Why selling now could be your best move
As summer concludes and autumn approaches, homeowners have a final opportunity to finalise their move before the year ends.
While each season brings its own set of advantages and challenges, there are compelling reasons why now might be the perfect moment to make your move. Let’s look at why now is a great time to sell your home and maximise your profits.
Sales agreed is high
All the evidence shows that the market has been very active in recent months, with Zoopla’s House Price Index showing that the number of new sales agreed increased by 8% between June 2023 and June 2024.*
This indicates a robust market, in which movers have plenty of confidence and are prepared to move quickly. When buyers are pro-active and already have the necessary finances in place, chains move faster and are less likely to break, reducing the likelihood of your move falling through.
Demand has also increased
As you may expect, with sales agreed being so high, demand also increased over the course of 12 months, with Zoopla showing an increase of 6%*. As confident buyers look to secure their dream move, sellers are able to find a buyer without having to wait for too long, speeding up the whole process.
A major benefit of high demand is that it often leads to competitive bidding, which can drive up the price of your property and increase the amount you receive. Additionally, having multiple potential buyers gives you the freedom to negotiate a completion date that suits you, allowing you to move quickly and take advantage of the busy market.
More homes are for sale
The number of homes for sale is a further indication of consumer confidence in the market, with an astonishing increase of 19%.* This gives the market a lot of variety in the types of properties available, allowing more people to find their dream home with less hassle.
With more properties on the market, you have greater scope to narrow down your search and find a property that perfectly matches your needs and preferences. Whether you’re looking for a particular style, size, or location, the increased inventory makes it easier to find your dream home instead of settling for something that isn’t quite right for you.
House price overvalued
Zoopla estimates an 8% overvaluation in house prices,* indicating that properties are currently selling for more than their true value. While this may initially sound like a negative, it actually makes now a great time to move, as it gives sellers the perfect opportunity to sell at a higher price and release a larger amount of equity.
Selling in an overvalued market can provide you with the capital needed to move up the property ladder to a more desirable home or a better location. However, it’s crucial to move quickly, as Zoopla anticipates the 8% overvalue to vanish by the year’s end as house prices return to their true value by the end of 2024.*
Ready to make your move? Book a valuation today
Zoopla’s House Price Index*
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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