Thinking of buying a new home? Time it right and you could well save some money. Whether this is your first home or you are planning to move to a new property, timing when you make an offer on a property and analysing what other buyers are up to can help you to get yourself a better deal on prime real estate.
The Quieter Months for Buyers
Historically, there are a few quieter months of every year when buyers are more likely to get a better deal on their property. During these periods, fewer buyers are looking for properties, and this means sellers may be more receptive to a lower offer to prevent their houses from staying on the market for too long. If you choose the right time of year and find a seller who wants to sell quickly, this can certainly work in your favour.
The classic slow periods every year are school holidays, and December. During these times of year, people have other things to focus on like entertaining the family, going on holiday, or Christmas shopping and entertaining, and the bad weather puts more people off house hunting. This means less competition and more bargaining power for you. Also, sellers who have failed to sell before the end of the year are more likely to accept offers.
August is a traditionally quiet month when many people go on holiday. Again, fewer people are buying, and as demand goes down, asking prices may go down too.
April to June, September and October are typically the busiest months to buy, particularly when gardens are looking their best and demand is therefore usually higher. Sometimes houses go for thousands of pounds above their asking prices.
The Election Effect
The general election is now over, but buying a property before the election could well have been a wise idea. Sales typically go down before polling day due to the uncertainty, and this year there were also fears about the proposed Labour mansion tax for properties valued over £2 million. This actually led to price cuts earlier in the year in an attempt to entice buyers to buy – even those that would not have been hit by the tax.
Following the election, a surge of buying is expected, and this demand is likely to continue during the year, which will likely see prices rise.
Low Interest Rates Could Affect Asking Prices
Most pundits suggest that interest rates are likely to stay at record lows for the time being, and the cost of borrowing is not expected to go up until 2016. However some sellers are keeping their asking prices lower to tempt buyers who are aware that borrowing could soon become more expensive, so this could work in your favour.
Important Transport Decisions
Announcements on large transport projects like the HS2 and HS3 links, as well as airport expansion plans for London, could also affect housing prices in specific areas of the country.
No decision has yet been made on whether Heathrow or Gatwick will be expanded, but there are suggestions Gatwick is the Prime Minister’s favourite option. The Airports Commission will make a final decision on its recommendation shortly, and this may well have an effect on property prices in the area, which can go up dramatically as a result of transport improvements.
Study the Market to Decide When to Buy
Studying the best time to buy and trying to second-guess the market is never easy, but it is well worth doing when you decide to buy a new home. Knowing when is typically a good time to buy during the year can help, but you should strongly consider speaking to a specialist Property Finder in the geographic area in which you are looking because they can help you decide when might be the best time to start looking.
If you are currently considering buying or renting a residential property an independent home search consultancy could help you to source and secure the ideal property and guide you through the transaction process.
Call Richard Mottley on 0800 999 5758 or 07769 32 57 58 for further information or submit an enquiry here: http://sanderlinghomesearch.com/contact