Different times of year can have a big impact on how quickly your property sells or what is available on the market, and the Christmas period is notoriously a bad time of year.
There is also much uncertainty over what the property market will be like in the coming months, with the emergence of conflicting reports.
Rightmove recently revealed its predictions for the 2018 market and predict a 1 per cent increase in house prices across England and Wales.
But this week Zoopla reported that 35 per cent of homes up for sale have cut sale prices.
Elliot Castle, Founder and CEO of homebuying company We Buy Any Home has revealed the best time to buy or sell your house once the Christmas period is over.
He explained to Express.co.uk: “Many home owners and potential buyers give up on the process of buying / selling in the lead up to Christmas as the market slows down considerably. As a result, January is typically an incredibly busy month because those looking to buy and sell want to make a fresh start with the process. Unfortunately it’s hard to predict whether things will pick back up in January 2018 as there has been many conflicting reports in the news lately.”
Elliot’s advice would be to not expect too much during the month of January.
He said: “Whilst there will definitely be a change in consumer mind-set, and the market will be more focussed after the Christmas and New Year break, it will normally take the market a few weeks to warm up again.
“There will undoubtedly be more property searches during January, but don’t be disappointed if you don’t receive an offer at the very start of the year
“One thing you can be sure of is that there will be more competition in the market in the first quarter of next year, so make sure you do everything you can to ensure your property is shown in its best light, setting you apart from the rest of the market.”
When you look to buy a new home, before a viewing takes place, it is important you carry out research into the performance of the local property market as this will help you to determine how much the property is truly worth.
Use the internet and estate agent websites to investigate the average selling price for properties nearby and note these down. Pay particular attention to any properties that have a similar spec to the property that you are looking at, and write down what they have to offer for the selling price (e.g. number of bedrooms, number of bathrooms, garage, total square footage). You can compare these details to the property you are looking at, just to ensure the property you are viewing is valued correctly and the asking price isn’t too high.
Also take into consideration how the housing market is performing in the area at the time. If properties are moving slowly and changing hands for a lot lower than the original asking price, then you will be in a strong position to negotiate on the price.
webuyanyhome.com has a quick checklist for those looking to make a purchase in the new year.
Investigate the surrounding area
It is always worth taking a stroll around the local town or neighborhood to assess how close every day amenities and services are to the property you are viewing.
View the property more than once
The more times you view it, the more likely you are to spot any existing or potential problems. Remember, the seller doesn’t legally have to tell you about problems and may try to hide them. Cover-ups which we see a lot of, include painting over damp and hiding patches or scratches on the floor with rugs or furniture.
Asses the structure of the building
It’s very easy to focus on the interior of a property, and forget to look at the exterior. Make sure you walk around the outside of the house, looking out for anything that could lead to a problem later down the line – such as signs of damp, loose roof tiles, broken guttering, cracks in the walls etc.
Check that utilities are in working order
If you do come across any problems, don’t be afraid to ask the estate agent to find out more about the problem and whether it will be fixed before the sale takes place.
Ask questions
It’s important that you ask the estate agent lots of questions about the seller and the property, as this will help you to tailor your offer and buying strategy if you decide to make an offer. Some example questions include:
- How long have the current owners lived in the property for?
- What are their reasons for moving?
- Have they made an offer on another property? If so, how far in to the process are they and when are they looking to move out?
- How long has the property been on the market for?
- Have there been many viewings?
While Christmas and January are considered a struggle, this is considered the best month to put your house on the market.