Is it worth trying to buy a property before Christmas?

So, I think we can all agree that these past 24 months have been pretty lousy across the board.

After natural disasters came the pandemic (whose name we all became way too familiar with), and for those trying to buy their dream home, unprecedented price hikes along with the lowest stock levels in years, combined with lockdowns, doing so successfully became almost an insurmountable task to complete.

I get it. We are all tired and over it. Bring on 2022 I say! BUT....the above question is the most common one I get asked at this time of year because it’s easy for buyers to take their foot off the pedal in the race for their dream home – but that’s definitely the wrong move.

If anything, the run-up to Christmas is one of the best times to buy because a couple of very significant things happen. 

Firstly, droves of buyers leave the market. They put buying a property in the too-hard basket as they hit the shops. So, there’s always less competition in the market at Christmas.

Secondly, vendors and agents are very motivated to get a deal done before Christmas as everyone wants to relax and enjoy the holiday vibe. 

Having said that, things do become a little trickier for a buyer as everything goes off-market. That means the properties are no longer advertised in the usual way (realestate.com.au, etc.) and agents only open up homes for people they think are serious and ready to go. 

As Buyer's Agents, this makes Christmas build up our busiest time because the agents love the fact that our clients won’t waste anyone's time. They have all of their financial ducks lined up, and the agent doesn't have to hold their hand because that's our job. 

That's not to say that unassisted buyers won't get a deal done, but you need to have pre-approval in place and make a bit of noise to get noticed. Well, at least keep in regular contact with the agents and put in the leg work. 

Selling agents have indicated that they will be working longer in December and be back in the office earlier in January than normal. As with most areas of business, Covid has had a dramatic impact on sales, so there is a lot of ground to make up. Plus, some agents are showing properties not due to hit the market until Australia Day – just in case, the right buyer is out there now. 

So, if you’re a serious buyer, you’re looking at a few days off from the hunt rather than a big break. Here are three things you can do to give yourself the advantage: 

Shop with your wallet

We have some very frank conversations with our clients if the wallet doesn’t match up with the heart as there’s nothing more frustrating than shopping for something you clearly can’t afford. Yes, it looks nice in the basket, but you’ll have to put it back when you reach the cashier. The only way to avoid this is to arm yourself with knowledge. Trawl all of the sold prices in your area (and surrounding areas) until you get an idea of what you can get for your money. 

Organise pre-approval well in advance

It always takes longer than you think to dot all the i’s and cross all the t's on your finances, especially as the banks are struggling to keep up with so many operating on skeleton staff. We're also asking for longer settlement periods, so our buyers don't get punished because of the banks' go-slow. 

Get social

As I said, things change over the festive period, and agents could easily put a new property on their Instagram feed instead of contacting their database of potential buyers. Connect with all the local agents to get the inside line on new stock.

Lastly, don’t stress if it doesn’t work out before Christmas – the market will still be there in the new year. As always, please get in touch if we can help with your search.