Are you considering putting your property on the market and moving house in the New Year? Here are 6 of the best reasons to sell your Plymouth home in 2024.
Estate agents in Plymouth are seeing increasing demand for quality homes in the city and surrounding areas.
According to Rightmove, there are signs of greater activity from family movers who had put their plans on hold during the fallout from the mini-Budget. And experts say that overall buyer demand is up by 6%.
Paul Preen, Managing Director at Lang Town & Country, says: “There’s been a lot of uncertainty in the housing market in the last few years. As far as predictions for 2024 go, none of us have a crystal ball and none of us know for sure what’s going to happen.
“But it seems as though the mortgage market has stabilised, and interest rates seem to be steady and have been for a number of months now.
“As I say, none of us know what the future holds. But in real terms, if you look at the cost of borrowing money currently in comparison to what it used to be when, for instance, anyone who purchased a property prior to the global credit crunch in 2008, it’s actually a really good time to borrow money.
“Rates are more competitive now than when they were through the early 2000s, when the interest rates were the norm.”
Are you considering putting your property on the market and moving in the New Year? Here are 6 of the best reasons to sell your Plymouth home in 2024.
1. Potential buyers are out there right now
Rising demand for quality homes in Plymouth means that properties are getting sold extremely quickly.
We’ve also seen an increase in seller confidence this year, with more and more people looking to put their homes on the market.
So, whether you’re looking for a new home or are considering selling your current property, the local market is brimming with opportunities for both buyers and sellers.
2. The property market has stablised in 2023
Rightmove’s House Price Index for December 2023 reports that the property market has stabilised during 2023 following the post-Covid boom.
Improving interest rates also mean that potential movers are, “showing signs of returning to the market”.
Stock levels also seem to be increasing, which is a good thing for potential purchases.
And average mortgage rates have now fallen for 19 consecutive weeks, with the average five-year fixed mortgage rate now 5.11% compared to 6.11% back in July.
3. Interest rates are more steady
The Bank of England (BoE) announced in December that it would be holding the Base Rate at 5.25% again for the month. This follows the same decision as in September and November, when the Base Rate was held after 14 consecutive rises.
Lower interest rates are more likely to attract potential buyers who are keen to secure favorable mortgage terms. In turn, this increased demand can create a seller’s market, making it a good time to sell.
Rightmove’s mortgage expert, Matt Smith, commented: “The decision to hold the Base Rate as expected is some further good news to those planning a New Year move and looking to take out a mortgage soon.
“We typically see more people consider their moving plans after Christmas, and after 20 consecutive weeks of steady average mortgage rate falls, this is the most settled mortgage market we’ve seen for a while, giving confidence to those thinking of moving.”
*The next decision on interest rates will be announced at 12pm on 1 February 2024.
4. Your property could be worth more when you sell
If your home has appreciated significantly in value since your purchase, selling it can be a way to capitalise on the market’s upward trend.
This can result in a substantial return on your initial investment, especially if you’ve made improvements to the property that have contributed to its increased value.
The only way to find out for sure is to get your property valued. Contact our Lang Town & Country team and we’ll give you a free expert valuation. Then you can decide whether or not you’re ready to take the next step and sell.
5. You’ve outgrown your current home
There’s nothing like Christmas at home. But while you’ve been celebrating during the festive period, perhaps you’ve noticed that there’s not quite enough space to accommodate all your friends and family…
That’s why so many people are online on Boxing Day, scouring property portals for a new home!
There’s plenty of reasons why you might be thinking about moving in 2024. Maybe you’ve got a new job, are thinking about retiring, or you have a new addition on the way (congratulations!).
If your current home no longer suits you perfectly, it could be time to think about upsizing.
Or perhaps you’re thinking about downsizing your property…
Either way, we can help!
6. Lang Town & Country can sell your property faster
Did you know that the average time to sell a property in Plymouth in 2023 is 119 days?
Here at Lang Town & Country, we’re proud to report that our average selling time in the last year is just 75 days. That’s more than 40 days faster than the average Plymouth estate agent!
That means you’ve got even more time to settle into your new home.
How do I sell my Plymouth property in 2024?
Paul Preen says: “Whatever your reason for moving in 2024, what I’d always recommend first and foremost is to get an up-to-date valuation and appraisal on your property.
“It’s good to know what equity you’re working with before you then approach your financial advisor, mortgage advisor or bank to see what your borrowing capability could be.
“When you’ve registered with the property portals and your local estate agents, you can then instruct an estate agent like Lang Town & Country.
“As long as there are properties out there you’ve seen that you rather like, and they suit your requirements, you then instruct your estate agent to start marketing your property.
“If you would like an idea of the value of your home, book a call or appointment with us and we’ll be happy to help you reach your decision.”
Simply complete the online form for a free expert valuation from our team.
How else can I get in touch with Lang Town & Country?
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com
Waterside team – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / email@example.com
Land & New Homes – 01752 278499 / firstname.lastname@example.org