Landlords contemplating the sale of their properties have received guidance from Rightmove, suggesting that February is the optimal month to take the plunge. According to the portal, homes listed in February tend to have the best chance of finding a buyer more quickly. This strategic timing could enhance the efficiency of the selling process for those looking to navigate the property market.
Examining millions of properties listed for sale since 2012, the analysis sought to uncover patterns associated with the month of listing, excluding the anomaly of 2020 due to the pandemic. On average, homes introduced to the market in February demonstrated a swift sales pace, taking merely 51 days to secure a buyer. This timeframe positioned February marginally ahead of March, which recorded 52 days, and stood on equal footing with January in terms of speed.
In addition to the expeditious sales timeline, February emerged as the month offering the highest probability of a property finding a buyer. A notable 66.4% of homes listed in February successfully transitioned to new ownership, making it the most opportune month alongside April, which closely trailed with a 66.3% success rate. This places February in a prime position for landlords contemplating the sale of their properties, according to the insights derived from the extensive analysis.
These findings from Rightmove’s analysis provide valuable guidance for landlords considering selling their properties. The choice of listing month can significantly impact the speed at which a property attracts a buyer, with February standing out as a particularly advantageous time. The data underscores the importance of strategic timing for property transactions, offering practical insights for those navigating the dynamic real estate market.
February listings exhibit the highest likelihood of progressing to a successful completion of sale, presenting a favourable scenario for property sellers. The data also indicates that February-listed properties are the least likely to be withdrawn by their owners from the market. March closely follows in the rankings, underscoring the strategic advantage for those preparing to sell at the onset of spring and positioning themselves for a swift property transaction in 2024.
The trend observed in the current year reveals a significant increase in buyer activity, with an eight percent rise in the number of individuals reaching out to agents regarding homes for sale compared to the previous year. Simultaneously, sellers have responded to this demand, contributing to an 11 percent increase in the number of new properties being listed in the market. These statistics highlight a dynamic real estate landscape, emphasizing the proactive engagement of both buyers and sellers in the property market.
Tim Bannister, Rightmove’s property expert says: “The best time to get moving is the time that’s right for you – we can’t always plan or predict when a life move is needed. However, for those who are able to be a bit more flexible about when they decide to sell, the data shows typically the start of the year has been particularly strong.
“It’s also when we’ve historically seen the most buyers sending enquiries to agents, so it’s a great time for those looking to sell to make sure they are listed, their marketing is strong and they’re pricing attractively enough against other sellers.”
Rightmove gives these tips for potential sellers:
The initial impression of a property is crucial, with viewers often forming opinions within the first 20 to 30 seconds of a viewing. Consequently, the front driveway, garden condition, external paintwork, and the state of the front door play a more significant role than commonly acknowledged. Neglecting these aspects may result in losing potential buyers before they even step inside the property.
Recognize that for some individuals, a property is more than a transaction; it’s a potential home. Creating a welcoming atmosphere, such as having the heating on throughout the house, helps prospective buyers envision living in a comfortable and inviting space. Avoiding a cold initial encounter upon entering the property is essential for leaving a positive impression.
Prioritize thorough decluttering to enhance the visual appeal of the home during viewings. Temporary storage solutions can help maintain a clear and tidy space, allowing potential buyers to focus on the property’s features rather than distractions. Additionally, aligning the home decor with the season can aid buyers in visualizing themselves in the space. If showcasing the property during spring or summer, pay special attention to presenting a well-maintained outdoor space, as buyers are likely to scrutinize any gardens or outdoor areas.
Avoid major renovations, but address necessary repairs: Small details can significantly impact potential buyers’ perceptions and influence a sale. Don’t underestimate the importance of fixing minor issues, as overlooking them could potentially lead to a substantial reduction in the asking price. Prioritize essential repairs, even if they seem minor, as they can make a significant difference.
Be cautious about investing heavily in extravagant upgrades, such as a new kitchen or bathroom fittings, just before selling. Buyers may have different preferences, and the cost of these upgrades might not substantially increase the final selling price. Consider focusing on necessary repairs and maintenance instead of expensive renovations that may not provide a proportional return on investment.
Download NOW
4 Simple Steps To Becoming Wealthy Through Property