Selling a House is one of life’s most stressful experiences, so if you are thinking is now a good time to sell, it depends on your circumstances.
Getting the timing right when you want to sell a house is almost impossible.
The best time to sell a house fast is when the property market is rising, with 10 buyers fighting for every house and offering way over the asking price to secure it. The mortgage interest rates are cheap and cheaper to buy than rent.
In this article, we will answer whether you should move or improve your home by extending it and what will happen to House Prices.
Of course, your personal circumstances will dictate whether you should consider selling your house fast because of a relocation, divorce, or downsizing.
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Should I Sell My House Now Or In 2024?
It depends on you. Do you need to sell now, or can you wait a few years?
There are times when we might not have a choice. You may need to sell your home for various reasons, such as divorce, relocating for a job, selling an inherited property, upsizing, downsizing, or struggling to afford mortgage repayments.
If you are considering staying put, here are some options.
Should I Sell My House Or Extend It?
Sellers choose to sell their homes because they need more space. But you could get stuck in a property chain with the uncertainty of not knowing when you’ll be able to move on.
Have you considered the possibility of getting more space right where you are?
Are you concerned about mortgage rates and all the costs of moving?
If you already love your area, it might be worth considering an extension instead. You would need to apply for planning permission to extend.
It is best to speak to a planning consultant and get their opinion on a ballpark figure for extension, their professional fees and planning fees.
They would act as a project manager for you. As an expert, they would be able to get quotes from reputable builders, review them and manage the build all the way to completion.
Their professional fees would be around 10% of the overall build, but this can be well worth it as they can help you save thousands and avoid all the stress of dealing with cowboy builders.
Should I Sell My House Or Rent It Out?
What about renting? If you need to move but love your current home, you can choose to rent it out instead.
But have you thought about tax implications as you will be taxed 100% on turnover rather than being able to deduct mortgage interest as an expense? This is why many landlords have exited the rental market, and the rents have soared because of the reduced supply of rental properties. Look up the S24 tax.
If your tenants have a relationship breakdown, they will likely stop paying rent. Eviction can cost you thousands of pounds in unpaid rent, damage to property, legal, bailiff and locksmith fees.
The stress and worry aren’t worth it.
Did You Know?
Renting means you will need to wear many hats – from being available to do repairs at short notice to providing relationship advice and acting as an immigration officer to check their right to remain in the UK.
Will House Prices Go Down in 2024?
The predictions are constantly changing. There are fewer first-time buyers due to higher interest rates and inflation. As a result, mortgage applications are low. While house prices are dropping, the decline is not as dramatic as many had predicted. There is expected to be a fall in house prices of around 5-10% until interest rates return to a more normal range of 3-4%.
When Is The Best Time Of The Year To Sell a House?
The agreed wisdom has always been that spring is the best time of year to sell a home, as everyone comes out of hibernation. But that’s not always the case — Boxing Day tends to be the most popular time of the year for browsing.
Will Mortgage Rates Go Down?
The general sentiment is that mortgage rates have peaked. There is an expectation that with the election in 2024, rates will drop to create a “feel good” factor.
Is 2024 a Good Year To Sell a Home?
The ideal time to sell a house is when property prices are rising. Whether you need to sell depends on your personal circumstances.
Will I Be In Negative Equity If I Sell Now?
Fortunately, negative equity is not common, as house prices have not crashed since the last recession.
Ask your bank for a redemption figure, then compare your house to properties listed on Rightmove. A house price calculator that shows you how much your house is worth can be misleading.
What Will Happen To House Prices in 2024?
House prices are expected to fall, and houses are not selling in many areas due to higher interest rates. If interest rates start to drop, house prices will stabilise in 2024.
Is Now The Right Time To Sell a House?
Property market conditions are far from ideal, with higher interest rates making it difficult to sell a house to first-time buyers. Property chains are unpredictable. It was first-time buyers that enabled people upsizing or downsizing to move on.
If you don’t need to sell right now, why bother? Wait 2 years and see if interest rates drop to a more affordable level, then sell your property with an estate agent for the best price.
Should I Sell My House Now?
If you must sell now because of your circumstances, the right timing is irrelevant. We can buy your home for cash if you need to sell now.
We’ll make you an offer in 48 hours, pay £1,500 towards your legal fees and complete the purchase in 10 days or at a timescale that works for you.
