Is Now a Good Time to Sell Your Home?
Is the end of 2022 a good time to sell your home? Here’s a straight answer from Paul Stripp Estate Agency.
As an estate agent, you’re probably expecting me to say that any time is the right time to sell your home, but that’s not entirely true, and I’m not that kind of estate agent. There are definitely good times and bad times to sell a property, and choosing the right time can make the difference between a sizable return and cutting your losses.
Is the End of 2022 a Good Time to Sell?
The short answer to this question is yes, but it’s a little more complicated than that. 2022 has been a sellers’ market so far, and as we approach the latter half of the year, that doesn’t look to be changing any time soon. There’s still a massive demand for property, and house prices are still sky high, meaning sellers see a considerable return.
But there’s a catch.
A seller's market isn’t a buyer's market, meaning if you’re also looking to buy, then you may not be any better off at the end of your move.
Who Should Sell Right Now?
If you’re selling a second property or a rental with no need to buy elsewhere, are downsizing or are moving to a cheaper area, then there’s never been a better time to sell! Get your property on the market now to take advantage of record-high prices.
If you’re selling and looking to buy locally or are selling to upsize, then it’s still a great time to put your property on the market, especially if you want it to sell for maximum value. The only downside is you, too, will be buying during the seller's market, so you will also be experiencing high buying prices.
Is Now a Good Time to Buy?
If you’re reading this as a first-time buyer, then hearing that house prices are at a record high and you’re buying during a seller's market may seem like a big red flag - but it isn’t all bad news.
One good thing for first-time buyers right now is the availability of low-deposit mortgages, which can make it easier to get on the property ladder.
Unfortunately, the good news for first-time buyers ends there. While I’d love to say with certainty that first-time buyers should wait it out, it’s not looking like house prices will drop any time soon, and if interest rates continue to rise, then it could become harder to secure a mortgage.
While now may not be a great time to buy, it could be better than in six months. If you’re currently renting, want to escape rising rental prices, and are planning to remain in your first home for a decent duration (5+ years), then my advice is to buy. If you are currently living in a rent-free situation, I advise you to stay put, continue building your deposit and buy when the market changes.
Is Now The Right Time for You?
Ultimately, the right time to buy and the right time to sell differs from person to person. If you’re currently on the fence or just want some impartial advice, then please get in touch. You can contact me on 01424 772954 or by email at info@paulstrippestateagent.com.
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We hope this newsletter finds you well. This month, we reflect on the resilient TN33 property market in April, share insights on how social media can be a powerful tool for generating exposure and overcoming potential objections, and acknowledge the recent historic event of King Charles' Coronation. TN33 Property Market Resilience: April Update The TN33 property market continues to show its adaptability in the face of changing conditions. In April, we saw the following trends: An increase in properties coming to market, with 39 properties listed compared to 35 last year Continued demand for properties, as evidenced by 18 sales agreed A flexible market, with 20 price reductions indicating sellers' willingness to adapt Sellers demonstrating patience and determination, with an average of 163 days on the market These trends highlight the resilience of the TN33 property market. With the right approach and marketing strategy, both buyers and sellers can turn these challenges into opportunities. The Power of Social Media: Generating Exposure and Overcoming Objections Social media has become an indispensable tool in the world of real estate. By showcasing properties, generating leads, and building relationships with potential buyers, agents can harness the power of platforms like Facebook, Instagram, and Twitter to drive success. We recently experienced firsthand how social media can help overcome objections and generate interest in a property. After sharing a property on our social media channels, a potential buyer raised an objection in the comments. By addressing the issue publicly and providing a satisfactory solution, we not only resolved the buyer's concern but also demonstrated our transparency and commitment to helping clients. As a result, the buyer scheduled a viewing for the property. Boost Your Property's Exposure by Engaging with Your Agent's Social Media Content If your property is on the market and your agent is actively using social media, we highly recommend engaging with their content. Liking, sharing, and commenting on posts will increase the visibility of the agent's social media page, which can have a positive effect on your property's exposure. Even if the content is not about your specific property, engaging with it can still contribute to the overall success of the agent's marketing efforts, indirectly benefiting you as a seller. Reflections on King Charles' Coronation We hope you enjoyed the momentous occasion of King Charles' Coronation that took place this past weekend. Whether you celebrated this historic event or simply enjoyed the extra day off during the Bank Holiday, we trust it was a memorable time for all. In conclusion, the TN33 property market has shown its resilience and adaptability this year. By leveraging social media and adopting the right marketing strategies, we can continue to achieve success. If you have any questions or would like a personalized property consultation, please don't hesitate to get in touch with us. (data from Rightmove)
How Coadjute enabled Paul Stripp Estate Agents to close a sale with international sellers in record time
Coadjute is the latest in the tech stack that we have brought into the business to fasten the sales process, reduce fall throughs and further improve transparency and communication. Click below read the case study - read time is around two minutes https://coadjute.com/case-studies/paul-stripp/