Market update January 2018
Tue 30 Jan 2018
December 2017 Edition
When is it the right time to sell?
It’s the million-dollar question home owners ask themselves every day, particularly with the direction of the housing market swinging on the hinges of Brexit, creeping interest rates, and socio-economic factors affecting the community in which we live. These are just some of the factors impacting the decision to sell your property.
Has your property increased in value?
Properties in certain pockets of our city have increased in value significantly in recent years. If your home’s value has increased far greater than you anticipated, it might be a good time to take advantage of the current demand for property such as yours. You may also wish to explore the potential to unlock the equity in your home to invest in additional properties.
Do the numbers stack-up?
Even if the property’s value has performed much better than you thought possible, the reasons and motivation for selling your property should be clear prior to listing your property. There’s truth in the saying “hindsight is a wonderful thing…” and knowing why you want to sell is a fundamental consideration.
For some homeowners, the decision is based on maximising returns through downsizing or moving to a less expensive area. However, it is important to consider all the costs associated with selling and moving, so that you don’t end up with less in the bucket than you intended.
Can you afford to buy before selling?
In the current market where the number of good quality homes are limited, this is pushing the buyers into a competitive market. This gives some vendors the upper-hand when it comes to timing and taking the best offer.
If you are thinking about selling your property prior to buying a new one, you may encounter problems you hadn’t anticipated. These include the possibility of having to rent somewhere in the short term until your new purchase completes. Additionally, during upswings, homes in your desired area may increase significantly in value after you sell, so be an active house hunter prior to launching your property.
Is it the right time of year?
We have all heard the rules of thumb to avoid selling your property in the middle of Winter or while interest rates are creeping-up. However, in today’s competitive market we are finding these rules simply do not ring true. For some of our clients, breaking these rules are the smartest decisions they have made, by for example snapping-up bargains while demand is low. We are finding that those who wait until Spring are swamped by dozens of other properties in competition with their home and often wait far too long for a buyer. They often miss out on buying their dream home, leaving them lost in a buyer-driven market rather than a vendor-driven one. If you’re uncertain about when it’s the right time to launch your marketing campaign, give our sales marketing team a call on 07721 758 093.
Is it the right time to buy an investment property?
Many investors have already cashed-in their chips or are at least considering this option. This is largely due to the generally accepted view that the market is close to its peak.
If you are thinking of buying or selling an investment property, avoid waiting until Spring. Talk to the team at Breeze. With our wealth of local knowledge in property management and market trends, we can discuss options that will work best for you.
Breeze Property Shop