When you’re selling your own home, one of the things that you need to make sure you consider; ‘Is now the time to sell your home’?
Choosing a period where there are fewer buyers around can leave owners spending months with a for sale sign standing forlornly in the garden and no one biting.
In contrast, putting a home on the market at a time when there are more potential buyers around can mean someone snapping up your home before you’ve even managed to hammer the sign into your lawn, allowing you to move on with your life.
Whether you are selling to relocate or purely to move into that dream home that has come to market, selling your own home will be the first hurdle you come across. Knowing how well the market is performing can be just one way to get yourself that little extra boost you need.
Is now the right time to sell your home?
If recent reports are to be believed, sellers looking to offload their home should be looking to get their house on the market in 2015, as 2014 saw a marked increase in demand when compared to years prior.
This means there are more buyers around, lowering the competition between sellers and increasing the chances that you will be able to find a purchaser to allow you to climb further up the ladder stress free.
According to the latest report released by Lloyds Bank, the number of home movers (those moving up the property ladder rather than getting onto it) increased in 2014 to hit its highest total since before the financial crisis damaged the market.
It said that annually, 2014 saw the number of movers across the UK rise by a total of eight per cent, which was still lower than the peak period between 2004 and 2007, but was the highest total experienced at any one time since 2007.
In addition to this, the market has now improved markedly from its worst position, which came at the end of 2009 when the number of movers was 16 per cent lower than at the end of 2014. It means sellers are in a far better position than they have been at any time since the financial crisis, making this a really strong period to put property on the market.
House price rises over the past 12 months have enabled more homeowners to make the next move on the housing ladder. The resulting higher levels of equity in their property are providing homeowners with more funds to finance the purchase of their next home.
said Andy Hulme, Lloyds Bank mortgages director.
He also said that a more gradual rise in house prices throughout 2015 should mean that the number of people climbing the property ladder will increase throughout this year as well, which will be a positive for those looking to sell.
Other factors will also come into play if you are looking to sell your house this year that should help you find a buyer. At the start of December, the chancellor George Osborne announced a change to the way stamp duty is calculated that was generally welcomed with open arms.
The chancellor said that the tax will now be worked out on a proportional basis, much like income tax, where only the portion of a property’s value above each band will be taxed the specified amount. This is compared to the past when a whole property was taxed a fixed rate dependent on value.
It’s believed that this will make it much cheaper for the majority of people to get themselves a property, because it will mean they pay (in some cases) half of what they would have in the past for stamp duty.
So is now the time to get your property on the market? The answer is a pretty definite yes.