Act now to make the move before Christmas
THIS week is the last chance to buy a new home and be moved in before Christmas.
The standard property settlement period from purchase to possession is 35 days, which from today works out to be Christmas week.
“If a buyer is serious about achieving home ownership before Christmas, than a 28 day settlement period is easily accomplished, the most common delay throughout the transaction is waiting for the buyers to return documents to their solicitors or mortgage brokers, if a buyer is serious about accomplishing these time frames they need to respond efficiently to the professionals that are assisting them with the transaction. Ensuring there is no delays” advises Chris Maguire from Loan Market Gladstone
Contrary to popular belief, Christmas is an ideal time to buy, vendors want that end-of-year sale and with less potential buyers trawling real estate sites. This means less competition in the market.
“It’s a great time to be buying property before Christmas” sayslocal agent Alicia Williams from Locations Estate Agents
“End-of-year vendors are keen to achieve a sale before Christmas, but realise people are busy with the holidays. The result is they will look to sell for better terms and conditions, and not just decide on an offer based on price alone. Meeting deadlines before the Christmas closure period is a priority”
That’s great news for potential home buyers, savvy buyers go against the trend and house hunt when the other’s aren’t looking, which is now, the lead up to Christmas.
“Once December nears, the competition is thinking more about Christmas approaching than a major decision, like a property purchase” says Chris
Another great outcome is that rental inquiry picks up this time of year, making it easy to look for a tenant to take over your existing lease, if you want to move into your new home and need to break your lease early. Alternatively, you may opt for a longer settlement, depending on your tenancy and if there is a tenant in place at the property you have under contract.
Of course the strict time frames can be stressful to the unprepared, “It is always advisable to have pre-approval before you start your property search, but never more so than during the run up to Christmas, ensuring your home loan applications do not drag the purchase out past your intended time frames” warns Chris
One thing is clear, both Alicia & Chris agree that buyers and sellers need to ensure they are receiving the right advice from the right people. To ensure you are in the best position, not just over the Christmas period but beyond, talk with your local trusted advisers.