City Living:Well, as usual, it depends on the details, says Edel Morgan
Buying or selling a property in the run-up to Christmas is a risky business but, if the conditions are right, it could pay off.
Before attempting it, however, you should first ask yourself if you can surmount the psychological obstacle that Christmas poses to property transactions. It's already a high-pressure time for many and the added stress of dealing with solicitors, mortgage brokers and estate agents may be enough to tip some over the edge. It's understandable that many buyers call off their property search or take their home off the market during this period, if only to save on the extra expense of psychiatric bills.
The few who are not touched by the season's madness may have a competitive advantage, particularly if they are looking to buy. They are in the clear-headed position of being able to snap up the season's bargain properties while others are busy snapping up tinsel and turkey slices. "People are less likely to want to move at this time of year if they've got kids, as it involves too much disruption," says Sara Bergin of Bergins valuers and estate agents, "but if they've no children, they might be more willing to sacrifice the Christmas holidays."
In some cases, however, they might be forced by circumstance to move at this time of year, whatever their family set-up.
"If they're vendors, they might need to sell quickly if they've bought another property. In the case of those looking to buy a place quickly, you get situations where a young couple with a baby on the way need to move to a bigger house and want to get in and settled by the new year."
Those who decide to take the plunge in a quiet market are also less likely to be gazumped, an unscrupulous practice, which appears to be rife. "You would not believe the amount of stories I've heard recently about people being gazumped at the final stage," says Bergin.
Keeping track of the "For Sale" signs in the area you want to buy could be a way to sniff out a cheaper property, says Bergin. The owners of properties that have languished on the market for quite some time may be amenable to offers from interested buyers, if it means offloading them before the end of the year. But don't expect huge bargains, she says. "The market is too strong for that, but you might get a bit of a saving."
The cold, dank winter weather, however, could conspire against you if trying to sell your home. Potential buyers may be reluctant to brave the elements in bad weather and the pervading gloom will not show your house off to its most alluring advantage - unless the house is so dingy it's a case of the less light the better.
"It's also harder to emphasize the privacy of a property when the leaves are off the trees," says Bergin. "You need to point out to people viewing that it's different in the summer, but these days people are more willing to look beyond what they can see."
If you manage to entice people to view your property, however, you can capitalise on the time of year by decorating it with a twinkling tree, warm reds and autumn golds and bathing it in inviting candlelight.
Selling at this time of year can also mean you don't have to compete with other more high profile properties in your area. Unlike peak selling season where there is always a bigger, better house on the market around the corner, at Christmas you could be the only one with a "For Sale" sign up for miles.
With the advent of websites, a change in work practices and changing holiday patterns, the traditional property industry holidays are starting to become less defined. "We now work right up to Christmas, and buy and sell throughout the year. I spent last Christmas dealing with queries," says Sara Bergin.
Iris Keating from HOK Residential says the obvious downside of selling up to Christmas is there aren't as many buyers around "but on the other hand a buyer is less likely to be caught up in a bidding war". "Properties up to €635,000 are performing well at this time of year while the vendors of properties over that amount tend to hold off until the new year."
