Is the end of 2022 a good time to sell your home? Here’s a straight answer from Paul Stripp Estate Agency.

As an estate agent, you’re probably expecting me to say that any time is the right time to sell your home, but that’s not entirely true, and I’m not that kind of estate agent. There are definitely good times and bad times to sell a property, and choosing the right time can make the difference between a sizable return and cutting your losses. 

Is the End of 2022 a Good Time to Sell?

The short answer to this question is yes, but it’s a little more complicated than that. 2022 has been a sellers’ market so far, and as we approach the latter half of the year, that doesn’t look to be changing any time soon. There’s still a massive demand for property, and house prices are still sky high, meaning sellers see a considerable return. 

But there’s a catch.

A seller's market isn’t a buyer's market, meaning if you’re also looking to buy, then you may not be any better off at the end of your move.

Who Should Sell Right Now?

If you’re selling a second property or a rental with no need to buy elsewhere, are downsizing or are moving to a cheaper area, then there’s never been a better time to sell! Get your property on the market now to take advantage of record-high prices.

If you’re selling and looking to buy locally or are selling to upsize, then it’s still a great time to put your property on the market, especially if you want it to sell for maximum value. The only downside is you, too, will be buying during the seller's market, so you will also be experiencing high buying prices.

Is Now a Good Time to Buy? 

If you’re reading this as a first-time buyer, then hearing that house prices are at a record high and you’re buying during a seller's market may seem like a big red flag - but it isn’t all bad news.

One good thing for first-time buyers right now is the availability of low-deposit mortgages, which can make it easier to get on the property ladder.

Unfortunately, the good news for first-time buyers ends there. While I’d love to say with certainty that first-time buyers should wait it out, it’s not looking like house prices will drop any time soon, and if interest rates continue to rise, then it could become harder to secure a mortgage.

While now may not be a great time to buy, it could be better than in six months. If you’re currently renting, want to escape rising rental prices, and are planning to remain in your first home for a decent duration (5+ years), then my advice is to buy. If you are currently living in a rent-free situation, I advise you to stay put, continue building your deposit and buy when the market changes. 

Is Now The Right Time for You?

Ultimately, the right time to buy and the right time to sell differs from person to person. If you’re currently on the fence or just want some impartial advice, then please get in touch. You can contact me on 01424 772954 or by email at info@paulstrippestateagent.com.