Is now a good time to sell my home?
We hear this question a lot, and even though interest rates have risen along with the cost-of-living, it’s still a seller’s market.
Despite what you may read in the news, the property market is still performing above ‘average’. Although the market has shown signs of cooling in recent months, it continues to be a good time to sell.
Let’s explain why…
What’s a normal market?
Here’s the thing, the property market has experienced some very unusual trends since 2020, when Covid hit. Demand was massively outweighing supply which meant homes were being sold quicker than usual. Coupled with the stamp duty holiday, property prices soared to rare heights.
This continued through 2021 but inevitably had to come back down at some point. Meaning we are currently experiencing more ‘normal’ market conditions.
It can be hard to remember what the property market was doing before Covid. Below we take a comparative look back at 2019.
Here’s what Rightmove have reported
We spoke to our friends over at Rightmove and found some very interesting facts, which we hope will help put your mind at ease if you’ve been dreaming of a move.
· The average time to find a buyer is 25 days faster compared to 2019.
· There have been 26% more properties marked SSTC (sold subject to contract) this year compared to 2019.
· In September 2022 the East of England experienced 23% more demand from buyers compared to 2019.
· New listings in the UK are up by 6% compared to 2019.
· Sold prices in the East of England are up 14% on 2019.
Should I sell my home now?
Now is as good a time than ever; as competition between buyers remains high with demand outweighing supply.
We see an influx of home movers from Boxing Day, when people aim to move after the New Year. If you’re thinking of selling we advise that you have your home valued now. You can then get your property photos taken and ready to go live on Boxing Day - all before the busy festive period begins.
Contact your local branch if you’re looking for advice on the local market.