Want your house sale agreed upon before December 25th? Well, the clock is ticking, and it’s crucial to act promptly. A top property website emphasizes the necessity for sellers to list their properties immediately if they’re aiming for a pre-Christmas sale.
In a detailed analysis by The Homeowners Alliance, based on property sales data over the past eight years, it was revealed that the average time to reach the ‘sold subject to contract’ stage is 60 days. This phase is when offers are accepted, but contracts are yet to be exchanged. The analysis shows that over the years, the time to sell a property has seen highs and lows, ranging between 39 and 73 days. However, in 2023, the process has elongated from 44 days in January to 60 days in October.
Therefore, to hit that Christmas deadline, listing your property by October 27th gives you the best shot, considering the current average time on the market.
A Slow Market: Understanding the 2023 Property Landscape
Why the rush? The property market in 2023 hasn’t been as brisk as in previous years. Several factors, including escalated mortgage rates and living costs, have imposed financial restraints on potential buyers, making the market less accessible. Consequently, properties are lingering longer on listings, and buyers are exhibiting caution, opting for a ‘wait and see’ strategy.
Paula Higgins, CEO of Homeowners Alliance, points out that the numerous interest rate hikes have significantly cooled down the housing market, an intended measure to control inflation. This slow market means sellers need to be strategic to ensure they secure a deal before Christmas.
Additionally, the hesitancy among buyers has compelled sellers to reconsider and often lower their asking prices to expedite sales. This trend underscores the importance of a well-informed and realistic approach to pricing and marketing homes.
Essential Tips for a Swift Home Sale This Festive Season
Despite the market’s pace, selling your home before Christmas isn’t an impossible task. Here are actionable tips from The Homeowners Alliance to enhance your chances:
1. Embrace the Season in Your Home Décor
First impressions matter, and the ambiance of your home can significantly influence a buyer’s decision. As autumn transitions into winter, make your home feel warm and inviting. Utilize soft furnishings, tasteful lighting, and seasonal decorations to create an environment that potential buyers can envision themselves enjoying. An autumnal wreath on your door, a well-kept exterior, and a tidy garden can add to the curb appeal.
2. Setting the Right Price
Determining the ideal asking price can be challenging, particularly in a fluctuating market. Engage a reputable local estate agent for guidance. The Homeowners Alliance offers a tool to identify the top-performing estate agents in your area. Seek valuations and choose an agent not just based on the highest valuation, but also on their market knowledge and sales track record.
3. Prepare Your Paperwork Early
Often, sellers wait until they secure a buyer before preparing the necessary paperwork. However, having all your documents ready and appointing a conveyancing solicitor early in the process can save precious time and facilitate a smoother transaction. Essential documents include your title deed, planning consents for any major work done, and relevant certificates (e.g., for gas and electrical work).