With Covid restrictions now well and truly behind us, estate agents are anticipating a busy holiday season, especially in the coastal areas where there has been no slowing of enquiries for accessible priced homes from buyers around the country looking for a change of pace and lifestyle.
And there are, in fact, are some significant advantages to buying and selling in December:
Less competition: Most people are busy during this time of year, with kids to be entertained, gifts to buy, decorations to put up and food to prepare so many aren’t even thinking of buying a house which means that there will be fewer potential buyers vying for the best properties.
Motivated sellers: With it being year-end (and imminent new beginnings), sellers are often facing various things to deal with in the New Year and they are often more eager to sell and therefore to negotiate.
More serious buyers: At this time of the year, prospective home buyers may be relocating for new jobs (and may even have an end of the year relocation deadline to meet) and kids will be starting school in January.
Fewer window shoppers: There won’t be as many time-wasters and looky-loos traipsing through your home as they are generally too busy shopping and keeping children and visiting family entertained at this time of year.
Better service: If you are buying or selling in an area that doesn’t attract holiday visitors, you might well find that you will enjoy better service from property professionals who are likely to find business slow during the holidays.
However, buyers and sellers also need to take into account the following regarding end-of-year transactions to avoid any delays and ensure a seamless transaction:
The deeds office runs on skeleton staff from around 10 December until after new year and they will also need to catch up with the backlog once they re-open. Therefore, transfers for December sales can only be expected to go through towards the end of March the following year.
Council offices are also closed during the festive season so there will be a delay in getting essential documents required such as transfer duty receipts, rates clearance and building plans which also delays the transfer process.
Necessary repairs are unlikely as it is also builder’s holidays in December and in November they are rushing to finish existing projects.
More limited viewing times are likely because buyers and sellers will still have their hands full at this time of year.
What can be done to facilitate the process and avoid delays?
If the slightly extended transfer period is going to be an inconvenience, sellers and buyers can mutually agree to an earlier occupation before the transfer is concluded which would allow the buyers to move into their new homes in time - provided all guarantees are in place and both parties agree on an occupational rent.
To avoid additional delays in the transfer process, buyers should also ensure they have their ducks in a row with all the relevant documentation at hand for a potential bond application and they should apply to more than one financial institution.
It’s a good idea to use an experienced bond originator like ooba to assist with a comprehensive bond pre-qualification in advance as you have access to all financial institutions in the market and you will have a head start on the buying process.
They will also help buyers to complete the necessary documentation and will negotiate the best interest on their behalf.
This also speeds up the administrative and application process as by using an originator, only one set of forms has to be completed and, as originators work electronically, banks are usually quick to process and respond to their applications.
Additionally, this will not only accurately assess their buying power, it means that once a buyer does find the right home, a lot of the financial paperwork is already underway.”
But no matter the time of year one buys property, it’s always a wise purchase and, with the guidance of experienced property and financial professionals, it’s not only possible to buy your dream home but also to make a lucrative long-term investment.
Back to All Posts
Comments