Once you decide to buy a property, a lot of factors will determine the level of your success. Among the biggest ones is the time when you start looking for the perfect property. Not every period of the year is good for searching for a property, so inform yourself on when is the right time is to start looking.
January – the number one month to search for property
This is the month when the average price of homes is at its lowest. And this is not all – many homes that close the sale during January have already been on the market for at least three months. As a rule, the longer a property is on the market, the lower its price will be at the closing of the deal. In other words, you will be able to negotiate a lower price as the property has been on the market for a longer period of time. Even though the percentage of properties that are being sold above listing prices is not the lowest at the beginning of the year, it also isn’t the highest. So, when you also consider the medium prices in January, it is definitely the best month to buy a home.
The best day – Christmas Day
Ok, this may sound weird but it’s true – almost nobody will look at properties at the end of December around Christmas, whether they celebrate this holiday or not. Simply, they will have other things to do, which is why it’s a smart move for you to try and find your home then. Why is it a smart move? Well, first of all, sellers are in a good mood and more generous than usual, so you could get really good deals then. As there aren’t many buyers, there is a lower chance that somebody else will offer a competitive price.
Lastly, the fact is that a person who is selling their home around Christmas is eager to sell it, meaning they will be more prone to accepting your offer. Of course, the key at this time of year is to find a reliable real estate agent and a reliable conveyancer. First of all, you need a good real estate agent who will be willing to work around Christmas and to enter seller’s home at that time. Secondly, experienced conveyancing companies such as Parramatta Conveyancing warn that buyers get really eager to close the deal as soon as possible around Christmas without fully understanding the conditions of the contract. Therefore, you also need to find a reliable conveyancer to explain the terms of the contract to you.
Easter – another holiday to watch out for
Pay attention to the market a week before Easter. If you find a property you are really interested in, inspect the home as soon as possible and if everything turns out ok, write your offer. It’s possible that the offer will be accepted before Easter Sunday or even on the holiday (if the seller is in a hurry or doesn’t celebrate Easter) before any other offers appear the next day. And you got yourself a great deal!
June – the month when you should avoid property purchase
The period between spring and summer is the worst period if you want to negotiate a good price. It’s the time when homes sell at really high speed, leaving you no room to negotiate. The average prices are also at their lowest in June, which is probably the consequence of the speed at which the homes are sold.
Have the best month of the year in mind, as well as the days when other buyers are too busy or unwilling to look for properties, and you will have the best chance for a great deal.