If you are looking for a holiday home bargain, December is an ideal time to go inland property hunting. While most home purchasers prefer the coastal regions there is far less competition for buyers in the inland areas. There are also fewer buyers interested in inland properties so the potential for landing a bargain is greater according to Cameron Jansen, broker manager of RE/MAX Central, which services Sandton and the surrounding suburbs.
“There are areas that are experiencing stock shortages along with high demand, making the competition for property fierce in these regions. With fewer buyers in the inland areas during December, those who are in the market for a new home will have the luxury of being able to view show houses without competing with too many other buyers,” explained Jansen.
The added benefit of buying in December is that you will have more time with the real estate agent to discuss the properties you are viewing and get advice. “The real estate agent will have more face-to-face time than usual to spend with each of the buyers and in that time, they will be able to answer any questions that the buyer may have and fully understand what exactly the buyer is looking for in their perfect property,” added Jansen.
This will make the communication process easier and more effective and will enable the agent to find the perfect property, agreed Adrian Goslett, regional manager and CEO of RE/MAX Southern Africa.
Downsides of buying in December
While buying at this time of year is encouraged, Jansen warned that many of the necessary role players in property transaction are possibly winding down or on leave, which can create delays.
“It is important to remember that there are more people involved in the transaction than just the buyer and seller, such as the conveyancing attorney and the bank. With these services closed over the holiday period the process will likely be delayed until business operations resume in the New Year,” said Jansen.
“This however should have little to no bearing on the transaction with regards to the contract, as long as there is time given for the delays, it will still be valid and binding,” he added.
So if you are not in a hurry to land your holiday home you can simply make your purchase in December, bag a bargain and carry on with the process when businesses re-open in the New Year.