Sell property when the market is high guide, Bexleyheath house sales advice, South London Home selling tips
Is It a Good Deal To Sell Out The Property When The Market Is High?
15 March 2022
Most house sellers yearn to gain the highest profit from their sales. At the same time, the process of selling a house can be extremely time-consuming, so finding a good deal can be quite challenging.
When a market is up, it is the prime time to find potential buyers, all looking for a dream home. This period is great for sellers due to there being a presence of customers willing to buy at more and more competitive prices. It can be quite the bargaining point that every seller looks out for.
In this article, we will explore whether it is a good deal to sell out the property when the market is high. We will also see what the situation is when the market is down and how one can secure the best possible deals on their property.
Are you someone looking to let, sell or buy property in Bexleyheath and around South London? Then you can opt for estate agents in Bexleyheath to book a free no-obligation sales and lettings valuation. This will help you out with your property deals amidst the changing tides of the economy.
When is a Market ‘Up’ or ‘High’?
The phrase ‘market is high’ or ‘market is up’ means that a commodity or stock trades higher than usual at present.
What Happens When A Market Is High?
When a market is up, it simply means two things- the demand levels are high, and supply is low. There are more buyers actively willing to buy than sellers trying to sell.
In the property sector, it means that now considerably more houses are being sold at present than the number of houses turning at a past indicator, like a week, month or year ago. In simpler words, if more people bought houses than sold houses, the market is up.
When you list your house in the market is also a considerable determiner of how quickly and at what price your property sells. In the real estate sector, there are various periods or periods considered the prime ‘seasons’ to sell a property. This is usually late spring to early summer, and March is considered the best month if you want to quickly sell your house.
There is a certain level of competition between the buyers as well, which reaps up the best deals for a seller. Thus, the prices of houses are at their highest during this period.
2022 so far has shown the demand-supply chain in real estate to be favourable towards sellers, despite the multiple challenges in the past two years.
What Happens When A Market Is Low?
When a market is low, the tide is in favour of buyers. There is enough room for negotiation for them to get the lowest prices for real estate due to the presence of seemingly endless options.
This is not a good time to sell houses, as there is a lot of scope for scoring a better deal for the same property in the prime months. But taking into account the amount of time the property will have to be listed, the wait is not worth it. Keeping a property on the market for too long can potentially devalue it, and the maintenance charges till the sale will have to be borne by the seller.
What Are Some Hindrances Which Might Arise Even When The Market Is High?
There are various factors which can bring down a good season of sales. It is important to remember that the predictability of market forces can be disrupted by unforeseeable events, like the coronavirus pandemic. The market’s natural oscillation between the months can come to a grinding halt on such occasions.
Some of the recent trends in the UK which can potentially skew the market in favour of buyers are as follows.
Potential Rise In Interest Rates
This can be a major problem for sellers, as those buyers who wish to secure loans from banks to buy property can get demotivated due to higher interest rates of borrowing and mortgage. This will subsequently reduce demand as well for property, leading to the market going downwards.
Rising Cost Of Living
This is another obstacle which people are planning to buy homes face. The steady rise in food and energy prices might discourage people from spending big on the property and adding additional burden to their already bloated expenses. Financial insecurity, especially after a pandemic, might chase buyers away.
How To Sell Your Home When The Market Is High?
Sellers have to adopt a policy of cautious optimism while listing their house, irrespective of whether the market is high or low. Some strategies that sellers can adapt to get the most out of their property are as follows-
Do Not Overprice
Never overestimate your property’s value. The property might be your most valued possession, but that’s immaterial in business deals. The buyer might follow stringent criteria when observing the particulars, and comparison can be expected. Having a clear idea of the approximate valuation is very important, as overpriced properties do not sell easily.
Have All Documents In Place
In the UK, the law mandates an Energy Performance Certificate to be obtained from a DEA. Apart from this, have all the required certifications for your house properly commissioned and arranged for. Also, draw up the contract of sale to issue once the buyer approves.
Strategically List When the Market Is High
How you time the placement of your house on the market affects the ultimate sale. Any seasoned seller would advise that the sooner you sell the house, the better it is. This is because a house left too long on a listing can become ‘stale’, and eventually stop attracting customers.
The Property Should Be In Prime Condition
The fact that when the market is high, you can get more customers should not be taken for granted. Always maintain your home in the best possible condition, and if possible, get a property inspection done to the plot. This will help to bring out any hidden issues, which can be fixed.
Thus, we can conclude that selling a property when the market is high is the most profitable option. After all, make hay while the sun shines! If you are a first-time seller, it might be quite difficult to navigate the technicalities of selling your house. Multiple factors need to be taken care of, which might escape your attention because of your lack of experience.
Do not worry, as you can hire the services of a reliable agency to take care of your property sale at the best price possible. We advise you to consult professionals with experience in the property market and make good use of their recommendations.
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