what season it is.
It’s not all about money!
If buying a property was always just about the financial side, then everyone with a solid job and savings would be getting on the market. However, there is more to it then money, there is also the practical and emotional side to consider. There are some buyers who scan the market and undertake viewings for years before making that crucial offer. Why? Because whats the point in taking on a mortgage for a property that doesn’t tick most or all the boxes? There is nothing wrong staying put in your old home until you find the right property to move on to. Being able to bide your time will also give you chance to learn the markets patterns.
If you are looking to buy or sell your home in the near future, do your research! Take your time and learn the property market trends. Remember though that no one can predict when the right house will come along so be flexible and use your gut instincts too.
Nobody has a crystal ball that can tell you the exact future of the property market, but getting to know the patterns will certainly help you make an informed decision on when is best to buy or sell your home! It is pretty important to pick the right time to buy or sell your home. […]
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Michelle Gaffaney - Architectural Director
With a wealth of experience working on a range of projects, Michelle Gaffaney has a passion for design and strong relationships with her clients. Connect with Michelle on LinkedIn