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Smart investors have a small window of opportunity to nab festive-season property bargains, says a leading market commentator.
CPREA (Certified Practicing Real Estate Agents) chairman Geoff Baldwin said whilst there is no doubt that the market has slowed as we approach Christmas, there is now a “short but attractive opportunity for property buyers to negotiate harder and save thousands”.
Mr Baldwin said that historically, real estate markets slow down from early November through to mid to late January. In this time, he said, they become “considerably more negotiable”, which will benefit buyers during this period.
According to Mr Baldwin, the festive season also coincides with a rise in listing stock due to buyer inactivity. Some sellers, he explained, are keen to get their sale out of the way before the New Year.
“While sellers who are not under pressure for a result will wait out this short-term slowdown, it is also not unusual to see others keen for a result drop their price expectations at this time of year,” he said. “Sellers who are upgrading understand that they may accept less on their current property but they will also benefit when negotiating their next home.”
Mr Baldwin said experienced investors know that it’s best to get in before the New Year and take advantage of the slowdown, before things pick up again.
“Each year around the third week in January, we see buyers re-enter the market in force, and it is predicted that this coming January will be no exception. So, those who are keen to take advantage of the lull should be taking action now.”