The period between Boxing Day and New Year's Eve has long seen a flurry of people looking for new properties. And this trend appears to be going nowhere.
Last December, Rightmove recorded its busiest day in terms of both sellers putting their homes up for sale and buyers searching the platform.
But is it wise to get started right after Christmas? Here are three questions to mull over.
Can you prepare beforehand?
Think of the Boxing Day boom as the equivalent of Black Friday for the housing market. Everything moves at a faster speed than usual – lots of people are hungry to buy, but there’s also strong competition. And once you throw in any social gatherings and family commitments over these festive days? You’ve got yourself a hectic time.
The key is to get organised in the weeks leading up to Christmas so you can hit the ground running. A list of your tasks might include the following.
For sellers:
- Decide on your estate agent and agree on a selling price
- Organise the property photos, preferably free from any decorations
- Sort out any quick DIY jobs and decluttering
- Find the documents you need to sell your house
- Research solicitors or conveyancers in the area
For buyers:
- Study mortgage rates and options so you know what you can afford
- Decide on your priorities for your new property – such as a garden or a particular postcode
- Again, research solicitors or conveyancers in the area
2. How will you fare in a busier market?
The Boxing Day boom isn’t for the faint-hearted. The increased competition can mean that the process of buying a house moves at high speed. Sellers need to respond swiftly to requests to view their home, or else find that potential buyers look elsewhere. Meanwhile, buyers may lose out on a property if someone else snaps it up after a single viewing.
The competition can also lead to higher price sensitivity. It’s important that sellers carefully compare similar properties in the area and work with an experienced estate agent who can advise on a finely tuned price.
Some people prefer to wait until January when the market is calmer and more measured. By this point, there are fewer window-shoppers and family schedules have settled into their usual rhythms.
3. Do you have the time and energy for viewings?
The idea of a fresh new home for the new year might appeal. But do you have the bandwidth to make this happen in December?
A busy market asks you to compete for attention. For sellers, you need to make your home stand out from the crowd, from creating enticing photos to thoroughly preparing for viewings. Don’t underestimate the effort it takes to spruce up your home, especially during a time of year when rooms can look dull and grey.
As for buyers, you need to factor in the practicalities of viewing properties. For example, travelling to see relatives can give you the chance to look at homes in another part of the country, but consider how much extra travel time you need in case of bad weather.
A compromise
It doesn’t have to be all or nothing. Sellers can put their property on the market in time for the Boxing Day boom, but ask their estate agent to schedule viewings for January. Likewise, buyers can see what’s out there before searching in earnest come the new year.
By waiting, you might miss out on the right buyer or property, but on the other hand, you benefit from a steadier approach to what’s already a stressful process. For professional guidance, contact your local Winkworth office today.
