Selling your home is a big decision, and when you do it can make all the difference in how quickly and successfully it sells. As with any market, the housing market goes through ups and downs, but August is notoriously hard for sellers. That said, property does still sell and competition from other sellers can be lower, so all is not lost!  Here are some reasons why and things you can do to make the process go more smoothly.

The Holiday Effect

In the UK, August is the busiest month for vacations. This time of year, kids are out of school for summer holidays. To make the most of it, many people take time off from work to enjoy the season. Because it’s the holiday season, fewer people are actively looking for a new house. Your ideal buyers probably won’t be at viewings or putting in offers when they’re sipping drinks on the beach or travelling to new places.

Indeed, there is often a big drop in action on the property market in August. There is less competition for your home when fewer buyers are in the market. This could mean you get lower offers or have to wait longer than you’d like for your home to sell. According to the Royal Institution of Chartered Surveyors (RICS), the number of new buyer enquiries typically declines during this period.

Market Slowdown

It’s true that the housing market slows down in August. According to data from Savills, house prices tend to rise less quickly at this time of year. Because fewer deals are made than in other months. In fact, the average price of new homes on the market dropped by 1.9% in August 2023. This is more than double the normal drop of 0.9% seen in the summer. Because of this slowdown, your house may stay on the market for longer, and if it does get an offer, it may be less than you thought. 

Interest Rates and Mortgage Costs

Recent changes in the housing market show that mortgages are getting more expensive because interest rates are going up, which can turn people off from buying. As of August 2023, the Bank of England had fixed the base interest rate at 5.25%. Those with variable and tracker mortgages directly suffer from this increase because a higher interest rate will increase their monthly payments and reduce their purchasing power.

Back-to-School Rush

As August ends, families start getting ready for the start of the new school year. During this time, parents are very busy preparing their kids for school, buying clothes, and making plans for the coming week. There are often too many things to do to buy a new home right now. Due to the rush to get kids back to school, people who were just looking around might have to put their home search on hold until their plans calm down.

The Weather Factor

We all hope for great summer weather, but in Britain, it can be hard to plan for. There are times in August when it is very hot, and it may rain suddenly. These conditions might not be favourable for selling homes. Buyers might not want to go outside when it’s hot or rainy, which can cut down on the number of possible buyers even more.

Competition from Holiday Rentals

The summer market for vacation rentals goes through the roof, especially in places that lots of tourists love. Many people choose to rent their places. This trend could fill the market with short-term rentals. As a result, these short-term rentals would take attention away from homes that are for sale. Moreover, it can make things harder for your listing to stand out.

How to Ace Selling in August

Well, the above issues are real, and August might be a difficult time to sell property. However, there are things you can do to improve your chances if you have to sell in August.

• Your Property’s Appeal: The best way to find the most qualified buyer is keeping your home in great shape. You might want to stage your house perfectly. Thus, buyers may easily notice the best feature of your property.
• Competitive Pricing: If you overprice your home in a slow market, it may sit empty for a long time. In the end, it’ll force you to lower the price and possibly lose your ability to negotiate. Hence, always set the price accordingly. 
• Maximise Online Presence: Social media is literally playing the trump card in buying and selling properties. Hence, get your agent to set up some quality virtual tours and high-quality pictures of your home. It can make a big difference since fewer people can see properties in person. Also, look closely at whether your web listings are complete, look good, and are simple for people to find.
• Work with a Proactive Estate Agent: Only an experienced property agent truly knows how hard it is to sell a house in August. In a slow market, a good agent can help you find serious buyers, market your home in a way that reaches them, and give it the best chance of selling.

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If you need to sell your home in August, however, taking steps to make it more appealing and working with an experienced property agent can make a big difference. Don’t forget that time is only one factor in selling a house. You can still find the right buyer for your home even though the market is slower in August.