In today’s fast working age of buy, sell, invest, rent, buy-to-let, buy and sell again, it can be hard to choose the right time to sell your property, particularly if you’re looking at moving elsewhere, or moving to a larger property. It is important to do your research before simply deciding to sell you property, as while there is never truly a ‘good ‘ time to sell, the local property market will be able to give you some idea of when may be a good time to sell.
Depending on the style of property you are listing, your property will attract different types of people. Flats will attract young couples or professional couples, whereas semi-detached and detached houses are more likely to attract families and growing families, for example. As primary schools and now secondary schools are finding out, there is a higher demand for school places every year, so it comes as no surprise that there is a higher demand for family housing with our rising population.
Of course certain areas will be more susceptible to population demands. For example if you have bought property in an area mainly inhabited by retired couples and pensioners, you are unlikely to garner much interest from young families, especially if there are no .local schools nearby. Properties with room for expansion in areas near schools will be more popular with families, whereas bungalows and properties in quiet areas of the town or city will be more popular with pensioners. It all depends on your location and what is in demand in your area at the time.
As previously mentioned, location plays a large role in the supply and demand for properties. When it comes to the school run, almost every parent is looking for a property that is within the catchment area for local schools. This takes a huge precedent over public transport or distance from the main employment centre, but these are also important points to consider.
If your property is within walking distance of any main line railway stations, or is on bus routes, there will be a higher demand for it. However if your property is in the centre of town, you might find more interest from professionally employed singletons, as they are more accustomed to the hustle and bustle of central city and town life. Convenience and distance to the town’s main facilities plays an important role in how popular or how high a demand there may be for your property.
Similar Properties in your Area
If you are still considering selling your property, it might be a good idea to look at similar properties in your area. There are a number of comparison websites and property websites which will be able to give you a comprehensive list of any properties according to your specifications in your local area. You can easily use these specifications to find out whether or not properties similar to yours are successful in being sold and what they appear to be selling for.
By using this tool and checking back with it regularly, you can get a vague idea of the supply and demand for similar properties. For example if you see three similar properties on the website one month, however when you check back the next they have all been sold, this may be an indication of high demand. On the other hand, if they are still on the website several months down the line, this is an indication that they have not had much success or are marketed at too high a price. You can use this as a means of gauging when the best time to sell may be.
Can it Wait?
At the end of the day, if you’re not desperately trying to sell in order to meet a deadline, or you need to raise the money to move across the world, it may be useful to bide your time and wait for a good opportunity to sell. This is going to be a less likely case if you are planning on moving home and more for those selling a secondary investment, but still it is always good to wait if the time doesn’t seem right to sell at this moment. You will still have the property as an investment, and can sell or rent out at a later time.
Article provided by www.philipcarruthers.co.uk, a firm of chartered surveyors based in Exeter.