There is still an air of uncertainty as to what lies ahead with the economy and the housing market. And in any decisions you make you are no doubt considering all the options, especially when it comes to your home. There are many reasons why people decide to sell: it could be steered by financial reasons or emotional – desire to move closer to family has been extremely popular since the pandemic. Often the urge to move isn’t always planned, it comes upon us all at once, but is now the right time to be selling your home?
The Current Market
In Canterbury, the market has slowed slightly but remains stable at the moment and there are serious and motivated buyers looking for properties right now. Experts do however warn that house prices could drop next year. This is said to be due to the mini-budget causing financial instability combined with the accelerated interest rate hikes by the Bank of England. This in turn saw the rise in mortgage rates making buying a home less affordable.
This may all be doom and gloom, but as history has shown us, things can change and there are always regional variations. There is no doubt you will be taking the state of the economy and housing market into account in your decision to move. The tricky decision that home owners need to make is should they sell now in case prices fall, or wait to see what the new year brings.
One thing we will always recommend is to make sure that it is the right decision for you and that you are certain you wish to move before you place your home on the market.
Moving for Financial Reasons
There is no doubt that the impact of the cost of living crisis has started to hit, and the ongoing costs of owning your own home could be making you consider whether a move would relieve the strain. You could be considering whether a move could make you mortgage free, or you may wish to take advantage of the equity in your home.
If mortgage payments are starting to pinch please speak to your mortgage provider first to see what support they can offer. Don’t panic and make a rash decision now without understanding what support is available, as it may provide you with the reassurance you need for the winter months.
If you are looking to sell for financial reasons, have a talk with your mortgage broker or financial adviser first, to make sure your plans give you the outcome you are expecting.
For Practical Reasons
There could be a number of practical reasons why now is the right time for a move, for example if there is an issue with space. You could be living in a family home where the nest is now empty and you find yourself living in only a small number of rooms. Although your property holds many memories, it just feels too big and empty now, and the idea of a smaller more manageable home is very attractive.
Or, you could be struggling with the opposite problem in that you have outgrown your space and your family are living on top of each other. Living in a home you have outgrown can bring its own stresses, and therefore the need for more space is more urgent and you may not wish to wai to see what happens with the housing market. Having loved ones close, to help and support each other, has also become a more popular reason for moving for many, even as the cost of living tightens, families want their relatives close.
Don’t make a snap decision
It is important to make sure you don’t make a snap decision, even if you know the time is right to sell your home, do your research so you know what to expect. At Page & Co, we are always here to discuss all the options open to you, even if that is to wait.
