The holiday season is almost upon us, and we’d like to take the opportunity to thank all our vendors and buyers for their support over the last year. It’s been a true honour dealing with you, and we look forward to being able to help you out in the real estate world over the years to come. The Henry Wong Team® is always here to give you advice and guidance, whether you’re buying or selling.
As we wish you all ‘Merry Christmas’ and ‘Happy New Year’, we want to delve into something that could be of importance to you over the next month or so. Is it a good idea to sell your home over the Christmas period? The answer is that there are both advantages and disadvantages, depending on the price bracket of your home. Let’s look at those now in a bit more detail.
Advantages of Selling Your Home Over Christmas
One thing we’ve noticed over the years is that it’s only a good idea to sell over the Christmas period if you’re at the mid to low end of the market. Generally a lot of people can afford a house under 800k, and while some of them might be on holiday over the festive season, there will still be a lot of potential buyers looking in your price bracket.
If you approach your sale strategically and with the right real estate agent, you could end up getting a premium price. This is because there’s a decrease in the number of houses on the market for sale. While there may not be as much competition between sellers, the competition between buyers heats up, and you could get a profitable sale in a short period of time.
You’re likely to encounter more serious buyers over the Christmas season. There shouldn’t be as many time wasters, because buyers who are only semi-interested in making a real estate purchase won’t sacrifice their holiday time for looking at properties.
A lot of the people looking at houses in December are probably making a move early in the new year. This means they’re on a time schedule and are waiting to close a deal so they can get on with the next step in their lives. This works well for you if you’re a seller and they like your house.
Add to the fact that in the festive season people are naturally feeling happy and joyful. It’s generally a bright and sunny time of year, which can paint your home in an inviting light. This can all work in a sellers favour when it comes to encouraging a buyer to close a deal.
Disadvantages of Selling Your Home Over Christmas
If you’re on the high end of the price range in your area, we would suggest waiting until after Christmas to sell. Say the median house price is between $600k and $700k and your property is valued at $1.2-miilion, then wait until the festive season is over. A reason for this is that most high-end buyers will be on holiday and won’t necessarily be looking to inspect properties during this time.
Most businesses close over this time of year, which can create difficulties in organising and liasing with finance companies, solicitors and the like. The settlement process can therefore be more stressful than normal, which may put some people off selling at this time of year.
We believe that with a good real estate agent on your side, the Christmas period can be a great time to secure the right price for your property. The Henry Wong Team® is here to answer any questions you may have about the real estate industry over the next couple of months. We’d love to guide you in your journey, just get in touch with us.