Should I stay or should I go?

Phillips George
2 August 2023
Buying | Selling

Is it a good time to buy or sell your home?

Is it a good time to buy or sell your home?

Let’s start with the easy question: is it a good time to buy a house?

Well, yes! With property prices coming down, it’s looking ever more like a buyer’s market. However, every buyer is a seller at some point, and apart from first timers, buyers tend to have a home to sell. So there are always advantages and disadvantages to buying and selling at different stages of our ever fluctuating housing market. Other factors to consider when buying are affordability and mortgage interest payments. Always balance your books.

The big difference between buying a house or a home

Thinking of your home as an investment is probably the wrong place to start. It is first and foremost the home you will share with your friends and family, where you can make a life, giving security, happiness and even joy to yourself and those you love.

The value of your property can go up and down, as we are constantly warned, but with good choices and over time, the value of your home will increase and you will owe less money as you pay off your mortgage, bringing financial stability to you and your family. It would be a grave mistake to consider only the short-term picture. Interest rates are high now, and house prices are not increasing the way they have been over the last few years, but over the years peaks and troughs have balanced out to make owning a property a good financial decision for most.

Hanging around: Do your homework

Research the local market: Investigate recent property sales in your area to get an idea of current trends and property prices in Leicestershire.

Consult an estate agent: Reach out to a local real estate agent with good local knowledge and a sound reputation, who can provide you with a professional opinion based on their knowledge of the current market conditions around the region.

Economic indicators: Consider the local economic situation, interest rates, and employment rates, as these can influence the housing market. Talk to us about the areas you are thinking of buying in. We are happy to share our insights, gathered over many years in the business.

Personal circumstances: Consider your own financial situation and reasons for selling. If you are financially ready and have a good reason to sell, the timing will be right for you regardless of market conditions.

Ultimately, the decision to sell your house should be based on a combination of the above factors and your own personal circumstances. It’s always a good idea to gather as much information as possible before making such an important decision. Speak to a reputable mortgage advisor for financial advice. We can help you with that if you like. The one thing we at Phillips George always recommend is that you do not over-stretch your budget or put your financial security at risk. Finally, and importantly work with an estate agent who knows the local market inside out and can help you sell your home at the best price the market will allow.

Sell your property with Leicestershire’s own estate agency

You will benefit from great service with:

⭐ Professionally qualified, senior staff directly involved

⭐ Five star reviews across the board from Google and TrustPilot

⭐ Proven track record

⭐ Local business, local knowledge

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Call us now on 0116 216 8178

Clare Phillips
Clare Phillips, Partner
Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.