When to put house on market

amandacat

I don’t want to complete before the end of August as that’s when my fixed deal ends and I want to avoid the ERC.

There will be no onward chain on my property.

It’s hard to guess the right time because it could take months to sell but if it sells quickly, I don’t want to annoy my buyer or lose them by telling them they have to wait until the end of August.

I know conveyancing can often take 3 months so was thinking March and if by some sheer luck it gets an offer super quick that I ask the EA to make them aware of earliest completion date so they can make an informed decision if they wish to proceed?

It’s hard to even guess how long my house will take to get an offer as some similar properties have sold in 1-2 months and others have been on the market 9 months and then been removed from sale. A house with an identical layout to mine has been on the market since October, the difference is it has a conservatory and garage. I have no conservatory or garage but I do have a double driveway. It’s on the market for 10k more than I’d be hoping for on my house.

Interested in others opinions? Thanks

Monster_mash

Well......two opinions from me:
1. Just because you don't have a chain, your buyer might
2. Anything can happen

In my experience even if you make appointments now for valuations it can take a couple of weeks to get on the market, plus it all depends on the market locally, I sold in 2 weeks whereas a friend down the road gave up after 6 months.

Would the ERC be the end of the world? If so then that could influence when you decide to list

Mutton_Geoff

Are you buying another home when you sell? If so, surely you can port your existing mortgage?

ec9wrr

If it were me I’d list and get on with selling. It could take months. Equally, if you get a quick offer then build erc into selling price and be honest with buyer. Maybe they’ll wait?

RelievedSheff

How quickly do properties sell where you are located?

Are the people likely to be buying your house likely to be first time buyers or people moving up the ladder? If the latter then there is likely to be a chain involved so the sooner you start the better. If the former you can probably wait a few months.

How much will the ERC be? Is it really going to be a deal breaker if you get a quick sale on your property?

SmashedAvacado

How much is the ERC if you complete in July or June or May?

PasturesNew

As a cash buyer sitting in rented and not feeling able to "get on with my life", I'd rather see the one I want now .... and wait for it, than sit for the next 3 months thinking the right one will never appear and getting down-hearted.

If they want it, they will wait....

It is a bit long though, to be honest. It will put some buyers off - and then if it's been sitting on the market for 3 months apparently not selling others will wonder what's wrong with it and wait for a price drop.

You can't predict how well/quickly it'll sell, but you can restrict the reasons for people to be turned off by it.

Puflet

Rather than putting your property on the market in March, why not wait until April - when the days are getting longer and brighter, and your property will look more appealing? A completion date of August wouldn't be unreasonable.

Rather than telling your estate agent you don't want to complete until August, assuming you get an acceptable offer, let your solicitor know. They can work these transactions to suit you.

Mutton_Geoff

ec9wrr wrote: »

build erc into selling price and be honest with buyer

I wonder how that conversation would go? "I'm charging you more to cover the costs of a contract I entered into".


Why should the purchaser pay the sellers costs? Assuming some equity, then if the OP is not in a position to port the mortgage then surely it should be they that take the hit?

amandacat

Hi, thanks for your replies. The ERC is going to be far more than I’d want to lose for the sake of waiting a few months.
My property is likely to be a first or second time house purchase for someone. I’m moving into rented when I move as I’m relocating with work and want to get a feel for the new area before buying plus trying to view houses from a distance will be a nightmare so trying to sell and buy simultaneous isn’t something I really want to do, particularly as I don’t know the new area at all.
Sounds like maybe waiting until April will be wise.

Crashy_Time

Puflet wrote: »

Rather than putting your property on the market in March, why not wait until April - when the days are getting longer and brighter, and your property will look more appealing? A completion date of August wouldn't be unreasonable.

Rather than telling your estate agent you don't want to complete until August, assuming you get an acceptable offer, let your solicitor know. They can work these transactions to suit you.

If someone sees a house they like at the right price (critical part of the selling puzzle) on a winters day they will still likely want to buy it, as they will no doubt be spending many winters days in it in future?