Things to think about if you’re selling in 2019
Although we’re still not sure of what’s going to happen with Brexit and the country’s economic situation as a result, many estate agents are still reporting steady activity from both the buying and rental market. The fact that uncertainty about Brexit has been going on for so long, buyers and sellers have started to grow tired of waiting and start the process now while interest rates are low and there is less competition currently on the market.
Have a look at the market first
An Estate Agent will be able to provide you with a valuation for your house, but it is a good idea to have a look at what’s currently on the market that is similar to your property or the one you are looking for so that you have a ballpark figure in mind. The trend seems to be that properties will sell for the best price within the first month of it being on the market, so it’s not advisable to put it on at an inflated price to see what you can get, as it may put some buyers off, particularly if your home is targeted at first-time buyers and couples who are downsizing. If you have reduced the cost of the house, this will cause some buyers to question why that has happened, and this often delays the process. Bear in mind that a house that has just gone on the market can seem much more attractive than a house that has been on the market for a year and has had the asking price reduced.
Fixed rate Mortgages
Some of the large banks are lowering their mortgage rates on longer term fixes such as 5 and 10 year fixed-rate loans which is great news for those re-mortgaging within the next few months, or for families buying their family homes. 10 years may seem like a long time, but it’s a choice that could make financial sense for you in light of the current economic uncertainty due to the potential no-deal Brexit.
Calculate Stamp Duty Costs
The first stamp duty you paid is likely to have been low or indeed free as a result of the recent change in legislation, but this can be a sizeable expense for families who are looking to move to a larger or more expensive property. It’s a good idea to calculate an approximate cost for the sort of property you are looking for so that it’s not a shock after you’ve fallen in love with a property. On the other side, don’t let this cost put you off your dream house. If the property ticks all of the boxes in terms of location, price and access to transport links and amenities then go for it!
If you’re thinking of selling or buying a new home, get in touch today! We can help with the all important property search as well as advise you on the costs and logistics of moving.