Homeowners hoping to sell by Christmas should get their skates on!
This is according to Data compiled by the HomeOwners Alliance, which shows that in recent months it has taken an average of 60 days to sell a property.
Although no two sales are the same, and there are outside factors which play a major role, such as the ability of the solicitors and the time they have to allocate/focus on (your) a sale, strong guidance leads towards the need to list your property (if you’d like to sell by Christmas) by Friday, October 27.
The time taken to sell a property in England has risen gradually through 2023;
44 days in January,
53 days in March,
currently 60 days.
Paula Higgins, HomeOwners Alliance CEO, said:
“The relentless interest rate rises have done their job by dampening the housing market and curbing inflation. So, to agree a sale by Christmas, you have to list your home by the end of October at the latest.”
As always, there are a number of key factors that you should always consider/prioritise when selling a property, no matter the time of year or the market circumstances:
- Get the price right.
Working out prices in the current market isn’t easy.
It is paramount you speak to and take guidance from local agents who have a proven track record in your area. They will be able to give you the best advice on what price to market your property and the best strategy to use. It is very tempting to listen to the agent that tells you the highest price, but this isn’t always the way to go, especially if they can’t back it up by showing recent comparable evidence and have a clear plan in mind on how to achieve this.
- Present your home (or property) in its best light.
Clean, tidy, clutter free is always a great start. You are often selling a lifestyle, not just a property, so make it feel that way.
If you have the ability to make it seasonal, great! Embrace soft furnishings with autumnal shades and, as the nights draw in, add subtle lighting to add a warm glow to those dark corners. Fresh flowers and the smell of freshly made bread are things we are all drawn to, but not always easy to achieve for every viewing!
- Lawyer up.
Don’t rest on your laurels once your home is listed. Shop around for a conveyancing solicitor and get your paperwork in good order so you’re ready for those potential buyers when the offers come in. The cheapest lawyer, or the most expensive for that matter, are not always the best. Find out if they are familiar with the street/area/building/property, if so, this is a big advantage as they are likely to know what difficulties may lay ahead and what is required to overcome them.
We always advise to make sure that they (the solicitors) are willing and able to dedicate enough time and focus to your sale, and that they are confident they can work to timescales which match yours. Bad, uncommunicative and/or difficult to deal with/awkward solicitors are, in our experience one of the major reasons for unnecessary delays.
A comment from George Maloney, Head of Property Acquisitions at Living in London, on the current sales market in SE16 (and surrounding areas);
“As mortgage interest rates continue to be more competitive and move in the right direction for borrowers, we have witnessed an increase in buyer activity in recent months.
Those currently searching could very well be savvy buyers as they know it is still a buyers’ market, but that this could easily change if rates continue to fall coupled with the seasonal new year bounce (Q1 2024).
The 2023 SE16 sales market has been a tricky market to navigate with transaction levels down around 25% across the board on the previous few years.
So, as we always emphasise and as is always the case, it is imperative if you are thinking about selling before Christmas to price your property competitively and correctly and make sure that it is presented in its best possible light.”
If you’re thinking of selling, buying, renting or letting a property and would like to discover more about how a 5 star rated multi-award winning agency can help, please do reach out; 0207 231 0002 or email firstname.lastname@example.org