Whether to sell your house or not is a big decision to make. This is especially true if you are planning to be a first-time seller, with not enough experience and information to know if you are doing the right thing.
There are numerous questions to ask and boxes to tick before putting your property on the market. And it depends on both personal and financial indicators.
Among the turbulent housing market in the UK and rising mortgage rates, you might have questions requiring immediate attention. Should I sell it now? Should I wait? What is the best time to sell my house?
In this blog article, we have put together unbiased information that will calm your nerves, and help you make a well-informed decision on whether you should sell your house in 2023 or not. So read ahead!
When should I sell my house?
If interest rates are low
When interest rates are low, the demand for housing increases. More buyers are likely to enter the market due to affordability. With more buyers in the game, it means your home price can shoot up due to the back-and-forth bidding. If you want to sell your house for a good price, then times, when interest rates are low, should be a no-brainer.
However, in the UK, interest rates are high at the moment.
When there is a housing shortage
This is simple demand and supply. When more people are looking for properties than the available supply, prices increase. Moreover, your property will sell faster.
Although rumours have it that the UK has a shortage in housing, according to the Telegraph, it is just a myth.
If you plan to downsize
As time passes, you may realise that you don’t actually need or use the entire property you live in. And you find that maintaining a larger space could be costly.
Downsizing is a popular choice among older folks, when children are away, and living their own life. If you haven’t climbed the stairs in months, then downsizing would be a better option. It can reduce your bills, cut maintenance costs, and free up equity that’s stuck inside the walls of the property.
When you have to relocate
Got a new job in a faraway city? Got married recently and require more space? Or maybe, you want retirement to take you somewhere else?
When you make life-changing decisions, you might have to make more of them. Therefore, when you have to move, and you need to sell, then you have to sell.
How do I know if I should wait to sell my house?
If you have recently remortgaged
You could lose money if you sell after remortgaging your house. Most of the time, it may not be financially beneficial to sell your property. Consider the closing costs and other fees you could encounter as part of the remortgaging process.
If your home needs repair
Would you buy a house in bad condition? Maybe you would, if the quote is lower than the market price, and the cost of the repair is not exorbitant. But otherwise, buying a poorly maintained house would be a bad choice.
Therefore, if you are planning to sell your property, wait until you finish all pending repairs. Presentation matters, and showing a house in good condition will more likely get you a better deal.
If you don’t have a plan
Planning ahead is crucial when you want to sell your house or property. You might be tempted to think that you can ‘time the market’ in your favour.
You cannot! Not without a proper game plan, at least.
Here are a few questions you need to ask yourself before listing your property for sale.
So, should I sell or should I go?
The answer to this question is not simple. The Office for Budget Responsibility (OBR) released a forecast on the future of the housing market.
The OBR expects an average property price increase of 10.7% at the end of 2022. If that makes you think you should wait to capitalise on the house price growth, then continue reading.
The OBR also predicts a two-year fall after the end-of-year growth. House prices could come down by 1.2% in 2023, and down again to 5.7% in 2024.
And as far as forecasts go, they also admit that this is just a forecast, as house prices are sensitive to mortgage rates and borrowing costs.
Not just OBR, but different organisations have different predictions. This means that the uncertainty around the housing market looms large.
At Adjoin, we believe that any time is a good time to sell. That is, of course, if you’re using the right strategies to get a deal that benefits both you, the landlord and the buyer.
Our rent-to-own scheme helps you do just that. We help you find a buyer interested in purchasing their dream house. If they think your property is worth a shot, they’ll first rent it out, like a test run. If the tenant likes the experience, they will pay to own your house after deducting the total rent paid, adjusting to the market value at the time. If they don’t, the rent paid is yours to keep, and you will continue to look for qualified buyers who rent your home with the intention of owning it one day.
Sounds good? Talk to us right now for more information.