In this two-minute read, we discover why the opportunity clocks are ticking for people wanting to make the most of the Stamp Duty holiday.
“Life is a Game” is a quote attributed to Mother Teresa, but it could be easily applied to property.
And as with all games, there are winners and losers when it comes to selling a home.
Timing always plays a part in how successful you are, as does having a talented estate agency working on your behalf to get you a winning result.
The announcement that Stamp Duty for properties under £500,000 is eliminated until March 31st 2021, which means there’s now plenty of opportunity knocking on the doors of homeowners in Cambridgeshire.
Buyers can now save up to £15,000 during this window.
Depending on what source you look at, it takes on average (from a cold start) between 176 to 200 days to sell a home.
This means the opportunity clock is now ticking before that March 31 deadline.
The Stamp Duty holiday means:
- Deals that were dead in the water over a difference in the value buyers and sellers were prepared to accept (especially between £15,000 to £30,000) are now potentially resurrected.
- Having more to put down as a deposit is opening more of the mortgage market to buyers, as is the decision by several lenders to reintroduce 90% Loan to Value mortgages.
- If you are thinking of selling, you will also benefit from the Stamp Duty removal if the place you are buying is under the £500,000 bracket.
But it’s not enough to put your most valuable tax-free asset up for sale and hope the rising tide of a buoyant market in Cambridgeshire helps you achieve the premium price for your property.
You also need to remember the following four things, which we have related to classic game shows to help you remember.
The Price is Right
Overvaluing a property will mean it sticks, no matter what the market is doing or if stamp duty has been put on hold. Pricing it correctly to sell at a premium price is a skill experienced agents like us have.
Through the Keyhole
When you are on the market, your property gets put under the microscope so prepare it thoroughly so that viewers will feel like it’s a place they would love to call home.
Remember that date, March 31st 2021 The sooner you start marketing your property the better. The clock is ticking.
When you choose an agent with an excellent track record and fair fees who values your property correctly and can guide you on every aspect of the selling process, you have hit the bullseye. And you won’t be left thinking about what you could’ve ‘won.’
At Butler Residential, we see working with a client to sell their home as a team effort. So, if you like the sound of our approach and are interested to know how we can help you make the most of this Stamp Duty window of opportunity, let’s talk.