Is March The Best Time To Sell Your House?

February 24, 2023

Spring is just around the corner, and for many people this is the time of year when they think of moving house. In fact, many property market experts agree that March is the optimum month for selling your house.

Spring has traditionally been the most active time on the property market, because the worst of the cold dark days are over, and people are yet to become busy with summer holidays and social events. Families may want to get a move over and done with in time for the start of the new school year in September.

Tim Bannister of Rightmove says: “For any sellers who might be conscious of coming to market at a time when the number of new listings has traditionally been high, the data shows us that demand in March means sellers are most likely to be met with a potential buyer for their home.”

Selling your home at a time of peak demand obviously makes sense, because you are more likely to attract multiple bids and drive up the price. If you are also looking to make an onward purchase, you will have a wider choice of available properties.

However, ultimately, it’s just as important to make sure that the time is right for you as a seller. Sometimes, a change in circumstance means that you have no choice but to sell at a particular time of year. Maybe you have switched jobs and need to be located nearer to the office, or you have had a relationship breakup.

If you are selling at a less busy time of year, such as mid-summer or November and December, you may have to be prepared to price your property more realistically.

If you are planning to buy a more expensive property, or your current mortgage deal is coming to an end, you may need to renegotiate your mortgage deal. It may be possible to transfer your current mortgage to a new property, depending on your lender.

If your financial situation has changed since you took out your current mortgage, you may find it more difficult to get a new deal. This could be because there is an issue with your credit rating due to a missed payment or something more serious such as a county court judgement (CCJ).

In some cases, changed employment circumstances may affect your affordability criteria for a new or revised mortgage deal. This could happen if you have switched from being employed to self-employed, or have changed job roles and now earn less than you did when you applied for the mortgage, or your combined household income has decreased.

In this case, it would be advisable to speak to a specialist mortgage adviser who is experienced in dealing with clients with non-standard circumstances. They will be best placed to match you with the most suitable lenders.

If you would like some advice from bad credit mortgage brokers in the UK, please get in touch today.

Your home may be repossessed if you do not keep up with your mortgage repayments.

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