Should I hold off with Buyers Agent and buying IP this time of year ?

Discussion in 'Investment Strategy' started by oneone, 2nd Nov, 2017.

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  1. oneone

    oneone Well-Known Member

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    I've been looking at buying IP interstate with the help of a buyers agent but due to organising finance and bank being slow, the earliest I can start is next week.
    Would you still look to buy now or engage a BA, as its getting close to Christmas ? I'm a bit wary that acitvity may be a bit slow on supply, may be hard to find trades people to due cosmetic reno asap, hard to find tenants wanting to move at this time etc
    Also the market is cooling, would it be wiser to wait till about Jan/Feb to see where things land in the new year ?

    I'd ask the BA but pretty sure any time is a good time to buy
     
  2. Sackie

    Sackie Well-Known Member Premium Member

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    There are also benefits of buying real estate end of year. Many people are away so less competition potentially. Also many sellers emotionally will want to sell by the end of the year so its not 'hanging over their head' in the new year. This opens up advantageous buying opportunities for you given their emotional position.

    Yes, yes I know... I'm a heartless *******.. :oops:
     
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    The BA is you best guide

    ta
    rolf
     
  4. D.T.

    D.T. Specialist Property Manager Business Member

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    I dont think the time of the year matters much, good and bad deals are around all the time.

    If the BA is honest, they'll either find you a great property or advise there's nothing worth buying. Therefore you don't have much to lose by engaging at any time.
     
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  5. Sackie

    Sackie Well-Known Member Premium Member

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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Who would've thunk it? :cool:
     
  7. See Change

    See Change Well-Known Member

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    Agree with Leo

    There was one very successful past member who would only buy in the month before Christmas . Going around making low ball offers .

    Cliff
     
  8. Sackie

    Sackie Well-Known Member Premium Member

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    Certainly not the wife when we met..... I was on best behaviour for first 6 months...:D:p
     
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  9. oneone

    oneone Well-Known Member

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    Thanks for responses, the article had good points too
    Just rechecked IO rates and they are all up :( , though on the same line of thought, it would help lessen competition too
     
  10. craigc

    craigc Well-Known Member

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    Also settle late Jan - early Feb & trades are back & then it's a good time to rent out.
     
  11. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    You would be surprised. People like to sit down at the Christmas table and celebrate an achievement or milestone... such as selling the house.

    As long as a sensible settlement date is chosen that doesn't clash with conveyancer closures etc it can be a great time to buy.
     
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  12. Jacque

    Jacque Well-Known Member Premium Member

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    We've bought successfully for many buyers the week before Xmas over the past 12 years- not a bad time of year to pick up a bargain if stock levels are healthy. Much will depend on where/what/budget etc and you will find that most BAs will extend the search period to include the Xmas break, so you don't lose search time. Good luck with your search!
     
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  13. Jacque

    Jacque Well-Known Member Premium Member

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    Ah yes important to remember that most solicitors (and agents!) take a well earned break Dec 25-Jan 8 or so.... always factor this in to your negotiations and try to avoid this period, as it can sometimes cost more as well in fees.
     
  14. The Y-man

    The Y-man Moderator Staff Member

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    As I have written elsewhere, properties passed in at auction just prior to Xmas has been particularly fruitful for us.

    However, you need to be in a position to do an unconditional offer (but this is no different to buying at auction in Vic).

    For the vendor, it can mean taking our unconditional offer, or hold their property not just over Xmas/NY, but usually through to about the first week of February when the market get under way again

    The Y-man
     
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