According to a report in news.com.au January is not only good for summer holiday’s retail bargain shopping; it is also a good time to purchase from the real estate market. It is best to capitalize on the slow few weeks and consider buying or selling a property on the as everyone from seller, buyer and agents are out on holidays.
Warwick Brookes, the REBAA (Real Estate Buyers Agents Association of Australia) president believes that it is important to make most of the real estate market cycle’s slower times and knowing when it is, is the first step.
Brookes stated, “What you find at this time of year is that many people who have bought in December are more likely to be under pressure to sell (their former home) in January. With less people in the marketplace looking, there are more opportunities for astute buyers to get out there and pick up a bargain. It doesn’t mean the property will definitely sell for a ridiculously low price but it can certainly work to your advantage.”
It is important to consider asking for an agent’s advice when purchasing a property during the “bargain” time.
“It makes sound financial sense to consult an expert when making what is for many people, the most costly investment decision they are ever likely to make. Buyers’ agents know the property market better than anyone. They have the ability to research the data needed to know what is the right value for the property and to determine what is a bargain and what isn’t,” added Brookes.
In the meantime, Brett Pilgrim, a Ray White Adelaide principal, revealed that vendors often have stocks from the Christmas and New Year period which makes them more willing to discuss and negotiate on a lower price.
“From a vendor’s point of view they tend to more flexible because they’ve just has a lot of family opinion, and I think agents are better to deal with because there is less of them working. Agents that are working are serious and really like to capitalise on that time and also look after their buyers, not just their sellers,” says Pilgrim.
Rather than joining in on the rush to buying a property, buyers are advised to take their time and make the most of a not so crowded property market. It makes good financial sense to get a mortgage pre-approval.
Those who are preparing to put their property on sale are also advised to make the most of the available hands and enlist children to help while they are on school holidays. “If you’re on holidays, capitalise on that and get the labour under way. Everyone wants to be proud of how their property looks,” added Pilgrim.