Is Spring the Best Time to Sell Your Home?
With so many contradictory headlines telling us that prices are rising or falling and that you should hold off moving until after Brexit, it’s hard to know whether to sell in the spring – a traditionally busy month for the housing market – or to wait until later in the year. Life isn’t always simple and sometimes life changes mean we don’t often have a choice. So here’s what we know at Clyde Property about selling your home at different times of the year.
Professional couples and singles
First time buyers tend to bring their search early on in the year – often after spending Christmas with their families and following the New Year when new beginnings are at the forefront of people’s minds. Searching often starts as early as Boxing Day and into January (with a large number of people looking at property portals online on Boxing Day). Purchases at the lower end of the market (starter homes) will support the second and third time buyer markets (typically terraced and semi detached family homes). This, in turn, supports the larger properties and so the cycle continues. First time buyers are often in no hurry to move and can spend months or even years searching for a property that suits their budget and location.
Buyers looking for family homes – often the ‘second steppers’ – will look for property during three distinctive times; autumn, spring and early summer. The reason for this is that buyers with children don’t tend to search for homes during the school holidays due to going abroad, having children to look after, and the prospect of viewing homes with a small child is often enough to put anyone off looking during these times!
Families also prefer to move into their new home in a school catchment area (if that’s the key driver for a move) well ahead of the next academic year.
Those looking for a smaller, more manageable home are more likely to search for homes during warmer months as they don’t want to venture out viewing properties in the rain or snow, or in icy conditions. Summer time is the more preferable time to buy and sell and they tend to make up their minds more quickly than the first time buyer.
When to sell
Trying to work out when to sell your home can be daunting, but most people agree that certain times can be more fruitful than others.
Putting your property on the market early to mid-spring can enable you to take advantage of the fact that traditionally there are more buyers at this time of year. By leaving it until summer, it could mean that you miss out on buyers being on holiday. The better weather from mid-March to late June can provide a great opportunity to showcase your home to the best of its ability and viewing a home with a front door surrounded by hanging baskets and a garden with fresh green leaves on the trees and flowers in bloom an give buyers a great first impression.
Although you could miss out on buyers who are away, summer could mean that your home is seen in the best light as the days are longer, the sun is more likely to be shining and more attention is paid to how much outdoor space you have, so if your garden is your pride and joy or you have a balcony with seating and a great view this could be a good time to sell. If you don’t have a good garden or any outdoor space then selling when the sun is shining could be a disadvantage.
The appetite for buying homes returns in autumn and many people are keen to get into a new home before Christmas so that they can enjoy this festive period in their first home. Demand can start to swell for properties around October and this can present the best time to get a quick sale.
Interest does slow down as we approach Christmas as the dark nights draw in. However, there are a large amount of people who look for a home online on Christmas and Boxing Day – with this figure rising each year. People see the New Year as a chance to start afresh, and many look for ways they can make changes in their lives, be it through a new career move or a new house. In addition, with homes full of Christmas decorations and relatives combined with dark days people often crave more space and tentatively look for properties that better suit their needs. An advantage of selling at this time of year is that competition is low and your home is more likely to stand out from the crowd.
Clyde Property is a leading independent, multiple award-winning estate agent with over 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on letting and renting property.