Is now the right time to sell your property?
With the market changing so often, it can be hard to comprehend whether it’s deemed as a buyer or seller’s market—especially compared to a few months back. This constant shifting is leaving many sellers confused about what to do. And in cases like that, it’s best to look inwards and determine why you want to move. Is it because you’re looking for something new or because your financial situation has changed? Once you’ve determined your reasons for selling, then you can look at the variables. For example, timelines and pricing. Because right now, there are many buyers looking for properties and yours could be just what they are looking for—but you want to ensure that you’re getting a fair price, and not just chasing down the market to make a swift sale. So my advice is to start with what your needs are and work from there.
Is now the right time to buy a property?
Yes and no! For buyers that were unable to purchase property due to immense competition with other buyers during the height of the market, now is your chance to strike. There’s an abundance of houses available on the market and as a result, there seems to be less competition around—decreasing your chances of being outpriced or feeling pressured to offer over asking to compete.
However, (and I can never say this enough!) it does depend upon your financial circumstance. Because at the moment, interest rates are fluctuating and whilst if you’re looking at it historically, they are still considered quite low, the market is still unpredictable and the rates can be much higher than what people had originally budgeted for with their monthly repayments.
Therefore, if you have an actual need, or even just the desire to relocate, upgrade, or make moves, I recommend that you work in partnership with your mortgage broker to assess your affordability and when you should make the first step. Because, when it comes to mortgages, they’re a big step—and often a long-term commitment. So you want to make sure you’re doing it for the right reasons. To help with that, here are some questions to ask yourself to help determine when the right time is:
Have you thought about why you want to buy a property?
Do you have a set timeframe to work within?
Do you know how much you can borrow?
How much of a deposit do you have available?
Have you assessed your affordability and how the monthly repayments will affect you?
Do you know where you want to buy a property?
And remember—whilst watching social media and the news can often make it feel like EVERYONE is doing X, Y and Z at the same time. It’s often not the case and you shouldn’t judge yourself on somebody else’s timeline. Make decisions that are right for you—and if you’re not sure what these are and need some help, I’m always available for a free no obligation chat.