Is It a Mistake to Sell a Property in December?
With the holiday season coming up fast, property vendors might be concerned about the prospect of selling their home in December. Is there a strong buyer’s market leading up to Christmas? Would it be better to wait until the new year? Although it’s traditionally a quieter real estate sales period in Australia, selling a property in December can actually have some advantages over other times of the year.
There are so many variables in property sales that calling one particular month a ‘good’ or ‘bad’ month for selling is misleading. Arguably there is no bad time to sell in Melbourne. Your potential to earn the most from your sale comes down to a range of factors, including the state of the property market (right now? Pretty hot!), the area that your property is located in and a little bit of luck.
Here are some points to take into account if you’re considering selling your Australian property in December which can help you enhance your chances of getting a good deal on a property sale.
Is it a mistake to sell a property in December in Australia?
In a word: no. Although it is traditionally a quieter month for real estate, listing your home for sale in December could actually put you at an advantage since buyers will probably have fewer homes to consider. Many people are put off selling their property until after the holidays, whether to enjoy their vacations or to get the kids through the last term of school without interruption. Putting your home on the market in a quieter period may just give your house the chance to stand out. It is most important to go for conveyancing rather doing by yourself.
What are the advantages of selling a property in December?
- Using the quieter property market as a strategy to highlight your home could put you in a better position to get a high price for your property.
- Buyers looking for properties during the holidays are usually serious about purchasing something quickly.
- Christmas brings out festivity in many people. Combined with the warmth and sunshine of summer, December property sales have the advantage of tapping into everyone’s naturally elated mood.
- December gives buyers a sense of urgency as they may feel they will miss out if they don’t finalise a sale before the end of the year.
- With fewer properties on the market, the buyers who are keen to purchase may fall into a competition, driving up the sale price of your house.
- Since November is one of the most popular months for property sales, buyers who have recently sold their homes may be in a hurry to buy before they need to vacate.
- The right property conveyancer will be able to tell you whether December has proven a good month for property sales in your area in December, so be sure to include a local property conveyancer in the sale process as soon as you decide to list your home. For expert advice on property conveyancing services in Australia, contact Jim’s Property Conveyancing on 13 15 46.
What are the disadvantages of selling a property in December?
- Many people go away over Christmas and may be unwilling to commit to a property purchase while they are on holiday.
- There may be buyers who are suspicious of homes available in December – as it is a traditionally quieter month, buyers may suspect that you are desperate to sell the house due to a fault with the property or the area.
- Buyers who have been trying to find a house to buy all year may be worn out by the time December comes around. Some may drop out of the market until after the holiday season, meaning there will be fewer potential buyers.
- Buyers who purchase in December may want a longer settlement term to accommodate the Christmas period. If you are looking for a quick settlement, this may be a disadvantage.
- Professionals such as real estate agents and conveyancers close their offices over Christmas and New Year, making the sale a more complex process.
It’s also worth considering the buyer’s point of view – particularly a home buyer rather than an investor. Buyers have spent months, if not many years, saving up for their deposit. They’ve just been approved for a loan by a lender and are finally in a position to buy. No matter the season, they’ll likely be keen as mustard to put an offer on whichever home they fall in love with. Think back to when you were looking for your current home – would the holiday season have put you off buying your dream home? Probably not.
Though December is traditionally a slower month for real estate, don’t necessarily let that put you off listing your home. There are advantages and disadvantages to selling your home at any time of year, and you need to find a solution that works for you and your circumstances.
Get the advice of a professional conveyancer when drawing up contracts for selling your home. A good conveyancer will know your area and will be able to advise you whether December has proved locally to be a good month for selling property.
Jim’s has offices Property Conveyancing Melbourne and Property Conveyancing Brisbane and can provide you with comprehensive advice and assistance moving through your property transaction. Please get in touch with our friendly and experienced staff on 1300 291 189.