While selling your home has always been a big decision, the current climate has made it harder than ever to decide to take the plunge and put your property on the market. Estate agents are having to constantly explain why it is in fact a perfectly good time to go for it. If you are not in a position where moving is absolutely necessary, for example a job relocation, then you might wonder what incentives there are to just move because you want to. After all, the cost of living crisis doesn’t seem to be going anywhere, mortgage rates seem to be higher than ever and inflation is currently at 10%. However, all is not lost and there are in fact a myriad of reasons why now is a good time to sell your home and move somewhere new.
There may be a recession on the way
There are talks of a recession on the way and if this were to happen, the property market would crash meaning you get a lot less for your money than you would now. Because of this it’s a good idea to sell your home and tighten your finances before a recession hits, securing your position a lot more tightly for the future.
If you don’t have a mortgage or need one for the future
If you don’t have a mortgage or need one for the future, then you won’t feel the sting from the current Bank of England rises in rates. This means that while the harsh economic figures might affect others, this likely won’t apply to you and makes it a very good time for you to sell indeed. With this applying to approximately 36% of homeowners who own their home and don’t have a mortgage, that is a pretty large portion of the population.
Buyer appetite is high
While the adverse economic conditions might have you thinking otherwise, buyer appetite is actually at a much higher rate than it has been for a long time. This can be attributed to many things, such as the worry of the pandemic mostly being behind us and also wanting to secure a new property in case things do take a dive for the worse. Many feel it is better to buy now and have it done just in case there is a big market crash which many believe might be the case in the near future.
There is no denying that the current house market is fast changing, and no one can exactly predict where it is going to go. Yet what you should focus on is that it is not all doom and gloom and there are plenty of opportunities to sell your property successfully. Try to avoid the media scaremongering and instead speak to your own estate agent. If you are looking to sell your property in Fitzrovia, get in touch with us at https://ldg.co.uk/ to find out how we can help you get your moving journey on the go.
