Is Spring a good time to sell?
It seems to be a common conception that Spring is the best time to sell a property. Most estate agents would agree that Spring is a busy time of year, however, that doesn’t always mean it’s the best time of year to sell.
Spring is a lovely time of year; the weather improves, the days get longer and with it, people begin to feel happier. Flowers begin to bloom and greenery appears which helps property photographs look a lot more appealing than bare and barren winter ones. Your house will be lighter and have more kerb appeal than the duller months. Generally, in spring everything seems on the up and everyone seems up for moving.
However, before you go hot footing it down to your local estate agents and putting your house on the market; what if I told you that the answer to the question is that it depends on the type of property that you are selling. Whilst Spring is a great time to sell, to get the best price and the quickest sale, have a think about the type of buyer your property will appeal to and what position that buyer maybe in this time of year.
So, if you have a two-bedroom flat or a small terrace house you’re likely to attract a first-time buyer. This type of buyer typically begins their search earlier in the year, maybe after the Christmas period, they realise that they want their own space after spending it at mum and dads. They have got Christmas out of the way and want to start afresh in the New Year and thus begin their search. I would suggest that if you think your buyer might fall into this category, put your house on the market straight after Christmas (make sure your Christmas decs are down first) or early January.
If you have a three bedroom semi or detached with a garden, near local schools and amenities then you are likely to appeal to young families. Young families tend to buy during school term times. They tend to avoid holiday periods so the end of winter, spring, early summer and autumn are popular times for them to buy. Families tend to like looking for property when the kids are in school. That way they can view the property in peace and take it in without the children distracting them. Also, as they are limited to when they can go on holiday, they make the most of the children’s time off and tend to go away during the school holidays; it is likely they will prioritise a family holiday over viewing a house.
Bigger family homes tend to attract those with older children. This type of buyer is in a better position financially as their children have grown up. It can be around this time in their life that they may be left money by a loved one that they wish to put towards purchasing a bigger family home. If you think about the position this type of buyer is in, the move is likely to depend on them selling a smaller family home. As mentioned in the previous paragraph, smaller family homes tend to sell in term time. This would mean that the end of term and going into the holidays would probably be best for the bigger type of family home buyer. Their children are older so they wouldn’t mind taking them to see a house. They do not feel the pressure of needing peace and quiet to view a property and therefore not so critical that they avoid the holidays.
Bungalows tend to attract older couples looking to downsize. Generally, they prefer to conduct their search during the warmer months. The thought of moving in winter is off putting so summer tends to be the best time of year for this type of buyer. Summer would also be a perfect time for a downsizer to sell their home which is likely to be a bigger style family home. As we have looked at already the buyer that is likely to purchase a bigger type of family home is not so bothered about school holidays and therefore summer is a perfect time for them to buy a downsizers home.
The key to putting your house on the market at best time is to really try and understand your buyer and what position they are in with their own lives. If you can understand your buyer you have a far better chance of getting the best price for your house and selling quicker.Whilst all of the above is not set in stone, I hope it has given you food for thought.
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Until next week, bye for now.