I had a homeowner from Lordship Lane call me as she said she had been following our Fish Need Water Property Blog, and was keen to hear my thoughts on the best time to sell her property. Gauging the best time to put your East Dulwich property on the market is no easy task. One thing’s for sure, certain parts of the year are better than others for selling your property. However, there is a whole range of points to consider.
Even if you are putting your property on the market, you have no idea how long it will take to find a buyer. The latest data for all 22 estate agents in East Dulwich, show that, on average, East Dulwich properties take the following length of time to find a buyer:
If we look back to January 2016, the median time it took to find a buyer, using data from all of the 22 East Dulwich Estate Agents, was 83 days.
Seemingly then, things have improved quite dramatically over the past six months. I looked at data going back to 2008 and noticed an interesting trend. Between January and the Summer, each year, the average length of time it takes to sell a property shrinks, before rising again in the run up to Christmas. For example:
Winter 2008 – 92 days Summer 2008 – 86 days
and in more recent times …
Returning to the present, if you placed your property on the market in East Dulwich today, it may take you on average a little over eight weeks to find a buyer. Following this, solicitors and the dreaded “chain” can add a further eight to twelve weeks to the process. So, when you place your property on the market comes down to individual preference. Children can play an important part in the process. Sellers may choose to delay putting their property on the market, so that they can move in the summer holidays and avoid unnecessary disruption to their children’s schooling. On the other hand, sellers may choose to move sooner, ahead of the forthcoming academic year.
There are times of the year when it’s better to sell, and times when waiting a little longer can pay off. In short, I would offer the following pointers:
- Spring: Customarily there are more buyers in spring time.
- Summer: Sellers may struggle slightly due to buyers taking their summer holidays.
- Autumn: The market usually regains momentum, as enthusiasm for buying returns.
- Winter: Interest diminishes as the Christmas period approaches.
As these points illustrate, buyers and landlord investors are more likely to pick up a bargain in the later months of the year, when there is usually less competition from owner occupiers. Every homeowner and landlord in East Dulwich should list their property at the time that suits them best, do their research and sell with their head and their heart.
For more thoughts on the East Dulwich Property Market give me a call or drop into the office.