Taking advantage of January's real estate lullNov 30, 2020 1:34:02 PM
Ask any real estate agent, and they'll tell you that January is the quietest month in their calendar. There are a few reasons for this, but the holiday period tends to be one when society focuses on other aspects of life.
However, just because the real estate market is quiet, doesn't mean you should avoid it. In fact, there are many factors that make this a great time to buy. Whether you're looking for a home for yourself or you want to invest in property, buying in January has plenty of benefits.
January is quiet all round. There are fewer properties on the market and fewer buyers looking at listings.
Lower competition is great for buyers. It means quieter viewings, smaller crowds at auctions and fewer interested parties. This all leads to lower average property prices as bidding wars are less likely to eventuate.
It also means that you can spend a bit more time thinking about a property. If you're not totally sure about somewhere, you won't be rushed to make a decision, and a bid, until you're ready.
One of the key demographics of sellers at the start of the year are families looking to move for the start of the new school term. In New South Wales, this tends to be in the last few days of January.
With this deadline on the sellers, there's often a pressure to accept bids that they may not otherwise entertain.
You'll also find that you can get things done a lot more quickly when sellers are keen to get out of a property and begin a new life elsewhere. So long as you have your finances and everything else in order, you could find yourself holding the keys before you know it.
Identifying heat problems
Viewing properties in January means you can see a home at the peak of summer. Knowing what a house feels like in the heat of the day, how its garden is affected by the summer and what level of shade you have for your property can all be useful indicators of how inviting a place is to live in.
Of course, you only truly know what a home is like to live in once you've been there for a while. No single viewing can show you all the pros and cons, but the heat of an Australian summer can have a huge impact on how comfortable a home is.
Drawbacks to buying in January
The main drawback to buying in January is the limited choice. With fewer properties on the market, you may not find the perfect place for you. Of course, there's no pressure to actually buy, but you may find that you suffer from property viewing fatigue if you begin at the wrong time of year.
Other than a limited choice, there's little that goes against buyers in summer. While you may not see what a home looks like on a cold winter's day, that's something that can only be done later in the year -- which also comes with its own drawbacks.
Getting ready to buy property in January
To get the best deal in January, it's important that you're ready to move quickly. Having your finances organised is the obvious first step, but having all your ducks lined up will help you too. Speak to the team at East Coast Conveyancing about how we can help with contracts when you buy, as well as helping line up building and pest inspections to save you the hassle.
Call us on 1300 327 826 or download our free East Guide to Conveyancing ebook to find out how we can help.