When Is The Best Time Of Year To Sell Your Home?
At Warners one of the most frequent questions that we are asked is when the best time of year is to sell a property in Edinburgh and the Lothians. Traditionally people tend to think of spring as being the time when the property market is busiest, and thus the best time to sell, but for a number of reasons that isn’t necessarily the case.
Is Seasonality Still A Major Factor?
If you were to go back 15 or 20 years the housing market was considerably more seasonal than it is now. Activity would really pick up in early March through to the end of May before quietening down for the summer when people disappeared off on holiday. Things would then pick up again after the summer holidays were over and then slow right down in November and December as people turned their thoughts to the festive period.
Although the number of homes being bought and sold is still a little higher during these ‘peak’ periods, the market today isn’t nearly as seasonal as it once was. Advances in technology mean that buyers can continue to look for properties even when they are on holiday, and sellers and solicitor estate agents can make sure that properties are marketed effectively all year round as well.
The Right Balance Between Supply And Demand
It’s also important to note that when you’re trying to decide on what the best time to sell is, what you really want to know isn’t when the market is busiest, but when the balance between supply and demand is most in your favour. As a seller you will want demand to be high and the supply of properties competing for buyers’ attention to be comparatively low.
Believe it or not, this means that the best time of year to sell is often during the first two or three weeks of the year. Potential buyers begin to look for a new property almost as soon as the new year has been rung in so you see a huge upturn in demand in early January. Most sellers aren’t in a position to get their home onto the market that quickly though, often because they are still recovering - be it mentally, physically or financially! - from the festive period.
This means that if you plan ahead and make sure you’re in a position to get your home on the market early in the new year you can take advantage of heightened demand at a time when competition from other sellers is typically much lower, increasing your chances of getting a great price for your property.
Considering Your Own Circumstances
As with anything, your own circumstances matter a great deal and for many people there actually isn't a 'best time' to sell. Most of us sell and buy at the same time and within a relatively small geographical area. If conditions are favourable for you when you sell, they’ll probably be tougher for you on the purchase side of things and vice versa.
If you need any advice on selling or buying a property, feel free to contact Warners today on 0131 667 0232 or by email at email@example.com and one of our friendly, expert team will be delighted to help you.