I had a homeowner from Clifton email me the other day. She said she had been following my lettings blog for a while and wanted to pick my brain on when is the best time of the year to sell a property in Bristol. Trying to calculate the best time to put your Bristol property on the market can often seem something asking to witchcraft and I whilst I would agree that there are particular times of the year that can prove more productive than others, there are plenty of factors that need to be taken into consideration.
Even if you are putting your property on the market, you don’t know how long it will take to find a buyer. At the moment, for the latest set of figures for all 174 estate agents in Bristol, the average length of time it takes to find a buyer for any Bristol property is as follows …
Detached 88 days
Semi 54 days
Terraced 47 days
Flat 73 days
Overall Average 65 days
If we roll the clock back to January 2016, the overall average time it took to find a buyer (again using data from all of the 174 Bristol Estate Agents) was 94 days.
So on the face of it, things have vastly improved over the last six months or so. Well, when I looked at the data going back to 2009, every Spring since then, the average length of time it takes to sell a property drops between January and the Summer months, for it to rise on the run up to Christmas.
Winter 2009 – 172 days Summer 2009 – 132 days
and in more recent times …
Winter 2013 – 135 days Summer 2013 – 111 days
Winter 2014 – 121 days Summer 2014 – 91 days
Winter 2015 – 112 days Summer 2015 – 95 days
Coming back to today, even if you placed your property on the market today in Bristol, if it takes you on average a little over nine weeks to find a buyer, then you can expect solicitors and the chain to take an additional eight and twelve weeks after that, before you move. It comes down to choices to when you place your property on the market. Children often affect the decision. On one side, you might delay putting that for sale board in your front garden, so you can move in the summer school holidays, but on the other side, you might want to move sooner to be in the catchment area of a preferred school, in plenty of time for the next academic year?
There are times of the year when it’s better to sell, and times when waiting a little longer can pay off in the long run. In a nutshell, I would say this is the way of the seasons…
WHEN TO MARKET?
Spring: Customarily there are more house-buyers as the Daffodils show themselves
Summer: Sellers may miss out on house-buyers being on holiday
Autumn: The enthusiasm for buying homes returns
Winter: Interest diminishes as festive period looms
What this means to buyers and landlord investors is that they often pick up a bargain in later months of the year, as there is less competition from owner occupiers. So, whilst there are better months to achieve a quicker sale, the only piece of advice I can give to every home owner and landlord in Bristol, is do the right thing for yourself, do your homework and buy (and sell) with both your head as well as your heart.
To keep up-to-date with the rented property sector in Bristol, visit my property blog here.
If you’d like to find out more about how our letting agents in Bristol can help you with our award-winning property management services, letting agency services and landlord services, please feel free to get in touch with me direct on firstname.lastname@example.org.