Yes, according to the Bank of Ireland economic pulse from October 2022 found that 68% of people think it’s a good time to sell. Coupled with record low housing availability and high base rents.
What to consider?
Selling your property is probably one of the bigger decisions you will have to make in your life. Whether it’s your main residence or an investment property, selecting the best time to sell can be tricky.
Before you decide to sell there will invariably be an array of important decisions to be made. Financial, personal and in some cases emotional.
This article will lay out a framework for deciding when and if to sell.
When is a good time to wait?
Depending on your motivations for selling your property, there can be statistical reasons to wait.
Statistically the worst month of the year to sell is December. This is down to a few contributing factors like weather, Christmas and school holidays.
During the month of December many families are preparing for the festive season. Supplementing that children are off of school for a substantial amount of the month meaning that any real estate transaction would be invariably more complicated.
Don’t scare buyers
Buyers are often put off by houses that remain on the market too long. The assumption can be that something is wrong with the property if it does not sell.
By placing your property on the market in a month where house sales are statistically slower. Could affect how close to asking price the property achieves.
What If You Can’t Wait to Sell Your Home?
If you can’t wait to sell your home but there hasn’t been much interest from potential buyers, there are a few things you can do if you don’t have the option of taking it off the market and trying again in a few months.
Pay for Promo
MyHome.ie and Daft allow you to promote your listing so that it appears at the top of search results. You could also ask your auctioneer if they could run a social media ad featuring your property and target potential buyers in your area. Whilst this isn’t a guarantee that the promotion will sell your house, it could help get more eyes on your property listing.
It is often the case that people get frustrated with their agent when their house is not selling. As the agent is the middle-person between yourself and the housing market, it is easy to see why people are often tempted to switch to a different agent. Before deciding to make the switch, consider these things:
- Did they have a professional photographer extensively photograph the property, to take both pictures and video footage?
- Were 2D floor plans prepared?
- Is the property live on sites like Daft and MyHome with a professional listing on both?
- Has your property been featured on their social media channels?
- Read our article on how to change estate agents
At LWK, we ensure all of the above is done for you, and we will list your property on all of our social media with a video tour of the property included. Don’t hesitate to get in touch with us if you’d like to talk to us about selling your property.
Sit It Out
This is usually a good option for a person who has time to sell, however, it can sometimes be the only option if you do not want to withdraw the property from the market altogether.
Drop The Price
This is something most vendors will be hesitant to do, and it’s easy to see why. However, if your house has been sitting on the market for weeks and months, with no interest or offers, then this is the market’s way of telling you it’s on the market at the wrong price.
Often an agent might value the property at more than the fair market price in a bid to try and get a higher return. This can often backfire, and if you are determined to sell the property, facing up to the reality that it isn’t worth what you had hoped and dropping the price is the only real viable option.
Avoid These Mistakes When Selling Your Home
Selling your home is probably one of the biggest decisions you’ll make in life. There are a lot of things to consider, and a lot of mistakes to try and avoid. Here are the some of the mistakes we believe you should avoid when selling your home:
Not Factoring in Costs
There are a lot of costs involved when selling your house, when you account for closing costs, repairs, and other concessions to the buyer, the costs of selling can be closer to 10% of the sale price.
It’s also important to think about what happens when you’re in between properties. If you sell your home before purchasing a new one, you might need to rent. Or vice versa if you buy a house before selling your own, you’ll have to think about the possibility of paying two mortgage repayments, two sets of bills and any taxes involved.
Asking for an Unrealistic Price
The price you want, or think your property is worth, might not align with the price that the market dictates your home to be worth. If you don’t find the sweet spot between the two, you risk having your property sit on the market for longer than you’d like. This is especially true of houses that are in close proximity to others. If your house is similar to another down the street, and that’s selling for a much lower and fairer price, potential buyers will gravitate towards that property instead.
Not Undertaking the Essential Work and Renovations
When selling a property, it can be tempting to leave any renovations or maintenance issues for the new owners to deal with. However, when a potential buyer becomes aware of the works that need to be done, and the costs involved, they may be put off buying.
Carry out essential works before putting your property on the market, this will get you more potential buyers and will add to the value.
Not Getting Professional Photos
You and your iPhone, or your selling agent and their iPhone, can not capture the same quality images that a professional photographer can. We at LWK have all of our listings photographed by a professional in order to ensure we have the most appealing photos under your property listing. Potential buyers are judging as they’re scrolling through websites and social media, we’re very aware of this and strive to make sure your property is represented properly to the highest standards.
Not Preparing Your Property For Sale
As the old saying goes, fail to prepare, prepare to fail. If you’re not decluttering your property, and repainting or tending to minor works then your likelihood of a successful sale is quite low. Make the effort to clean, declutter and have your house looking presentable for potential buyers.
Will property prices fall in 2023?
The short answer is yes, house prices could fall by 10% over the next eighteen months, a leading property expert has forecast. However, even if house prices fall, the shortage of supply could lead to the market remaining competitive. This is especially true for first time buyers. If demand continues to outweigh supply, this could cause the market to shift with the introduction of even more competitive bidding wars between potential buyers.
If you’re thinking of selling in 2023, and would like a commitment-free valuation from LWK, contact us today!
When is the Best Time to Sell Commercial Real Estate?
Unlike residential real estate, in commercial real estate, buyers and sellers are less concerned about the season and tend to focus more on the fundamental financials and investment decisions of acquiring and disposing real estate.
Data has shown, however, that whilst more and more people are connected through smartphones and doing deals on a 24/7/365 basis, the traditional school holiday months such as August and December are when locating people may become more challenging. This is of course due to the fact that people might be busier with holidays or general childcare. Although plenty of buying and selling of commercial real estate will of course take place in August and December, it may be harder to locate people during these months. Timescales of both marketing and negotiating a property can become stretched during these months. If you are sceptical about selling at certain times of the year, perhaps avoid these months when trying to sell your commercial real estate.
Tips to sell your home
Selling your home can be a very stressful time. Here are some tips to help you:
One of the biggest things people overlook when it comes to selling their home is not knowing the location of the deed to their property. We recommend sorting this out before putting your property on the market, as it can cause long delays once the property is sold.
Do your research on other properties in your area, and see what they’re selling for. This will give you a realistic idea of what your property might fetch when it goes on the market.
Know Your Potential Buyer
If you’re in an area that attracts a lot of young families, it might be best to turn that office into a fourth bedroom when it comes to viewings. This will help said potential buyers picture themselves in the space, and showcase the full potential of your home to them.
Depersonalise Your Space
The framed photos, wall hangings, and little ornaments make your home your home. However, once your home goes on the market, you need potential buyers to see it as their home, not yours. Decluttering and removing personal items can help those viewing your property visualise themselves in the space.
Estate Agents Dublin
During your research, you will be able to identify the most active Estate Agents in your area. Invite them in for a valuation, and ask them how to best enhance your home to achieve the best selling price. The average of the valuations given by the Estate Agents is your most realistic asking price. Looking for the right Estate Agent for you? At LWK, you get the full resources and insight of one of the largest real estate brands in the world. We partner with Keller Williams which allows you to tap into a global network of agents spread across 50 countries and 5 continents