8 Reasons Why Christmas is the Best Time to Buy
Don’t wait until late January like everyone else to start looking for property. This December take advantage of less competition to grab yourself a great property at a bargain price.
As if we are not busy enough during the year, December comes along with the mad whirl of parties, shopping for presents, preparing family lunches and organising holidays.
Exhausted by these many demands and perhaps fed up with the weekend inspections, many potential homeowners take a break from looking at property during December. This makes it a quieter time of the year with lots of opportunities to scoop up quality properties. Less competition and other factors mean you can also save yourself considerable money.
Once there was a time when the real estate industry shut down over the Christmas and the New Year period but these days you will find most real estate offices open for business in some capacity over this period.
Auctions tend to ramp up again from the Australia Day weekend. However, if you decide to wait until then to resume your property search, you will find yourself beside masses of property seekers, all refreshed from their holidays and eager to buy a new house for the new year.
This is especially true given the widespread industry predictions that the property market will continue to slow down into 2018, particularly in Sydney which has seen a slight drop in prices for the last few months.
Property researcher CoreLogic reported a drop of 0.5% in Sydney values over the month of October – the second consecutive month of falls.
According to Cohen Handler Managing Director, Simon Cohen recently there has already been strong evidence of falls in Sydney for property on the north shore, the western suburbs and the inner west.
Take Advantage of Less Competition
With prices cooling, the lead-up to Christmas and early January provides a great opportunity for buyers to get ahead of the game and take advantage of less competition to make a good offer to vendors.
Another advantage is that real estate agents will also be working hard to offload ‘stale’ stock and secure sales and their own commissions before the end of the year.
Sellers are Keen
Many vendors, especially those whose properties have been on the market since Spring, could be willing to wrap things up prior to the influx of new properties hitting the market in late January/February.
If a vendor doesn’t sell prior to this busy time, they may find themselves in the unfortunate position (and suffer the associated stigma) of ‘being on the market too long’. This means they may consider offers $20,000 to $30,000 less, particularly if you have your finances and paperwork organised and can settle quickly.
The Value of Engaging a Buyer’s Agent
Engaging a professional buyer’s agent is the best way to negotiate with the selling agent or vendor in order to save yourself time and stress.
A buyer’s agent also has access to off-market properties that are yet to be available for inspection by the general public. They can do all the hard work of sourcing quality properties and due diligence for you while you worry about wrapping presents.
As many of the businesses necessary to complete the buying transaction, such as conveyancers and building inspectors may be closed over this period, your buyer’s agent will also ensure you have available service options.
While it may seem crazy to add ‘buy a house’ to your to-list of things to achieve before Christmas, with the help of a buyer’s agent, it could actually be a great time to snap up a quality property at a highly competitive price.
If you are keen on a new home for Christmas, talk to Cohen Handler now about the many opportunities available this festive season.