As the festive season approaches, the property market often experiences a flurry of activity with both buyers and sellers eager to seal the deal before Christmas. This year, the dynamics are interesting, reflecting a quicker sale period compared to pre-pandemic times but a lengthier completion process. Here’s what you need to know if you’re hoping to play host to prospective buyers before the stockings are hung by the chimney with care.
The Race Against the Calendar
For homeowners looking to sell, the ‘move in for Christmas’ date creates a sense of urgency in the market. This period often inspires buyers who wish to settle into a new home in time for the holiday festivities. With this deadline in mind, sellers are encouraged to list their properties sooner rather than later to catch the wave of motivated buyers. The key is to strike a balance between haste and strategic planning, ensuring your property is well-presented, accurately priced, and effectively marketed.
Speedier Sales in the Current Climate
Interestingly, data sourced from Dataloft Inform and Rightmove indicates that properties are selling faster now than they were in the pre-pandemic era. On average, it currently takes around 55 days to secure a buyer, a noticeable improvement from the 62-day average recorded back in July 2019. This acceleration can be attributed to various factors including the demand surge post-lockdown, government incentives, and a general re-evaluation of lifestyle preferences following the pandemic, leading to decisive buying behaviours.
A Slowdown in Sale Completions
Despite the quicker times to secure buyers, the journey from “sale agreed” to “sold” has seen some friction. Back in 2019, a survey revealed that 55% of property sales were completed within a three-month timeframe. Fast forward to 2022, and this figure dramatically dropped to 28%. Preliminary data from the 2023 survey indicates a continuation of this trend. The reasons behind this protraction may include the complexities of property chains, financial delays, and administrative hold-ups within conveyancing processes exacerbated by pandemic-induced operational challenges.
Bridging the Expectation Gap
The elongated period to completion highlights a disparity between expectations and reality. According to the Property Academy Survey, four out of five sellers believe the entire process should conclude within three months. This mismatch underscores the need for estate agents and property professionals to set realistic timelines and prepare sellers for the journey ahead. Transparent communication is crucial in managing expectations, reducing stress, and fostering a positive environment despite potential delays.
Navigating Through the Festive Selling Season
To optimise your selling prospects during this period, it’s prudent to consider a few key strategies. First, work with your estate agent to make your property stand out; this may involve festive staging, high-quality photography, and emphasising any features that resonate with buyers’ sentiments during the holiday season. Additionally, ensure your listing is prominent across property platforms and social media to capture attention from a wide audience.
Act Now, Celebrate Later
If you’re determined to find a buyer before the Christmas melodies fill the air, now is the time to act. Seek a reputable estate agency with a proven track record in your locality. They can provide a comprehensive market analysis, strategic marketing plan, and the support you need to navigate the sale process.
Remember, while the statistics provide guidance, each property transaction is unique. With the right approach and expert advice, you could be toasting to a successful sale as you bask in the yuletide glow.
Your Next Step Starts Here
Ready to make your move? Contact us today, and let’s ensure your property sale is the perfect end to your year. Our dedicated team of professionals is ready to provide a bespoke selling experience, tailored to meet your needs and timescales. Let’s embrace the festive spirit with the gift of a successful property transaction!