Fri 27 Aug 2021
Paul Bennett, Director
Let’s talk about the C word. No, not Covid for a change but Christmas. We may still be eking out the warmer months and keeping everything crossed for an Indian summer but in the property world, the end of August is the start of the big ‘run in’ to Christmas.
The Christmas countdown begins now
While families were sunning themselves on staycations and parents buying up new school uniform, the estate agency’s leading association, Propertymark, issued a warning to would-be movers that now is the time to go on the market if you want to be sold and moved into a new home by Christmas.
Weeks between exchange and completion increase
While it may sound absurd to be thinking about a new place to hang your holly wreath while you’re still (hopefully) applying sun cream, it’s actually sensible idea. The latest research from Propertymark shows that the average time taken from exchange to completion has increased.
The duration is now between 13-16 weeks and that doesn’t take into account the precursors of valuing, marketing, offers and initial conveyancing. So when counting back from 25th December, sellers should be instructing an estate agent now to ensure they have an accepted offer on their property in September, with a realistic exchange in November and completion in December.
Factor in the backlog
The traditional summer lull in property transactions failed to materialise in 2021, thanks to the stamp duty holiday, the post-lockdown ‘race for space’ and the growing number of new 5% mortgages. As well as keeping estate agents on their toes, associated sectors have also been deluged.
Conveyancing solicitors, mortgage lenders and removal companies are all working through a backlog of business, with a danger that those coming to market later in the autumn may find they join a long queue of people hoping for a speedy completion. If the festive season is your moving deadline, we recommend getting a ‘for sale’ board up as soon as possible.
Don’t delay if you want Christmas in new home
We agree with Propertymark’s advice to plan ahead. That should start with a valuation and one of Behr & Butchoff’s experienced sales agents can visit your property to provide a free, no obligation appraisal. Once a figure has been agreed, we can start the marketing of your property almost immediately, with online listings, digital marketing and calls out to our waiting list of buyers.
There are other steps you can take to ensure your sale is as speedy and as smooth running as possible. We recommend:-
Asking our agents to flag up anything they think would put buyers off, and taking immediate action to address the points
Pricing realistically with your completion date in mind
Completing outstanding DIY, decorating and decluttering before photographs are taken and viewings start
Getting a mortgage agreement in principle early if your onwards purchase needs funding
Appointing a conveyancing solicitor as soon as your home is on the market
Gathering necessary paperwork at the start of the sales process, including warranties, certificates, bank statements and photo ID
Being flexible when it comes to accommodating viewings and completion dates
Signing and returning any forms to solicitors, mortgage lenders and estate agents as quickly as possible
Calling removal and storage companies for their latest availability
Start your sale today
The Behr & Butchoff team is ready to help you complete on a sale and purchase before Christmas. Talk to us about your future moving plans and we can get the wheels in motion.