Timing the sale or purchase of a property is important if you want to get the best deal. Prices and market conditions change so rapidly that it is important you do some research and keep up to date. If your search is drawn out you can easily find that the market when you put your home up for sale or started searching has changed a great deal. Consulting a property agent is a good idea because they will have current knowledge; at Finefair we ensure that we keep fully up to date with all the latest developments, which enables us to provide the best advice and estate management in Tower Hamlets and throughout the rest of the capital. However, here are a few tips to help you get the timing right.
The time of the year has a big impact on market conditions with most sales traditionally taking place in spring and early summer months. These are the times of year when there is the least disruption, with the New Year bringing a fresh start and school holidays in the future. Houses tend to look their best in this period because people have had their big annual clean. People are also more likely to want to move when the weather is good. Autumn sales tend to slow and there is even more of a drop in winter as people cast their minds towards the holiday season.
Your financial situation is one of the most important things to take into account when it comes to buying and selling. The market can change so quickly that prices can be different month by month. In difficult conditions you will also need to consider the selling price carefully to ensure you can get maximum attention for your property. If you are buying another home you may want to think of the selling price of your property and how this will impact your ability to put down a deposit on another home. If you’re upgrading to a larger house you’ll need to ensure you have the income to keep up with the higher mortgage payments.
Market conditions are a third consideration. The speed that properties in your area get purchased is a good indication of how quickly you will be able to make a sale, especially if yours is in a similar or better condition. If you are purchasing a property further afield you will need to ensure you can time the purchase to coincide with your sale. When market conditions are slow it can be easier to find a good deal. On the other hand if there is high demand prices can be pushed up and there will be more competition.
The best thing to do is observe the conditions in your area and consult a property specialist such as the ones at Finefair for help. We have full access to the latest market figures and will be able to explain how you can find the best deal if you are considering purchasing a property at any time of the year.