January is usually a time of change, we all start making plans for all those things we hope to achieve across the year.
What better time could there be to decide if the house you are in is the home you want to see yourself or your family in before next year? Jane Hannaway, Partner & Head of Residential Property looks at why January is a good time to start preparing to sell.
The market
Traditionally the housing market takes a small decline from October through to December, before a rush of property is added in the spring. This is thought to be due to people not wanting to move in the lead-up to the festive season, but it is also very understandable that the thought of trying to transfer all of your valuable possessions from one house to another on a cold winter’s day is not one to warm many hearts.
Fast forward to January, people start looking again at taking that first step or the next step on the property ladder. If you’re looking to sell within the year, now is the time to start putting those plans into action. The sooner you get your property on the market, the sooner you can instruct a conveyancing solicitor who can begin to prepare all the basic documents you will need to sell your home, helping to speed up the process.
Spring sales
The vast majority of homeowners who choose to sell do so in the spring, leading to a saturated market full of competition for those looking to sell. It becomes a buyers’ market which can lead to deflation in the price you can hope to achieve. If you have a valuation you aim to sell at or even need to meet to make a move worthwhile, this could take longer during this period.
There is also more chance of being stuck in a property chain when the market is busier, extending your selling process as there will be buyers before you. The conveyancing process for a buyer is typically longer since there are more steps involved. Selling in the early part of the year allows your property to be seen before others join the market making it far easier for your property to achieve its potential, and it is likely you will be earlier in the chain. As the market becomes more saturated, the time it takes for conveyancing also becomes longer, meaning you could wait months before you get your new property.
Getting ready to sell
Selecting your conveyancing solicitors early on can help you find the right team for you, making it easier along the way to have open communication. As a seller, conveyancing has fewer steps but instructing a solicitor when you decide to list your house allows the paperwork to start early and hopefully prevents delays when a buyer is found.
A big part of moving home is being ready for that big move day. So why not take advantage of the colder weather and that natural tendency to want to stay indoors to declutter? Clearing out those things you no longer want or need helps you make things easier when it comes to moving and will have the added advantage of making the presentation of your home for sale so much easier too.
New year, new property
The sooner you begin finding and instructing a conveyancing team, the smoother the process is likely to go. Plus, getting your home ready is a perfect New Year’s resolution!
Get in touch with Blaser Mills Law
If you are ready to speak to the Residential Property team, get in touch with Jane on +44 (0) 20 3814 2020 or email jeh@blasermills.co.uk.