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Is Now A Good Time To Sell My House?

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Property has historically always gone up in value, so if you are thinking, “Is now a good time to sell my house?” it depends on whether you are in a buyer’s or seller’s market.

You’ll need to think about the location of your property, your financial situation, current home prices, any personal matters, the rising interest rates, and the overall demand and supply of the housing market.

If your circumstances require you to sell then you’ll have to sell.  In this article, we’ll help you make an informed decision.

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Is now a good time to sell my house?

Unfortunately, there is no straightforward answer to this question. You need to weigh up your motivations for selling your house. The summer and spring are the best times to sell a house.

So, how can you tell that now is the right time to sell?

If you’re hoping to make a good return on your property, now could be the best time, particularly if you don’t plan to purchase another property. This could include situations such as moving into a rental, disposing of a deceased relative’s property, or moving in with a partner.

The property market is going through a turbulent period, according to industry experts. Data from Halifax shows that the average house price in the UK reached a record high of £289,099 in May.

Although this can be off-putting, the market is showing signs of cooling. The same analysis also revealed an increase in property values of £2,857. This is due to the disparity between supply and demand.

The ongoing buyer demand and lack of housing inventory are driving the property market. You can use this to your advantage by selling your home for a good price, especially if there are bidding wars.

Increasing mortgage rates suggest that now is the time to sell your home.

is now good time to sell a house
If you're hoping to make a good return on your property, now could be the best time, particularly if you don't plan to purchase another property.

Factors That Can Influence Your Decision To Sell Now

These are two external factors and two personal circumstances that may help you make up your mind:

Supply & Demand

When the market is bustling, buyers compete more, while a lack of housing inventory can drive up prices and the demand for available properties. When the available supply is low, properties will sell quickly.

Low interest Rates

Before the recent 14 interest rate rises in the last 2 years, interest rates have been historically low and as a result, we saw property prices rise.

Downsizing

If you have a large home, now might be a good time to downsize and benefit from releasing equity, reduced maintenance costs & bills.

Relocating

Whether you are moving abroad or simply relocating to another part of the country, selling might be a good idea to enable you to buy another property.

Check the demand for your property Online:

  • Run a buyer search on the property portal to get an idea of the competition your property will face.
  • Talk to your estate agent about what they currently have listed and whether similar properties are selling at this time.
  • Look through housing market reports.
  • Ask your estate agent about the average sale time in your area.
  • See if your estate agent has any hot buyers list (these buyers are organised and ready to move).

Is now a good time to buy a home?

The answer to this question depends on your current situation. If you already own a property that you need to sell first, then the higher market prices could be advantageous. However, if you’re a first-time buyer, it can be a bit trickier.

According to expert predictions, people are likely to hold on to their homes, due to difficulty in obtaining larger mortgages. This is mainly because of a decrease in income and high inflation rates.

Location is also an important factor to consider. Higher prices are not ideal for first-time buyers.

As reported by Halifax, the past ten years have seen a 74% increase in the cost of a home, which is equal to £123,016. In London, this means that the house price is £247,638 higher than it was 10 years ago. East England and East Midlands have seen a rise of £153,930 and £108,116, respectively.

Northern Ireland had the highest inflation rate in May, with prices rising by 15.2%. Southwest England saw a strong annual growth rate of 14.5%, while Wales had a 13.7% increase, bringing the average price to £216,120.

London, Scotland, and Humber recorded the lowest, with an inflation rate of less than 10%. Scotland was underperforming compared to the UK average, at 8.3%.

But the market has started cooling, and house prices are expected to fall due to higher interest rates.

Should I sell my house now or extend it
You may be wondering whether to sell your house now or rent it out. This could be a great option if you're only away from home for a short time, such as for work, and you want to keep the option of returning later.

Should I sell my house now or extend it?

If you’re wondering if you should sell your house now because you need more space, have you thought about extending it? This could save you a lot of money on things like conveyancing fees and stamp duty.

It’s important to consider if extending your house will add value to it, as well as if you need to get planning permission. All of these factors should be taken into account when you’re asking yourself if you should sell your house now.

Should I sell my house now or rent it out?

You may be wondering whether to sell your house now or rent it out. This could be a great option if you’re only away from home for a short time, such as for work, and you want to keep the option of returning later.

If your house is an attractive rental property which would generate good rental income, then it could also make sense.

Before you rent it out, however, there are a few things to consider. You may need to switch to a Buy to Let mortgage, and there are tax implications as well.

If your mortgage lender allows it, you can get ‘consent to let’ so you can rent it out for a short period.

When is the most popular time to sell a house
Traditionally, August and December have not been the best months to sell a house. People usually go away on holidays during August while they prepare for the upcoming Christmas in December.

When is the most popular time to sell a house?

The warmer weather of Spring is the most popular season to sell a house. Rightmove has revealed that March is the month with the highest number of enquiries per property on sale. April and May also experience a good amount of interest in properties

Therefore, it can be said that Spring and early Autumn are the best times to put your house on the market.

What is the worst month to sell a house?

Traditionally, August and December have not been the best months to sell a house. People usually go away on holidays during August while they prepare for the upcoming Christmas in December.

However, there are advantages to having a house up for sale during the festive season.

Should I sell my house now to avoid falling into negative equity?

Negative equity happens when the value of your home is lower than the mortgage you owe. This is more likely to happen when house prices are dropping. If you are planning on staying put, negative equity won’t affect you.

If you bought recently and didn’t have a big deposit, you’re more likely to be at risk. You should also think about whether you’re likely to move soon.

Should I sell my rental property
If the figures don't add up for you anymore and you're looking to sell, you'll need to decide whether to sell your Buy to Let with sitting tenants or vacant possession.

Should I sell my rental property?

If you own a Buy to Let property, you may wonder if you should sell it now. Many factors could have made owning your buy-to-let property less profitable in recent months and years, such as increasing buy-let mortgage rates.

If the figures don’t add up for you anymore and you’re looking to sell, you’ll need to decide whether to sell your Buy to Let with sitting tenants or vacant possession.

However, if you choose to go for vacant possession, it doesn’t mean you have to miss out on rental income. You may be able to arrange a short-term let while you are in the process of selling your home.

Should I sell my house now and rent?

Deciding to sell your home and rent instead is a serious one and should not be taken lightly. If your reason for doing so is because you believe the property market may crash, be aware that this is a very risky move.

If the market does not crash and prices increase, you may end up much worse off.

There is also a high demand for rental properties in many locations, so you may find you have to pay more for rent than what you were paying on your mortgage.

Therefore, if you are considering whether or not it is a good idea to sell your home and move to a rental, it is important to do your research thoroughly first.

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