Why Is It Traditionally Difficult To Sell A House In December?
There are two sides to every single aspect of the housing market for estate agents and the traditional winter lull is far from an exception to this rule.
The highest drops in house prices tend to come about in the latter months of the year, with November and December being particularly fallow months when it comes to the market for both buyers and sellers.
Prices tend to fall, fewer new houses end up on the market and fewer buyers are actively looking to buy and starting the purchase process.
The biggest reason for this is the festive season; from Halloween up until New Year’s Day tends to be filled with a range of holidays, festivities and preparations for Christmas, which is itself a holiday that focuses on family and the home perhaps more than any other for many people.
Because of this, neither sellers nor buyers are keen to plan viewings and go through the process of conveyancing, particularly since conveyancing lawyers, surveyors and local government offices are winding down in the run-up to Christmas, especially in offices which have a winter break
Given that few people expect to even agree on a price before Christmas, let alone exchange contracts and complete the move, a lot of potential buyers and sellers prefer to wait until Christmas is over and leap into the traditionally extremely busy January market.
However, there are always advantages to selling in December, and it can sometimes be a very shrewd idea to have your house listed in the run-up to Christmas, even if it is likely too late to close a deal before January.
Generally, the intent amongst buyers is far higher, so whilst there are fewer buyers as a whole, they are far more likely to be ready, willing and able to close the deal.
As well as this, there is the Boxing Day bump. On the day after Christmas, online property marketplaces notice a surge in traffic, as people on holiday will take the time to seriously look into potentially moving into a new home, and being listed on the market already brings these new eyes directly onto it.