The end of the year is fast approaching and property buyers who are fatigued by the market are wondering whether they should bother trying to buy property before Christmas.
Often other buyers get distracted by all the other events leading up to the silly season, so competition for properties can be less fierce than it is in late winter or early spring. And then many vendors really want their properties sold before the end of the year (particularly if they bought in spring), so motivation to sell is usually pretty high, presenting opportunities for savvy people to buy property before Christmas.
And another reason is that in auction areas there are 6 weeks over the Christmas / New Year period where agents and owners are loathe to commence new auction campaigns, so it can be a long wait until your property hunt can resume in earnest. As a result, we often see in mid-late January that there is so much pent up demand for property that the market just takes off all over again, with clearance rates typically at their annual peak in February.
All that said, there is no point in trying to buy property before Christmas if it is simply to try to take advantage of an opportune time to buy. If you haven’t found a good property to buy, don’t buy. I would rather pay market value in a hot market for quality real estate than get a bargain if the property is a sub-standard investment, or really does not suit your needs for a home.
Published:- 17 October 2014
DISCLAIMER: Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.