Is Now A Good Time To Buy Property?
With Christmas just around the corner, it seems that the real estate industry is beginning to wind down for the year. However, if you are currently looking to buy a home, it is important that you keep your eyes peeled this season for what could potentially be the lowest house prices of the year.
Not many prospective home buyers are aware of the fantastic real estate opportunities that are available at this time of the year. Many assume that the best listings are being put on hold to make way for tinsel and gift wrapping. As trusted real estate agents in Williams Landing, we are here to dispel that myth today.
Why Christmastime is great for home buyers
House hunters truly have the power this season. There are two key reasons why the property market is currently looking favourable for prospective home buyers:
- There’s less buyer competition. Many buyers stop scouring through listings at this time of year, which causes a reduction in the level of competition you will be up against. Keep in mind, however, that there is also less competition for sellers, which can result in limited availability of options for you. However, don’t let this thought discourage you: it is important to continue searching in case you strike real estate gold.
- Negotiations will swing in your favour. Christmas and New Year’s are two key deadlines for vendors who are selling during this period. The fact that sellers are motivated by a deadline means you can often negotiate a much lower price for property, as they will be keen to sell.
3 tips for property purchase around Christmastime
Our real estate agents in Williams Landing have put together three key tips below to keep in mind if you are considering purchasing property this festive season.
#1: Know the vendor’s motivations
We’ve mentioned that the vendor may be motivated to sell their home before Christmas office closures. Sometimes, however, the vendor may also be motivated to sell their home quickly due to personal factors.
For example, they may be planning to move and settle in a new area, enrol their children into school, and undergo the changes that come with those big moves. They might, therefore, be under pressure to sell their home by a particular date.
While it may be challenging to find out how desperate a vendor is to sell their property, it doesn’t hurt to ask questions like:
- How long has your property been on the market?
- What are the neighbours like?
- How is the house looking in terms of maintenance?
You can even be to-the-point and ask, “Why are you selling your home?” While the vendor or real estate agent is likely to give a neutral answer, sometimes they might offer you some food for thought. For example, if they are moving because they are in search of an area with more sophisticated public transport infrastructure, you should consider whether that is something you are looking for – or will require in the future – as well.
#2: Be prepared to act fast
It really does pay to be prepared when buying a house. If you do happen to come across a great property at an irresistible price, you’ll want to ensure you are in the position to secure that deal. Having pre-approval and your lawyer ready to go (for example) can really speed up the process and help you lock in the deal.
#3: Remember, you can always wait
While being prepared to act is important, it’s also vital not to be too hasty. A good discount isn’t worth it if you are having to compromise on key features of a home that you were looking for previously.
In some rare cases, the deal really might be too good to be true. Ask yourself why other buyers have not yet secured this deal before you have. Is the property situated in a good location, close to amenities? Is it a safe neighbourhood? Are there any underlying issues with the property?
When you take these things into consideration, you’ll be able to see that buying a property you aren’t entirely happy with just for the sake of a good price isn’t worth it. Ultimately, a good real estate agent is going to be invaluable if you are having trouble deciding whether to buy a property or not. They’ll be able to highlight issues with the property or encourage you if it appears to be everything you hoped for.
Real estate in Williams Landing
Red23 is a team of real estate agents, market researchers and experts who are dedicated to landing you into your dream home. We provide valuable property advice and innovative strategies for real estate in Williams Landing and its surrounds.