Don’t Wait Until 2024 – Act Now if You Need to Sell Your House
The housing market is arguably the toughest it’s been for sellers in over 30 years. Asking prices are falling across the country according to Rightmove, and other indicators like low transaction volumes and economic uncertainty point to continued challenges ahead.
If you need or want to move in 2024, it would be a mistake to wait until the new year to put your house on the market. Here’s why you should act now:
Get Ahead of the Rush
Many sellers think there will be more buyer activity after Christmas and plan to list in January or February 2024. By getting your house on the market and ideally under offer before the end-of-year holidays, you can beat this rush.
There will always be a surge of search activity on sites like Rightmove around Boxing Day as people dream of moving. But serious ready-to-buy purchasers are few and far between during the festive period.
Complete Your Sale Before the Election
An election date will likely be announced soon. History shows that transactions grind to a halt while people wait for the outcome. Getting your sale agreed quickly means you can proceed despite the election slump.
Avoid Further Deterioration of Market Conditions
Leading indicators like falling asking prices, low transaction volumes and negative economic data all point downwards. There are no signs the market will suddenly improve in 2024. Delaying your sale risks conditions getting even worse.
You Can’t Buy Until You Sell
If you need to purchase another property, you won’t even get viewings without having an offer accepted on your current home. The chain reaction of selling first before buying applies regardless of market conditions.
By having your property under offer before Christmas, you’ll be in a position to view and make offers on your next home in the new year. Otherwise you risk being stuck in limbo for months.
Stand Out from the Crowd
Work with your agent to make your home look more appealing than others coming onto the market in the new year. With professional photography, staging and marketing, your property will get more attention from buyers.
Don’t Lock Yourself In
In a slower market, some agents push sellers to sign longer minimum contract terms. Never commit to more than 8-12 weeks – otherwise you can’t switch to another agent if yours proves ineffective.
Choose an Agent Carefully
Avoid picking an estate agent based on their initial valuation or fees. What matters is their commitment and ability to actually get your house sold in current conditions.
Look for specialist experience in your local area, not just a big brand name. Meet with the person who will personally handle your sale. grill them on how they will market and view your home to stand out.
Be Ready to Proceed Quickly
If an eager buyer does come along, you’ll want to be able to act fast on offers and progress the legal conveyancing smoothly. Your agent should help get your property ‘sale ready’ upfront so there are no delays.
Don’t Take False Economies
Paying a lower agent fee or conveyancing fee often ends badly if it means a sloppy service. Now is the time to negotiate hard but pay for quality support. It will pay off when your transaction completes smoothly.
Avoid Auctions Unless Necessary
Auctions can work for properties in poor condition needing quick sales. But for typical family homes, a good estate agent will achieve a higher price than auction.
Conclusion
Selling a house is hard work even in a strong market. In today’s climate, choosing the right agent and strategy is more important than ever.
By taking the initiative to get your property on the market and under offer before 2024, you will put yourself in a much stronger position to complete your desired move. It may require compromise on price, but acting decisively improves your chances of success.