I was out with a landlord from Larbert last week viewing
one of the properties featured on The Falkirk Property Blog that he was
thinking about buying to rent out. When
we were chatting, he said that he was going to stop looking for buy to let
properties until the New Year as December is not a good month to buy given that
everybody was more interested in shopping and parties than properties in
December.
Well, that got me thinking.
True, December is one of the quietest months of the year
for house sales with only around 6% of Falkirk house sales being agreed in
December compared to 10% plus in the peak Spring and Summer months.
However, this can be an opportunity to get a good deal.
Your
bids look better
When other potential buyers are taking a break from
property hunting to shop and party, a keen seller will be really happy to see
you and a lack of other bids will make your ‘competitive’ bid seem more
appealing. This year it is a
particularly good idea to carry on looking for properties while other potential
buyers are distracted as, at the moment, property demand is outstripping supply
so by hunting for properties when it is quieter and you stand a better chance
of snapping up good property at a competitive price.
You
might get a better mortgage
Another reason to property hunt in December is that with
many people distracted by Christmas you are also likely to find mortgage
lenders aren’t quite as busy as normal either. This means your application may
be dealt with quicker and you could even get a better deal.
Lenders have certainly been competing harder in the buy
to let market recently and many fixed rates and fees have been cut as a result.
In my experience, towards the end of the year many
lenders are either eager to get business on the books before the end of the
year so they can hit their bonus targets or to start building a pipeline of
business to go towards next year’s bonus target.
Getting
ahead
Finally, sticking with your search through the busy
Christmas month can also put you a step ahead of the numerous new buyers who
come to the market in the New Year. Early
January is a very busy time of year for the property market. After the
Christmas lull, thoughts turn to plans and resolutions for the year ahead or
have to deal with the consequences of break ups over Christmas, which in turn
triggers more people looking for properties.
I looked on the property sales websites this morning and spotted
that there are around 184 properties in Falkirk for sale at the moment ranging
from 1 bedroom flats costing £40,000 to 7 bedroomed palaces costing over £775,000
and some of these properties having been on the market for over a year.
I am not wanting to be seen as a party pooper but
December can be a good month to bag a buy to let bargain and I am sure that you
can multi-task and look for a property bargain in Falkirk as well as shop and
party in December!
We would be delighted to be dragged away from
our shopping and partying to have a chat with you and advise you about the Falkirk
property market in general or specific properties that you are looking at. We
don't charge for that advice. If you want some advice, phone me on 01324
469840, come and see me in our office (6 Vicar Street, Falkirk) or email me (news@thekeyplace.co.uk).
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