Have you ever considered buying a house over the holiday period?
For most, the answer is no – simply because we all become pretty busy and preoccupied. With Christmas events, family functions, and busy work schedules, purchasing a house can easily drop to the bottom of the to-do list.
But, for the savvy property hunter, the Christmas period can be a GREAT time to make that property purchase.
Want to learn more? Well, today’s your lucky day – let’s look into some of the biggest Do’s and Don’ts of purchasing property in the holiday period.
DO
1. DO make a strong offer for a property you like.
Sellers will likely have quelled their unrealistic price expectations given the added time stress. So, if you find somewhere in your budget that you love, and put forward a reasonable and fair bid, you will be more likely to be accepted than in a period of higher demand.
During the Christmas period, sellers who have had their properties on the market for a longer period of time (depending on the seller’s patience, this may be somewhere between a couple of weeks and a few months), will become more reasonable with their prices, as the stress of time can weigh on their overexaggerated initial price expectations.
So, by making a strong offer, you’ll be in a good position to snap up your dream home!
2. DO find the balance between patience and acting fast.
The holiday period is a very time-sensitive period in the property market – this is clear with the idea of sellers being increasingly keen to sell. On the other hand though, you don’t want to let that sensitivity creep in on your end. Because the market slows a little in this period, you may have to hunt a little harder for your ideal place, and wait a little longer to hear back from agents and lenders. Take this as part of the process and you will thrive – patience is a virtue!
Also keep in mind the other side of the coin, being ready to act fast will ensure that you can grab an opportunity if it comes to you. So, have your finances organised, your team ready, and your loan pre-approval completed to ensure that you can take any opportunity as it comes.
3. DO be smart!
With the end of the year coming up, it’s safe to say Real Estate Agents will be keen to make a deal before the holidays. Use this increased motivation to your advantage – be smart and take the extra help in your stride to finding that perfect property!
DON’T
1. DON’T take the first opportunity you come by (unless it ticks ALL the boxes)
Don’t be afraid to wait, look around and make that calculated decision. Often, buyers can get hasty around Christmas time, because there is so much going on.
So, make sure you do your due diligence on the property and the broader market, so you can be sure you’re taking the right step should you choose to move forward with your purchase.
2. DON’T forgo negotiation.
Often – again due to the time-sensitivity of the Holiday Season – buyers can forget the important concept of negotiation, leading with their best offer from the start.
At the end of the day, you always want to leave plenty of wiggle room to ensure that you can increase your offer should the need arise.
So, keep these handy tips in mind when looking for your next home this Holiday Season!
Are you looking to buy a house over the holiday period?
At Rostron Mortgages, we’re here to help. Our team of experienced brokers can help you find the perfect loan to ensure your finances are in tip-top shape for your home purchase.
Want to know more about how the Rostron team can help?
Give us a call on 1300 70 70 39 – we’d love to chat!