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Should I sell my house now?

Traditionally, Spring is one of the best times to put your home on the market. But with higher mortgage rates and the rising cost of living expected to slow the housing market in the coming months, is now a good time to put your house on the market?

Post updated: April 11th, 2022

4 minute read

What’s happening with the property market right now?

The number of properties on the market at the moment is rising. Zoopla reports in its latest House Price Index that more properties are being listed as homeowners plan their next move and house prices remain strong. It also reports that buyer demand remains unseasonably strong, especially for family homes. So if you do decide to sell now, you should get a lot of interest and if you have a family home, they are predicting your home will get snapped up.

With demand continuing to outstrip a modest, albeit increasing, supply of housing, the vast majority of newly listed homes for sale are selling quickly. This puts sellers in a strong position to negotiate and pick from the best buyers who are able to move quickly. Data from our estateagent4me tool shows that April is one of the best months of the year for a speedy sale.

What about the cost of living crisis?

Despite mortgage rates and the cost of living rising, buyer demand remains strong as the drive for space continues and homeowners adapt to life with a hybrid pattern of working from home and in the office.

Rightmove says “The rising cost of living is undoubtedly affecting many people’s finances, especially those trying to save up enough for a deposit to get on the ladder or to trade up. Despite rising costs and interest rates, the data right now shows demand rising with many people determined to move as we head into the spring home-moving season.”

Despite buyer demand unexpectedly staying robust, experts are also predicting that the sustained house price growth we have witnessed over the last two years will slow down later in the year as more homeowners tighten their belts. 

Nationwide predicts “Inflation could rise further as events in Ukraine threaten to send global energy prices even higher. It is likely the housing market will slow in the quarters ahead. The squeeze on household incomes is set to intensify, with inflation expected to rise above 7% in the coming months.”

So, is now a good time to sell?

With house prices expected to slow as the year progresses, it might be a good time to strike while the iron is hot, capitalise on house price growth and the existing buyer demand before it wanes. 

Zoopla reports that in the first three months of 2022 “the number of sales agreed was 38% higher than in the same period of 2020.They also report that properties are being snapped up and properties are now taking just under 29 days to sell.

If you’re thinking about selling, you’ll need to move quickly and make sure you’ve listed your home before any possible market slowdown. 

Here are our top tips for speeding up your house sale…

How to speed up your house sale

1. Find an estate agent with a good track record or go with an online agent

Sellers can use our estate agent tool to find the best local estate agent based on how quickly they sell, how often they achieve asking price, their success rate and more

Find and Compare Local Estate Agents

This form will take you to ea4me.ulst.co.uk for the results

Online estate agents offer an affordable and, as the name suggests, online service. Take a look at our online estate agent comparison table which compares all the main providers, from PurpleBricks to YOPA so you can choose the right package and price for your house sale.

2. Sellers should instruct a solicitor as soon as you list, and buyers as soon as your offer is accepted

You can compare quotes now from conveyancing solicitors and speak to them about the process and costs so you’re ready to instruct them.

3. Opt for a legal team using a digital platform

They can complete transactions quicker. Digital Move claims cases can be completed up to 6 weeks quicker. Our panel is entirely Digital Move enabled allowing for real-time updates and online document verification and signing Find a Digital Move conveyancing firm.

4. Sort your Energy Performance Certificate

Also known as an EPC this has to be included with a sale by law. It shows how energy efficient your new home is and if you moved in within the last 10 years, yours is still valid. Here’s how to check if you have one or how to get one if you still need to.

5. Get your paperwork together

If it’s a leasehold, find the lease. Locate certificates showing compliance with regulations of any works done from planning permissions to FENSA certificates for window replacements. Don’t forget valid guarantees a home buyer will want to see. Here’s a list of essential documents to get ready

6. Get a mortgage agreement in principle before you make an offer on a property

Many lenders and brokers are increasing their rates but there are deals to be had if you lock in your mortgage soon. Avoid wasting time later down the line and start the mortgage process now.

7. Homebuyer protection insurance

If you are buying a home at the same time and with gazumping on the rise in this competitive market,, home buyer protection insurance covers buyers for some of their legal and survey costs as well as mortgage lending fees should your purchase fall through.

 

Tell us about your house selling experience in the comments below

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