Should you sell your home in 2023?
2023 has been a turbulent year so far with fears of recession, surging interest rates and deposit-free mortgages creating a cloudy, confusing picture for homeowners. So ‘should I sell my house’ in the second half of 2023? The experts at Watermans share their views.
Should I sell my house in 2023?
Unquestionably, it has been a volatile 12 months for the housing market but that isn’t to say you shouldn’t sell your home. Selling now could capitalise on house price increases in recent years before these drop off.
What’s more, your decision to sell could be based on current life circumstances as opposed to favourable market forces.
This personal choice could include debt, divorce, downsizing or upsizing, relocation, death or the wish to sell an inherited property.
To figure out whether it’s really the right time to sell, conduct a little market research to establish where you stand. Scope out the competition on ESPC, RightMove or Zoopla to assess what similarly sized properties in your area are selling for.
You could also speak to your local estate agents to find out whether there’s much demand for your property type. Our team of experts at Watermans are always happy to help!
How much is my house worth today?
Establishing the value of your house can depend on many factors, including:
- How desirable your area is
- The number of rooms you have and the extension potential
- House prices in your area
- Whether you have any conversions
- Access to shops and local amenities
- The quality of schools in your area
- Noise levels.
To help you fully understand your house value, it’s often worth understanding competition and prevailing buyer trends – so it’s worth talking to the experts. Talking to an estate agent can provide you with an in-depth home appraisal.
How quick can I sell my house?
Statistically, the average length of selling a home in the UK is 25 weeks.
During the selling process, there are many stages to navigate. This includes property listing, receiving an offer, conveyancing, the mortgage application process, exchange and completion.
Typically, the main sticking points can be poor communication between parties, legal conveyancing delays and buying chains breaking down – often the sale of one house may be dependent on the sale of another.
However, the ESPC price report showed that the average selling time for a house in Scotland was 28 days.
To speed up the process, sellers should remain responsive and in regular contact with their solicitor and estate agent while also enrolling the best legal expertise.
So, are you seriously thinking about selling your home? Talk to the estate agency experts at Watermans today – we’ll guide you through the process step by step.