Buying and selling around Christmas: The pros and cons
As the festive season draws closer, you might be looking towards the new year and new beginnings. Holidays tend to encourage people to consider a fresh start.
Maybe you’ve thought about selling your property and moving on to a new location, or your circumstances have changed and that means buying something new.
You might be thinking that leaving such a big decision until after the holiday period is the smartest thing to do, but there are pros and cons to this.
I thought I’d break it down for you; if you were to move now, what are the advantages and disadvantages of buying and selling at Christmas time?
Pros of selling
Better prices
Selling during Christmas may attract a better price. During the holiday period, there are fewer properties on the market.
Due to increased competition between buyers for limited properties, you may find you are offered a higher price.
More inviting
Summer can make your property lighter and brighter and festive decorations can make your home seem more inviting.
However, don’t go over the top; remember that you are trying to fit your home into someone else’s vision and there is still a need to promote the spaciousness and openness your property provides.
Cons of selling
Fewer buyers
People are busy or on holidays. The people that your property may be targeting are likely to be busy with Christmas celebrations and preparing to travel and simply do not have the time to fit property viewings into their schedule.
This means you have fewer potential buyers coming through the door, possibly leaving your property to sit on the market longer than you intend.
Assumptions
You may be faced with the perception that you are keen to get rid of the property, instead of relaxing and spending time with family and friends. This means buyers may make assumptions about you or the property you are selling such as a desire to relieve financial debt.
This could have negative impacts for the sale of your property, such as long, drawn-out negotiations.
Pros of buying
Lower prices
Lack of demand drives prices down as sellers are keen to finalise the sale. Fewer sellers means you as a buyer have better negotiating power.
More time with agents
As this is a busy time of year, there may be less people out looking to buy. This means you will be able to spend more time viewing a property and asking the agents all of your questions.
Cons of buying
Fewer experts
Solicitors, mortgage lenders, home inspectors and other services that are crucial to the sale of a property are likely to be on holidays or keeping lighter office hours during the mid-December to mid-January period.
This means settlement and other important elements of the sales process may be delayed.
Less time
Facing a tight timeframe puts pressure on an already busy time of year. You may face disappointment if you cannot find the right property in the short time.
Looking for a property is also a timely exercise, meaning your property search may take you away from relaxing and you may not get to enjoy much of the festive period.
Regardless of if you are buying or selling, remember to always do your research. Know what your property is worth or what the going rate in the area is and if you don’t find the right property or price offered over Christmas, wait until the new year where there are sure to be people with New Year’s resolutions looking to buy or sell.
