Tag Archive: selling

Spring Property Market: why wait?

Victoria Linsley explains why you shouldn’t wait for Spring to sell and why our advice is that now is the time to launch your property to the market.

We’re hoping that there’s light at the end of the wintery tunnel and that spring is within reach. Flowers are breaking through, the grass us turning and we live in hope of brighter weather. However, this year’s no different from other years… again, we ask sellers holding out for the magic of Easter/spring; why wait to compete against a flood of new property in the market?

spring

Our general advice is that now is as good a time as any to sell your property. However, we still hear the same comments from cautious vendors. They feel the best time of year to market their property is the spring.

What’re are keen to stress is that buyers don’t wait until the spring before starting their search. Generally, buyers will also be selling, and will tend to move for reasons other than because they fancy a change. The most common reasons we see for house moves, in the present climate, is to be nearer to family, relocation due to work or up/downsizing because the property no longer meets their requirements. These factors are present at all times of the year, which tells us that there’s no particular merit in waiting for good weather (if indeed it ever arrives!?) especially when that’s when you will have the highest levels of competition.

There’s a certain amount of caution in the market, given the political situation, however, whilst funding is still readily available, buyers will still move and we’re experiencing a lot of activity day-to-day in terms of enquiries, viewings and offers.

That said, we do acknowledge how important it is to wait for the right time for you. If you rush your property to the market without preparing, it may not be presented in the best way and when the point comes to agree on, or complete, a sale you may have a change of heart, delaying or damaging the marketing process.

We’re amazed by the amount of scaremongering in the media when it comes to property prices and state of the market! This often stems from reports on the London housing market; something quite different from that of which we are accustomed to. Even though there’s a slight decrease in viewing numbers, the number of offers being received is still comparative to this time last year and there’re a number of people enquiring on a daily basis who can not find what they are looking for due to a lack of properties being offered for sale.

We’re always happy to chat over ideas and give general advice if you are thinking about selling or letting your property, please feel free to contact our friendly and professional team at George F. White, Harmire Enterprise Park, Barnard Castle on 01833 690 390.

Property Sales – is there a ‘best time’?

Despite our recurring advice that now is as good as time as any to sell your property we still hear the same comments from cautious vendors that feel the best time of year for property sales is the spring.

Property Sales

 

Undoubtedly, in the spring, flowers are breaking through, grass is greener and we stand a better chance of brighter weather, but we ask those nervous sellers; why wait until there is a flood of other property to the market?

It is rare for a buyer to be searching for a new property on a whim. Generally speaking, buyers tend to also be selling, and again, generally speaking, buyers move for a reason other than because they fancy a change. The most common reasons we see for property sales in the present climate is to be nearer to family, relocation due to work or up/downsizing because the property no longer meets their requirements. Those factors are present steadily throughout the year which tells us that there is no particular merit in waiting for good weather (if indeed it ever arrives!?) especially when you will have the highest levels of competition in the market to sell.

Onthemarket and Rightmove report that visitor numbers to their sites hit record highs on Boxing Day and during the Christmas holidays so we are still urging vendors not to miss the Christmas rush. We have experienced our busiest quarter during December to February for the last 2 years running.

We do however acknowledge how important it is to wait for the time that is right for you. If you rush into a property sale without preparing, it may not be presented in the best way and when the point comes to agree on or complete a sale you may have a change of heart, delaying or damaging the marketing process.

Recently there have been shaky reports of how the housing market is performing and it is very dependent upon area. In the approach to the ‘C’ word (Christmas) even though there is a slight decrease in viewing numbers, the number of offers being received is still on track and there are a number of people enquiring on a daily basis who can not find what they are looking for due to a lack of properties being offered for sale.

We are always happy to chat over ideas and give general advice regarding property sales and letting. Please feel free to contact our friendly and professional team:

Alnwick: 01665 603581
Barnard Castle: 01833 690390
Wolsingham: 01388 529579
Bedale: 01677 425301

Selling your Property: Frequently asked questions…

Is now a good time to sell my property?

Many vendors are driven by external factors when selling their property, such as the requirement for a larger dwelling or the need to relocate for work purposes. Therefore the timing of a sale is not always something they are able to dictate. We find that correctly priced property will sell at any time of the year providing it is well presented by the agent and advertised appropriately by a proactive team who are familiar with the property and the local market. Undoubtedly, properties are often more photogenic during the spring and summer months but clever photography can show any property in its best light at any time of year.

Should I redecorate?

This is a question we are often asked and the answer very much depends on the property’s current condition. If your property is habitable and relatively neutral, our advice is often to leave the walls and flooring for the new purchaser to put their own ‘stamp’ on. If the decor style is particularly ‘wacky’ or dark then it may be beneficial to neutralise the colour scheme. We provide tailored advice to our clients during our initial property appraisal to offer our experienced opinion on the best way forward.

How long will it take to sell my property?

How long is a piece of string? Be aware of agents who will promise to find you a buyer in a given period of time. Buyer activity peaks and troughs throughout the year, often without a tangible reason. A reaction from the market cannot be guaranteed until the market has been tested and will vary property to property. However, as a generalisation, some form of market response should be seen within 3 months of launch, whether that be in the way of viewings, telephone enquiries or, in the best case scenario, an offer. From this initial market response we are able to review the marketing strategy and either adjust it or agree a sale.

House and Money

Should I sell off part of my property, such as a garage, separately?

This largely depends on the size of your property, in the case of a garage/storage building its proximity to the house and the availability of alternative parking/the storage capacity of your home. Another big question to ask yourself is how much value the garage would add to the buyer’s property should you, for example, be considering selling to a neighbour. Individual advice should always be sought as while a separate deal may seem like an attractive proposition it could compromise the sale-ability of your property. At free market appraisal stage, our valuers will always consider your options to maximise the property value.

Do I need to consider my tax position?

If you have lived in your property for at least the last 2 years prior to sale then you should benefit from Principle Private Residence relief and therefore should not pay any Capital Gains Tax. If you are selling an investment property/rental property then we recommend that you consult your accountant/financial advisor prior to selling. If you are selling a property that you have inherited your solicitor will advise on what professional valuations are required and subject to the size of the overall ‘estate’ there may or may not be Inheritance Tax to pay.

If you are thinking of selling or letting your property and would like further information on anything touched on above, or have another query, please contact your friendly and professional local team:

Alnwick, Northumberland –01666 603581
Wolsingham, County Durham – 01388 529579
Barnard Castle, County Durham – 01833 690390
Bedale, North Yorkshire – 01677 425301

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