Yet again, Christmas has crept up on us.

And this year, it's done so more sneakily than ever before as you've been immersed in all the stresses of buying (or selling) your house.

But is the festive season a smart time to buy or sell a property?

Let's take a look.

Questions to consider

The most important question you should be asking yourself is:

Do I absolutely have to sell or buy between mid-December to mid-January?

If you or your partner are moving cities or states for a new job in the New Year, your answer will be yes.

This is particularly the case if you have children who need to be settled in a new home and a new school before Term 1, 2023, begins.

Recent sellers who are renting just to cover themselves while house-hunting may also find the need for buying speed - even during the festive season - is crucial.

Alternatively, prospective buyers still in the earlier house-hunting stages and working on getting all their buying ducks in a row may find they're happy to hold off till January or even later.

After all, while you're still feeling tremendous pressure to buy, buy, buy, and NOW, do you really need to do so?

If that pressure is still making you emotionally wobble - and this goes for sellers too - ask yourself:

What are your property priorities especially in regard to the festive season?

Do you want the stress and pressure of buying or selling - including packing and moving - during an already stressful, busy period?

How much will a four to six-week break in your property plans really affect your financial goals? 

And remember, your finances will already be under high pressure during the festive season.

Then again, selling your house could well ease such pressures, even if it's just temporary.

Basically, there's no right or wrong answer to these questions but they're worth considering.

Is the festive season a smart time to buy or sell?

Undoubtedly this is the big question on buyers' and sellers' minds.

Much like real estate's traditionally quiet, winter months, the festive season has both benefits and advantages for buyers and sellers.

For buyers, the usual concerns are that there are fewer homes on the market during Christmas - but there may also be less competition so they may nab a bargain.

Meanwhile, sellers may worry about these points for the opposite reasons.

Will bunches of buyers want to purchase during Christmas and if so, will they expect a bargain - when you need a strong sale?

Let's take a look.

Festive buying 

Benefits

• Less buyer competition
• More chances of buying a bargain, particularly from sellers keen to move on in time for new year changes

Disadvantages

• Fiercer competition from extra-serious buyers
• Fewer properties available 
• Both fiercer competition and less supply may drive prices up
• Loans, conveyancers, building and pest inspections and similar will be harder to organise as people go on break
• Little time to enjoy festive season in midst of lifestyle upheaval and general end-of-year fatigue

Festive selling

Benefits

• Less supply = less competition from other sellers 
• Fiercer competition from extra-serious buyers could equal faster, higher sale
• End and beginning of the year are always highly popular times to relocate
• Christmas decor and decorations plus summer months = ultimate chance to have your home looking its best at inspections. But don't go overboard with such items either
  NB: avoid Christmas decorations in photo shoots as this instantly "dates" the home 

Disadvantages

• Loans, conveyancers, building and pest inspections and similar will be harder to organise as people go on break, which could equal drawn-out settlement periods
• Little time to enjoy festive season in midst of lifestyle upheaval and general end-of-year fatigue

Work while taking a break

Taking a break from your property journey over Christmas doesn't mean you can't still work hard behind the scenes to achieve your real estate goals come January 2023.

Work on getting those ducks in a row - pre-approvals, conveyancing, and building and pest inspections - so you can hit the ground running right after Christmas.

Research the many questions you have about your next move online or ask those ducks for help.

Talk to friends, work colleagues, and family members at Christmas get-togethers about your plans, and ask them for their advice.

Just be warned: you may be flooded with recommendations and ideas!

We're here to help

Whatever home loan road you wish to take this festive season, we’d love to help you travel it!

We can find you the best home loans from more than 40 of Australia’s biggest banks and specialist lenders and we can also help you refinance your loan to help you keep more money in your pocket.

So, give us a call today at Lending Loop.

Merry Christmas!