How can you target the best time to sell?
Once we’ve dealt with value and costs, the next most popular question we get from owners is “when is the best time to sell” so I thought it might be useful to share some of the following figures from Rightmove. Can you target specific times of the year and , if so, why?
Two tables below showing the number of customer views on Rightmove – the top graph is just 2017 whilst the lower graph shows three full years (15, 16 and 17) plus half of 2018.
From the tables above, it seems pretty clear that there are several spikes in buyer activity on Rightmove – March, May, July and October? Assuming traffic on Rightmove is a decent general guide for when buyers are active, should you be looking to target these peak months when you’re selling?
However, we mustn’t just look at the demand end of the scale without taking into account supply as well. Its all well and good if there are plenty of buyers around but what about if you’ve got loads of competition too?
The table below shows the general flow of supply per agent over 2017 and into 2018.
What we need to look for here is the low points – when you’re likely to have the least number of competing sellers in the market. January to March is again a target point but supply then rises across the summer until an autumn fall to a low point around Christmas (no surprise there!).
How long does it take to sell? Do you need to allow a bit of time in your target calculations? The table below shows how offer activity speeds up as the New Year starts and then can slow down from early summer for the remainder of the year.
Smashing this all together would suggest a target of sellers starting to market their property from late January into Feb for the following reasons;
- Competition is at its lowest point of the year
- Buyer activity is steadily rising towards a March peak
- Time to sell is rapidly decreasing (buyers are buying)
To be honest, we’ve been saying this for years as our own records over the last decade show the peak time for offers in any year is February/March. However, its nice to see the broader national stats bear this out as well.
It may still be cold and dark plus the gardens look far from their best but don’t let this put you off. If you’re wanting to move in the New Year, the stats show you should start early!