When the new year comes along, a lot of people look at making a fresh start whether it be a new job or a new home. It’s previously been noted that the best time to start looking for a new home is in the spring, however, early 2019 could be the best time to find your dream house.
With Spring being a popular time for buying and selling, house prices are more likely to rise due to competition. If you’re a first-time buyer and new to the real estate market, here are a few reasons why you should stay ahead of the crowd and start looking for your home from January-March.
Brexit has caused financial uncertainty within the property market
As the finalisation of Brexit approaches in March, growing uncertainty around what will happen in the aftermath of Brexit has begun to dawn. Some experts are suggesting that prices in the housing market are set to rise, however, some are predicting prices will fall.
The uncertainty around what exactly will happen surrounding Brexit means now is the perfect time for first-time buyers to start looking for their future home. Many houses on the market are currently listed at a lower price than they’re worth as a result of not knowing what the outcome of Brexit will be.
A new year brings new opportunities
In 2018, anyone who had their home on the market but failed to sell will probably enter the new year more eager to sell their property than before. Many sellers may reduce the price of their properties due to frustration from failing to previously sell.
Christmas is also a reason for why many sellers do not list their property until the new year. Those wanting to sell their property are more likely to wait until the holiday season is out of the way before listing their property. This creates great opportunities for first-time buyers in early 2019.
Interest rates are low
Currently, experts have agreed that interest rates are low. However, they won’t necessarily stay low. Interest rates on properties are set to rise continuously throughout the upcoming year. If you’re a first-time buyer, this is a reason why you shouldn’t put off purchasing house. The home you buy might end up costing less than it would later in the year.
Personalised service from your estate agent/ solicitor
With fewer buyers looking for properties in the new year, real estate agents often find that they receive less business as a result of less clients. You might find that your real estate agent or solicitor is more eager to show you properties which tailor to your needs and help you along with your property search as they have fewer clients to divide their attention between. ET Law specialises in first-time buyers and can help with any questions or guidance.
As spring is usually the time that sellers begin to put their properties on the market, looking a buying a house could be more beneficial in January where there is less competition from other hopeful buyers.
Although it’s a possibility that with fewer buyers putting their house on the market in January and you’ll have subsequently less choice in properties when you do find a property you love there will be less competition to bid on the property. In the spring, more buyers and sellers pop up in the property market, so if you’re a first-time buyer, looking for your home in January is recommended.
Find out more for first time buyers.