Is Selling Or Buying A Property OVER CHRISTMAS A GOOD IDEA?

The holiday season may have you feeling jolly, but is it really a good time to sell or buy your property? Christmas is a time that comes up often, with mixed opinions. There are both pros and cons to selling or buying your property over the holidays, which are worth considering.

Advantages

• It may be possible to get a great price during this time if you plan the right strategy.
• For buyers is that there can be an opportunity to pick up residual stock, as other buyers drop out of the market.
• It’s best to find a local real estate agent who will have up-to-date knowledge about how the holidays could affect your chances of a fast, profitable sale.
• Buyers who are looking for properties during the holidays are usually serious about purchasing something, and this could lead to a quick sale.
• Christmas is also a naturally festive and joyful time. It falls during the first month of summer, which provides a bright, cheerful and sunny setting for the home.
• Buyers will be motivated to buy before the end of the year because they are afraid of missing out, or have sold their house and need a new home.
• One of the advantages of buying in December is that sellers might wish to wrap up a deal before the end of the year.

Disadvantages

• One of the obvious disadvantages of selling property over Christmas is that this is a time when many people go on holidays.
• A disadvantage for buyers is less choice, with fewer properties on the market, which can also increase competition between buyers and drive prices up.
• Buyers may be slightly suspicious, wondering why you are so keen to get rid of your property. They may think that you are desperate to sell because there is something wrong with the property, or to satisfy a financial debt.
• Buyers are likely to be experiencing buyer fatigue. Some buyers will end up withdrawing from the market, meaning there will be fewer potential buyers.
• Many buyers will withdraw from the market in late November. Those who do sell in this period, might find the buyers want to negotiate a longer settlement to accommodate the Christmas period.
• Buyers also face disadvantages at this time of year. The Christmas period can be a difficult time of year to organise finance. Solicitors usually closing their offices between mid-December and mid-January and the property-settlement process can become stressful.
• A disadvantage for buyers is less choice, with fewer properties on the market, which can also increase competition between buyers and drive prices up.