The Answer is: January 2014. And it is your time to make lower than usual offers!
Why ?
1) Unsuccessful Sellers – that have not sold from the end of 2013 have made the New Year’s resolution/ decision to sell and move on.The seller’s motivation is enormous at this time because their higher expectations earlier in their marketing campaign have now had a reality check by the real market. They have experience some time to be conditioned by the buying market and by their agent on the lack of interest and offers on their home, especially if they have been to auction and failed. There is even more pressure if they had bought a home the year before and are servicing interest in bridging finance.
2) Sellers committed to other purchases – Commonly, a reason why people sell late in the year is so they can move into their new home over the holidays, renovate if they need too, and settle the children into the new schools. Or perhaps, even experience some time to unwind into their new home before they might be starting a new job, career or business. Another reason (The Joneses with peer pressure from your smiling neighbours who you see each day as you are in your yard or driveway and they repeatedly ask… “why you have not sold yet?”
3) Seasonal Hangovers – Real estate traditionally when rates have been low, has always been about “supply and demand”. The demand for property in January has always been lack luster with the hangover from Christmas, Boxing Day sales and New Year’s day. Buyers tighten their belts after the financial splurge of the festive season. Furthermore buyers are on holidays locally & abroad – and so are their minds.
If you are in property market to buy in 2014 following here are 8 strategies you can use to ensure a successful purchase.
8 Tips for Buying Low in January
1. Advise the agent you have multiple offers on homes (if you are in the market to buy a property- place multiple low offers on homes you never know who might accept them – and alas, you have bagged the bargain of the new year)
2. Re-offer on bids that were rejected earlier in the last year.
3. Offer odd amounts rather than ending at $655,000 offer $655,750 this shows the seller you have offered every last cent towards buying their home
4. Offer a short settlement period – the owners will be keen to settle quickly especially if they have bought elsewhere
5. Put a final offer in a signed contract with a deposit cheque.
6. Add a section 66W certificate (waiving cooling off period)
7. Offer a release of the deposit if the seller need to buy a property themselves.
8. Be Alert and consistent with searching a bargain priced property whether you are looking on-line, through print media or phoning agents. Be persistent and you will be successful.
By the way, if you need expert assistance in January2014 ….. I will be busy in the property market placing offers to buy!
Leave me a comment below or let me know how you go.
Happy House-hunting!