A good time to put house on market?

hufc2002

Hi all


We now have a 'Mortgage Promise' which has enabled us to make the decision the out our house on the market.


The EA appraised our house earlier in the year and is due on Saturday to take pictures, agree fees etc. however I am now thinking is it a good time to put it on the market?


Our house is most likely going to attract first time buyers therefore are people likely to be looking at this time of year and if so and if they are first time buyers should we expect them to want to be in by Christmas?


We are in a catch 22 scenario whereby we know we need to sell before we can put an offer in on another house however where we want to move (maybe 3 or 4 different streets) houses come and go so quickly so we need to be in a position to pounce but potentially we may sell before we find somewhere to buy.


Any advice would be welcomed.

spadoosh

If its a bad time of year for FTB your in the same boat as you are right now. Not selling and unable to buy.

You might find one FTB that is willing to buy in which case you would be selling and able to buy.

Your choice seems to be put it on now and maybe sell or not put it on now a definitely not sell and then put it on later and maybe sell.

You could argue having a house on the market for a long time can create unneeded questions but houses tend to only be on for a long time if a very high selling price or theyre overpriced.

ReadingTim

Conveyancing seems to take about 12 weeks on average, so any buyer would be lucky to be "in by Christmas" if they offered now. Given yours isn't on the market and you haven't seen somewhere you'd like to buy, I'd suggest it's pretty safe to say you know where you'll be spending the festive season.

Other than that, you're just like anyone else in a chain - you need to sell to fund the onward purchase. Best practise seems to be to get yours on the market first, to demonstrate you're at least serious about moving. Some vendors won't accept an offer if you're not procedable (ie have accepted an offer for your current place), others might be a bit more lenient. But they won't wait forever. Similarly, anyone looking to buy your place should understand that you need to find somewhere to move out to, before they can move in.

So yes, while there's an element of it being a chicken and egg situation, it's totally normal.

cloo

I'd just go ahead and do it, no time like the present etc. If things are going that fast around you, presumably you'll sell OK.

hazyjo

Agree with the above - it's a rubbish time to be selling. Also agree it's unlikely they'll be in for Christmas. It would mean completing around 21/22 Dec latest which is prob out the question due to their holidays - EAs and solicitors are often shut over the festive period. Only gives 7 or so weeks from now.


You'll find the majority of people will be in that catch-22 situation unfortunately which is why it can take a long time to form a proceedable 'chain'.


If you're that restricted, consider selling and moving into rented and start looking after 3 or so months if on a 6 month lease, or 12 months with a 6 month break clause.


January is a better time to sell, or spring.

Ithaca

All the potential FTBs I know are permanently glued to the Rightmove app and if the right property comes up they will jump on it. Doesn't matter what time of year it is.

In the pre-internet days it used to be that people needed to set aside time to go round estate agents and book viewings, so certain times of year may have been better, but now that buyers can view the internals of each property on their phone while watching TV / sitting on the bus / having lunch I don't think you need to worry.

hazyjo

Ithaca wrote: »

All the potential FTBs I know are permanently glued to the Rightmove app and if the right property comes up they will jump on it. Doesn't matter what time of year it is.

In the pre-internet days it used to be that people needed to set aside time to go round estate agents and book viewings, so certain times of year may have been better, but now that buyers can view the internals of each property on their phone while watching TV / sitting on the bus / having lunch I don't think you need to worry.

Agree - just forget the in for Christmas bit! Plus there will prob be less choice as fewer properties will be on the market as a lot of sellers will wait until the New Year. No harm in trying to sell now, although if it sits on the market from today until January, it might not be such a good ad for your property.

lisyloo

I would just go ahead. You only need one buyer.
Consider renting especially if you don't have tons of stuff or kids in tow as it'll put you in a preferential position as a buyer.