Why buying a home in the festive season is a great idea
Category Property Advice
Thanks to many buyers delaying their searches until the new year, the real estate markets are often quiet throughout the holiday season. Since the holidays are not a popular time for sellers, you'll probably find that the properties for sale really do need to sell. If you're able to act fast, December is a great time to negotiate a bargain.
Get pre-approved for a bond before you start to give yourself an advantage with agents who will start the process before you've even selected a property. When the perfect home comes along, you'll be one step ahead if your conveyancer is on the ball and can thoroughly examine your supporting papers, such as identification and financial evidence, in advance.
Here's why you should not stop house hunting during the festive season:
- You may be able to get a good bargain
December is not a particularly popular season for sales. People are more focused on celebrating the end of the year with their loved ones. Because of this, it is probable that the homes for sale are in urgent need of a buyer.
This puts you in an excellent position to negotiate for a cheaper price or to have some repairs or improvements covered by the price of your purchase. This can give someone the push they need to stop renting and move into their own property if they are just on the verge of being able to afford to buy one.
To ensure that you close by the end of the year, just be ready to move swiftly after you strike a deal.
- There won't be as much competition from other buyers
Around the holidays, you'll probably be able to house hunt with less competition and get to choose from a variety of real estate professionals. Once more, this is because it is the time of year when most people are preoccupied with spending time with their families and going on shopping sprees.
It will be liberating to know that you don't have to fear losing a potential home.
- Sellers want to sell their homes as soon as possible
Sellers, agents, and banks all want to get things done before the end of the year, so you'll probably find that people are ready to cooperate with you to move things along.
Make sure you and your agent are on the same page regarding your timeframe. Before you sign a contract, find out if they intend to take additional time off for the holidays. Additionally, ask your realtor to inquire with the seller about any potential holiday delays. That way, if they disappear for two weeks, you won't be left in the dark.
- You still have time to set up for potential tenants
You undoubtedly already know that January is often one of the busiest times for the rental market if you intend to rent out your home. If you purchase a home right away, you will have ample time to renovate it and lease it out in the coming year.
- You may take advantage of the festive sales
If you're able to find a home before Christmas, you may benefit from some of the fantastic offers made throughout the holiday season from retailers. Moreover, don't forget about January deals, which begin on Boxing Day.
If you are in the market for a new home this festive season, get in touch with Knight Frank today.
Author: Knight Frank
