When is the best time to buy and sell? Buying a house is the biggest purchase that most people ever make so they want to get a good deal. Sellers too are looking to achieve the best price possible for their property. So when’s the best time to buy or sell a house to make sure that you don’t end up disappointed?
It’s important to say that there is no definitive “best” time to buy or sell. The state of the housing market is the most important consideration. Demand for and supply of properties, interest rates and the strength of the economy all affect the market. Nonetheless there are certain seasonal trends. The time of year that you decide to buy or sell can play a key part in how long it takes to find a house or a buyer and the final property price.
Ideally you want to put your house up for sale when there are lots of potential buyers. More buyers mean more competitive bidding putting you as a seller in a strong position to achieve the price you want.
Spring is always a good time to sell, not least because people want to get their children into new schools by September. Therefore if you want to capture the spring buyers you should put your house on the market towards the end of February, if possible. The market tends to be most active in the period up to May and June. Longer days, more natural light during viewings and gardens coming into bloom all mean that the spring is a great time to show off your home.
Autumn marks another influx of buyers, including the job movers. Therefore putting your house on the market in early September will mean you appeal to the many buyers hoping to move before Christmas. However, the autumn selling window is short. The best prospects are in September and October which offer enough time for the sale to go through before Christmas. If you’re still looking for a buyer after this period they will be in a stronger position as the market slows down.
Buyers, however, generally prosper when the market is quiet. A lull in activity leaves sellers panicking and puts the buyer in a stronger negotiating position. In August people are often on holiday, spending time with their children during the school break or enjoying the British summer instead of house hunting. November and December too are sluggish months and in the run up to Christmas vendors are particularly susceptible. They’re often keen for progress before Christmas or the end of the year so buyers stand a good chance of having a lower offer accepted.
In spite of these general rules, the vendor’s motivation for selling will always be the determining factor. If they have no urgency to move then they are likely to be happy to sit out the quiet periods until they get their desired price. ‘Strong’ motives, such as job relocation, marriage or getting kids into schools, dictate the seller’s moving timescale and make them more flexible whereas ‘weaker’ motives, such as upgrading or desiring a better location, often mean the vendor is in no hurry to sell.