The spring bulbs are blooming and the property market is about to pick up. But why is spring the prime time to sell your property? Sam Funnell from Fine & Country Rugby considers the pros and cons of selling in spring.
Broadly speaking the best time to sell a house is when there is the highest number of buyers actively looking to buy. But when is that? While in some parts of the country, buying seasons may be less pronounced, spring marks the beginning of the busiest home-selling and home-buying season in most areas.
Spring remains a popular property time for a number of reasons. Firstly, the days are warmer and longer, giving buyers more daylight hours for viewing, improving the chances of finding an interested buyer. Add in some cabin fever post-winter, and viewings start to peak.
In addition, many families are looking to move before the summer is out, and since they will be so busy in the season with holidays, parents often prefer viewing without the younger ones, meaning spring is the key time to start looking for property. Towards winter, people are busy with Christmas, so budgets are often tighter and the weather is bleak.
With the warmer weather, more daylight, and the impetus to get a new house in order before the next school year begins, buyers are keener during this time of year. Unlike other purchases, where increased demand can result in lower prices, the housing market works the opposite way. Prices tend to be highest in spring when there are more buyers. Relative to demand, the supply of homes is tighter in spring, causing a natural spike in prices.
Listing in spring can also mean a better valuation. When your house is valued, the appraiser looks at data for comparable homes sold in your neighbourhood. As prices are higher in spring, this can give your property a small value boost. The more data the better, and data is most robust in the prime property season. Listing your home when inventory is at a high also increases the chance of multiple offers that can lead to bidding wars, which can ultimately result in more money in your pocket.
There is a minor con to selling at this time that should also be taken into account: As there are more houses on the market, buyers can afford to be pickier. To combat this, make sure your property is ready for the market, in its best condition, and stage your viewings to highlight the best features.
Now is most certainly the time to leap into action if you are considering listing your property in spring. It’s not just buyers that can make the most of the longer days – now is the perfect time to crack on with any post-winter repairs and seek a valuation from a local agent who knows the market.
For advice on selling or buying property, please contact Fine & Country Rugby on 01788 820062 or visit www.fineandcountry.com