Housing market commentators have focused a great deal on the race for space over the past 18 months.

But not everyone is seeking to take on a larger house and bigger garden with room to work from home. For some homeowners, it’s quite the opposite.

Downsizing is still very much on the agenda with moves motivated by the desire for a more convenient location and a more manageable, easily-maintained property, or the aim of releasing equity for retirement or for children to get onto the housing ladder themselves.

When to sell?                                                  

The million dollar question is: when’s the best time to take the plunge and sell what is often a much-loved family home, especially when the head says yes but the heart may be less certain.

In my experience we are currently seeing the best seller’s market for many years, with buyers eager to snap up just the sort of property that downsizers are putting on the market.

So logically, if you are thinking about it, now’s the time to act. Not only do you take advantage of the current high demand but you also seize the opportunity to make the most of your new-found equity, home and lifestyle.

Is the price right?

A key piece of advice is to be realistic about what your home may be worth. Even though it’s a seller’s market, buyers are savvy about values. Houses that need significant updating in terms of the kitchen and bathrooms, for example, need to reflect that in the guide price. Renovating prior to sale is not always the right course of action so it’s very important to speak to a good agent as early as you can in order to gauge whether or not you are likely to add value by carrying out improvements.

Will I be able to find what I’m looking for?

The flip side to a seller’s market is the competition for stock, and the understandable concern among some would-be downsizers that they may not find the perfect home to move to.

It’s important to remember that there are options and a good agent will be able to advise. It may be that a long exchange period can be agreed, allowing you to sell this side of Christmas but not complete until the spring when we expect supply to be greater, giving you more to choose from.

What about renting?

If you can’t find what you want straight away, it may also be worth considering renting in the meantime which has the added benefit of try before you buy. If you are moving to a new area, perhaps a town or city rather than the countryside, then you’ve got a chance to see if you really like it before committing. It can also be a good opportunity to experiment with how much space you actually need from your new home – it may well be more or less than you think.

Further information

Contact Andrew Perratt