Bag yourself a property bargain before Christmas
Buyers looking to capitalise on record low interest rates and softening lending conditions should be inspecting properties now with one expert tipping sellers will be more motivated in the lead-up to Christmas.
EPS Property Search director and author of The Insider’s Guide to Buying Property, Patrick Bright, said November was a great month for buyers to ‘get their ducks in row’ and be finance ready in advance of Christmas.
This month the Reserve Bank of Australia announced it would cut interest rates to yet another historic low of 0.1 per cent.
Mr. Bright said the perfect storm was brewing for the pendulum to swing away from vendors in November in favour of buyers from early December.
“It’s all in the timing and the timing starts now,” said Mr Bright.
“December has always been one of the best months to buy November’s overpriced property and this year will be no different.
“Psychologically when December 1st turns over, many vendors start to panic that their properties will be left on the market up until February if they don’t sell before Christmas.”
He urged buyers not to give up on the hunt when December hits when vendors were typically more motivated to sell and there was less competition in the marketplace.
“Too often buyers give up the hunt knowing that they won’t be able to move in before Christmas and they start to get busy with Christmas preparations and holiday plans,” said Mr. Bright.
“The good news for buyers is that with fewer buyers in the mix, it creates a timely opportunity for the savvy buyer or investor who doesn’t give up the hunt, to get an edge.
“I’ve bought dozens of great properties for clients over the years during this period, sometimes right up until Christmas Eve.”
Mr. Bright said when it comes to negotiation, the most powerful information is knowing how motivated the vendor is to sell.