If you’re planning to sell your home, you may be thinking if now is the best time to do so. While it may feel right for you, listing your property at the wrong time of year could lose you money.
For example, if a market is full of a wide array of properties for sale, it may be harder to make your home stand out from the crowd, making it easier for buyers to negotiate the price of your property. Whereas if there isn’t much on the market, then you could end up selling your home for more money due to buyers competing to purchase a property.
To help you get the most out of your house sale, we’ve answered some of the most important questions to help you find out if now is the best time for you to sell your home.
Preparing to sell your home
Making sure you and your home are ready to sell is key to a smooth sales process. Some things you can do to prepare your home and attract potential buyers are:
- Decluttering your space — This makes your rooms look bigger and brighter; many buyers can be put off by mess and clutter as it’s hard to see the full potential of the space.
- Adding a fresh lick of paint — Covering up marks and faded walls or adding some colour to your rooms can make your home look newer, fresher, and more enticing.
- Fixing up bits that need some TLC — If a hole in the wall needs to be filled or a drain needs unclogging, getting around to these DIY chores can attract more buyers.
- Sprucing up your garden — A good-looking garden is more valuable than many sellers think, so sprucing it up by tidying foliage and cleaning your patio tiles can go a long way.
Preparing yourself for a house sale is just as important as making a good first impression with a well-presented home. Deciding if, or when, you should sell your home is the first step, which we will cover in this guide today. Other points to consider are:
- Figuring out your finances — Getting a rough idea of how much the move and sale will be and how much money you’ll have left after paying off your mortgage is important before you choose to move. You can learn more about how to save for a mortgage here.
- Deciding if you’re going to rent or buy — Renting after you sell your home can add to the overall expense of moving. However, you won’t be rushed to find your perfect next home as you’ll have time to look and research.
- Choosing an estate agent — You can choose a local estate agent which has a high success rate with sales, or an online estate agent which is usually a cheaper option to sell your home. Doing your research into your selling options is key to success.
- Getting an Energy Performance Certificate (EPC) — An EPC is a standardised document that ranks a property in terms of energy efficiency. This is something homeowners need to provide buyers when selling their homes.
- Deciding how much you’re going to sell for — This is one of the hardest and most important decisions you’ll make. Researching the market, getting a professional valuation, and adding 5-10% so buyers have room to negotiate is highly recommended.
- Hiring a conveyancer — A conveyancing solicitor is needed to handle all of the legal work that’s involved when you sell your property. The estate agent will recommend a conveyancer but you should compare this option with other quotes.
- Filling out relevant questionnaires — You’ll be advised to fill out a variety of forms and questionnaires to give the buyer as much information about the property and the sale as possible. It’s recommended that you do this before advertising your home.
Take a look at our in-depth guide on how to sell your home for more tips on how to get a good price and complete the sale smoothly.
When is the best time of year to sell?
While the type of property and potential buyers can largely influence the best time to sell, in general, these are the best times of year to sell your house:
The new year
People see the new year as a fresh start after the Christmas season is over, which makes it a popular time to begin the search for a new home. The market shows a peak in buying activity in the new year, which continues to grow into the start of spring. People who begin viewing properties shortly after the new year may take several months to make a decision.
Spring
Spring is the most popular time to buy and sell properties. Many buyers like to start the buying process at this time so things are complete by the summer. Also, the Easter Bank holidays give people more time to fit in viewings and consider their options before making a decision. During spring, properties are bright and the garden comes back to life, giving off a nice overall feel.
Autumn
The market sees an increase in activity in autumn up to early November. People are back from their summer holidays, children are back at school leaving more time to view and work through housing options, and people are hoping to complete their sales before Christmas.
In addition to this, those who finish education tend to start their jobs in early autumn and may look to settle down near their place of work.
When is the worst time of year to sell?
Summer
During the summer, most individuals and families spend more time focusing on their summer holidays, the longer evenings, and taking care of their children. This can make it difficult to find the time to view and make decisions on a property. Some families may prefer their kids to settle in their home over the summer before the new school year starts, rather than move them.
Winter
The winter is a poor time to sell a property. Buyers are more focused on the Christmas season and are aware that it may take longer to complete a sale due to the holidays. The darker nights and the lack of greenery in the garden can also make a property look less appealing. Those searching for properties during the winter are likely looking for a bargain.
The best day to list your property
Several studies have been carried out to determine the best day of the week to put your house on the market. While they all come up with varied results, there are two days that stand out: Mondays and Thursdays.
Houses that are first listed on a Monday tend to sell the quickest as people are busy browsing the market after their weekend break. If buyers find a property they like at the start of the week, then they’re more likely to lose interest in searching for other properties throughout the week.
However, homes listed on a Thursday are more likely to sell close to or more than the original listing price. You should avoid advertising your home before a bank holiday or major cultural or political event.
Alternatively, Sunday is shown to be the worst day to list a property, as people are more focused on enjoying their weekend and family time than searching for properties. This makes it easy for Sunday listings to get taken over by new adverts put up at the start of, and throughout, the week.
What kind of property are you trying to sell?
The type of property you’re planning to sell will be one of the factors that determine the speed of sale. For example, one and two-bed apartments sell quickly during January and February time as young couples and professionals want a fresh start to their new year.
Sales for family homes slow down during the summer months due to restrictions because of the school holidays. Following these trends will make it easier to target potential buyers, increasing the success rate of your house sale.
How to target potential buyers
If you know what kind of buyers your property will attract, selling it at a time when you know they will be looking is highly recommended. Their buying patterns may not always follow the trends, but it’s worth taking note and strategically planning your house sale around this.
For example, one and two-bedroom homes are a popular choice for first-time buyers and young couples who are trying to step foot on the property ladder. The new year often inspires and motivates them to take that leap to become a homeowner, with research starting in January and viewings in February.
On the other hand, the accessibility bungalows have to offer means that they attract people in later life who are looking to retire. Some elderly people would prefer to leave their homes to view properties when it’s warmer and lighter outside. This type of buyer is less likely to be dictated by school holiday schedules, so summer might be a good time to target this audience.
Is 2022 a good time to sell your home?
Since the pandemic hit, house prices have grown and continued to grow more than ever and the market isn’t showing any signs of slowing down. For this reason, if you want to get a good price for your home, then 2022 could be a great time to sell.
In fact, it’s recommended to sell your home before house prices inevitably drop, buyer demand lessens, or interest rates rise.
