Have you given any thought to when precisely you intend to start selling your property? Here’s some food for thought that might help you decide.
Often, when we intend to sell our property, we simply engage an estate agent and ask them to market it immediately. However, did you know that certain times of the year are better for selling particular properties than others? So, putting your house on the market at the wrong time for your particular buyers could mean that your property launch is just a dribble. It’s not healthy for your eventual sale price, or for your emotional wellbeing, to have a property languishing on the market for months, so the better you can plan your launch, the more likelihood there is that your property will see early and strong interest from buyers who want to get on and move quickly. An efficient property sale takes a little planning and here’s why.
The key is to know your buyer and plan according to their timescale, not yours! As already mentioned different types of buyers like to move at different times of the year, according to their own needs.
So, exactly who buys when?
Young couples and singles
First time buyers often begin their first home search very early in the year. Perhaps they’ve spent one Christmas too many at home with their relatives, and realised it’s time to move out. Their search often starts in earnest in January and February. Their purchases at the lower end of the market – apartments and terraced homes – then supports the second and third time buyer market – semi-detached and detached homes. This, in turn, supports the larger properties, and so the cycle goes on.
One thing to remember about young couples and singles is that they tend to look at lots of different properties as they are not in a hurry. Their search can go on for months (and even years). So be patient with them, and let them take their time to make up their minds.
Family buyers tend to buy at three distinct times of year: autumn, spring and early summer. Do you recognise the significance of these times? They are school term times. Buyers with children don’t usually like to house hunt during the holidays. First, they have better things to do, perhaps going on holiday, and second, it’s a whole lot more stressful viewing a home when you have a bored and whiny child to contend with. Mums and Dads tend to wait until the children are in school, so they can view potential new homes in peace.
Older couples and singles usually prefer to look at homes during the warmer months, so bungalows and retirement homes will often languish on the market over the winter time. The elderly don’t want to venture out to look at homes in the rain and snow — and who can blame them. Nor do they want to move house in the winter time. For them, summer is the ideal time to sell, and to buy. This type of buyer tends to look at fewer properties and makes his mind up more quickly.
So, if you know who is most likely to buy your home, you can plan your launch to market more effectively. Remember that the less time your home’s on the market, the closer to your asking price you are statistically likely to get, so plan for a quick sale!
If you’d like to discuss the timing of selling your property, or indeed anything else to do with property, give us a call today on 01256 811220