Is a new house on your Christmas wish list?

The real estate market reaches fever pitch at this time of year with people racing to buy or sell before Christmas.

If you’re looking to buy in the lead up to Christmas it can be challenging at the best of times as you juggle home opens with school events and work functions. And with houses selling in a median of eight days at the moment, the fear of missing out can add extra stress to the home buying equation.

It is a good idea to take a step back emotionally and approach the process logically. This may mean pushing your purchase out until the New Year.

Start by preparing a checklist of features that are must haves and those that you are willing to compromise on. This includes the location, the style and size of the home, and of course your budget.

Budget is particularly important. Before you hit the market, speak to your bank or broker to find out how much you can borrow. You also need to factor in how much you can afford should interest rates increase – and they will vary over the course of your loan.

This will prevent you wasting time looking at homes that are out of your price range and facing disappointment after you’ve put in an offer for that ‘dream home’ only to find the bank says no. Also consider costs like stamp duty, settlement and moving, even potentially buying new furniture, to ensure you do not face any unwanted surprises.

In addition, it is a good idea to spend time researching the market and seeing what is available at your budget in the areas you like. Visit some home opens, it will give you a realistic idea of what you can buy and how fierce competition is.

As homes are selling extremely quickly, when you are ready to hit the market, my advice is to follow the four Ps:

Be prepared – ensure you have your finances organised so you can make an offer when you see a home you like.

Be patient – homes are still coming to the market in reasonable numbers, they're just selling quickly. You will find one eventually.

Be persistent – competition is high and it is likely you will miss out on some homes you like. Remember your plan, revise it if necessary, and keep trying. You will eventually be successful. 

Be proactive – sign up for alerts on www.reiwa.com so you are made aware of new listings as soon as they come online, and also register your interest with REIWA agents in the areas where you are looking to buy. They can contact you as soon as a suitable property becomes available, possibly before it officially hits the market. Finally, you may want to consider engaging the services of a REIWA buyer’s agent. They can do the work for you, saving you time and stress.

Joe White
REIWA President