Boston
Homeowners:
Miss the 6th of June 2024 Deadline and You
Might Miss Christmas in Your New Home.
As May
comes into view, with the anticipation of the warm summer months ahead of us, with
sun-drenched hot beaches and cold ice cream, the thoughts and contemplations of
Christmas seem a million miles away.
Yet many
people who wish to move would like to be in for Christmas.
If that is
you, listen up, as you might be surprised by what I tell you. Boston home
buyers and sellers dreaming of celebrating Christmas 2024 in a new home, the
time to act is running out.
The
property landscape has evolved significantly over the past few years,
reflecting changes in buyer behaviour and the intricacies of the transaction
process itself.
Recent
statistics from the UK property market reveal some thought-provoking trends.
From April
2023 to April 2024, UK properties took an average of 69 days from listing their
home for sale with an agent to an agreed sale, with a subsequent 112 days to
completion (i.e. completion is when the keys and monies change hands). That’s
a total of 181 days. This is a shift from the previous year (April 2022 to
April 2023), where it took 47 days to secure a buyer and 124 days from
agreement to completion.
That means
if you placed your property onto the market in the first week of May, looking
at the average amount of time to complete, you will be moving in the first or
second week of November.
Boston's
local figures align closely with national trends but with its unique nuances.
Between April 2022
and April 2023, it typically took 49 days to find a buyer and 124 days for the
legal completion in Boston.
However,
these past 12 months have seen a lengthening in the initial part of the selling
process. It now takes about 78 days to find a buyer, though the span from sale
agreement to completion has slightly decreased to 105 days.
This means it takes
the Boston home seller 183 days from listing their Boston home to moving out - just
about six months.
These
numbers paint a clear picture: selling a home and settling into a new one is
not as swift as many might hope. Given these timelines, homeowners looking to move
home by Christmas should ideally be putting their homes on the market by late
May or early June.
This allows
ample time for each phase of the selling process, from attracting the right
buyer to navigating the legal intricacies with solicitors. It ensures that you
can put up your Christmas tree and decorations in your new living room
comfortably before Christmas.
That means if you
want to move into your new home by Friday, 6th December 2024, you
will need to put your home on the market by Thursday, 6th June 2024.
This is assuming
you hit the average times scales mentioned above for Boston.
Why the
urgency? The current market conditions suggest a slower pace in securing
buyers, which can be attributed to various factors, including economic
uncertainties, changes in mortgage rates, and a more discerning buyer pool. The
national reduced time from sale agreement to completion, however, indicates
that once a buyer is secured, the process is becoming more streamlined - a
positive sign for sellers.
Prospective Boston sellers
should also consider
the advantages of
the current property market.
With the
extended time to attract buyers, presenting your property at its best has never
been more crucial. This means addressing any maintenance issues, considering
upgrades that increase property appeal, and staging your home to capture the
imagination of potential buyers. Effective marketing through an experienced
estate agency can significantly enhance visibility and attract quality offers.
Moreover,
engaging with a knowledgeable Boston estate agent early in the process can
provide crucial guidance. They can help navigate the complexities of the Boston
market, advise on realistic pricing strategies, and manage the sale process to
avoid common pitfalls that could delay proceedings.
For those
contemplating a move, the message is clear: acting sooner rather than later is
prudent. The market's current pace means that starting the process in the next
couple of weeks is essential to ensure you are settled in your new home in time
for the festive season.
This isn’t
just about moving house; it’s about moving home. It’s about ensuring that by
the time December’s frost dusts the streets of Boston, you are warm and
settled, with the comforting scent of mulled wine wafting through your new home.
While the Boston
property market may present challenges, thorough preparation and timely action
can pave the way for a smooth transition to your new home by Christmas.
Remember, the perfect moment to put up your property for sale is now. Let’s
make your festive dreams a reality - speak to
us today by calling 01205 365500 and take that first, decisive step
towards your new beginning.
