While you may be used to hearing that buying and selling over Christmas isn’t the best idea, it simply isn’t true.
The holiday season may be a time for many people to relax and recharge, but not the real estate industry!
If you’re thinking about buying or selling in the next few months, we have the pros & cons for you below…
Pros of buying or selling over Christmas
Deadlines. Most buyers and sellers want to be able to relax on Christmas Day without the pressure of a pending property transaction weighing on their minds. This motivates them towards taking strong action in the weeks leading up to December 25th. For buyers, this means there are likely to be better value purchases as vendors who have listed their properties will be keen to sell. They might have had a failed campaign in late November and the seller’s motivation is quite high.
Less competition. A lot of properties on the market over the Christmas period might be scheduled for February auctions, so as a buyer, if you like them, do your due diligence and make an early offer. If you’re making a good offer, some of these sellers might take it so they can enjoy their holiday break. This same principle applies to sellers – there are less properties to compete against if you list just before Christmas.
Fewer sellers means greater negotiating power. Fewer homes on the market can mean less competition and extra power in price negotiations that can see you add significant dollars to the end selling price.
Demand. Some people may be moving as part of a New Year job relocation, other buyers may be looking for a home in the catchment area of a great school in time for the new year or there may even be people looking for a sea/tree change. Whatever the case, there are enthusiastic and willing buyers looking to purchase over the Christmas period.
Cons of buying or selling over Christmas
Office closure. Over Christmas and New Year’s, commerce shuts down for a period and for up to two weeks, you may find your accountant, solicitor, conveyancer, mortgage brokers and other property professionals are nowhere to be found. This can feed into settlement delays and potentially create issues. The same goes for trades people if you need anything fixed or done up in time for sale.
Buyer’s impression. Buyers may be slightly suspicious, wondering why you’re so keen to sell your property during this time rather than spending time with your family. They may think you’re desperate to sell because there’s something wrong with the property, or to satisfy a financial debt. If they think you’re desperate to sell quickly, this could lead to lower offers.
People are busy and/or away. While there may be demand, people are undeniably busy at this time of year. While they’re out and about already celebrating the season or away with their families, it may be a major effort for them to slot in a property viewing to an already bustling calendar.
Managing Director Stephen Aitken began trading as Aitken Real Estate in 1989. Independently owned, the strong emphasis of company culture dedicated to excellent results and total client care have ensured Aitken Real Estate is the dominant private sale specialist for the local area encompassing Cheltenham, Mentone, Parkdale, Beaumaris and Dingley.