It would be nice if there were a magic answer to this question, but the truth is this, there is no one right answer and there is no right or wrong time. Fundamentally, the right time to sell depends entirely on your own circumstances.
If you find yourself in any of the situations below (by no means a comprehensive list), then it could very well be the right time for you to sell:
• A job transfer.
• A growing family.
• The need arises to unlock capital
• Realising profit from an investment
• You can no longer afford to keep the property
• An opportunity arises that is too good to refuse
• Funding retirement
• A falling market (cashing out while you can)
The good news is, this means that there is no single wrong time to sell. Generally speaking, it would not be wise to sell a property during times of upheaval in your life or when you – for whatever reason – are unable to showcase the property in its best possible light. Before instructing your property for sale, make sure that you are genuinely ready and willing to sell.
Selling seasons (they do exist!)
When it comes to deciding the best season in which to sell your property, it’s useful to know how the property calendar works. In London, there are two main times of year for selling property – spring and autumn. Traditionally, spring has been the favourite time to sell property, as the gardens are looking their best, the weather is usually good and there are plenty of buyers looking to move into their new home in time for Christmas.
Autumn is the next biggest selling season, again because of the still (hopefully) reasonable weather, the Christmas deadline looming again (this is a huge motivation for buyers), the kids are all back at school, summer holidays are over and done with and also because buyers have possibly missed out on properties during spring and summer.
Selling a property in either of these seasons will ensure there are lots of buyers coming through the doors, but you do need to be mindful that there are also more properties on the market, meaning more competition for you.
Some people prefer to sell during quieter times of the year, such as during the New Year period and in the winter months, because of the reduced competition from other sellers and the belief that while there are fewer buyers looking, those who are tend to be more serious about purchasing.
The right strategy
Once you’ve determined the time is right for you to sell, it’s important to have a strategy in place to ensure your sale goes smoothly and gets you the best price. Make sure your strategy considers the following:
· Is the property presented for sale?
· Which type of buyers will it appeal to?
· Are your price expectations in line with comparable sales?
· Are you working with your agent of choice? (beware of the the cheapest, monkeys = peanuts as they say)
· Are you comfortable with how they will market your home? Is there anything you would want them to be doing?
· Is there a price you will not sell below?
With some forward planning and thinking about your situation, you can determine if it’s the right time to sell. And when you do sell, ensure you have everything in place, so you can achieve the best price possible.
Have you found this article interesting? if you’d like to discuss your property needs further, please don’t hesitate to get in touch with our team today!
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