As the festive season approaches, the real estate market often experiences a flurry of activity. Buyers and sellers alike are eager to close deals before the year’s end. But if you’re looking to sell your house before December 31, is it still feasible?
Here’s a breakdown of the key factors to consider, including timeframes for finance approval, settlement processes, and how public holidays could impact your sale timeline.
Understanding the Typical Timeline
Selling a property involves several key steps, each with its own timeframe.
Listing and Marketing Your Property
Timeframe: 1–2 weeks
This stage includes preparing your property for sale, taking professional photos, and listing it online. While it’s possible to expedite this process, proper preparation ensures your home appeals to more buyers.
Finding a Buyer
Timeframe: 2–6 weeks (or longer)
Depending on market conditions and the demand for properties like yours, this step could take a few days or several weeks. Pricing your home competitively and engaging an experienced real estate agent can help speed things up.
Contract of Sale and Finance Approval
Timeframe: 2–4 weeks
Once you’ve accepted an offer, buyers typically need time to secure finance approval. In Western Australia, most offers include a subject-to-finance clause, giving buyers 21 days (or longer) to obtain finance.
Settlement Period
Timeframe: 4–6 weeks
The settlement period starts after the contract is unconditional, allowing time for financial institutions, settlement agents, and government authorities to process the transfer of ownership.
The Public Holiday Factor
December is peppered with public holidays that can delay the process:
Christmas Day (25 December)
Boxing Day (26 December)
New Year’s Day (1 January)
Many businesses, including banks and settlement agents, close or operate on reduced hours during this period. This can add delays to finance approvals and settlement proceedings.
Is It Still Possible?
Selling your home before the year’s end is challenging but not impossible. The key is acting quickly and strategically.
Prepare Now: Start with professional photos, staging, and selecting a motivated agent.
Set Realistic Expectations: Shorten timeframes for finance approval and negotiate a quicker settlement, but keep in mind this may limit buyer interest.
Work with Professionals: Engage experienced settlement agents and conveyancers to ensure a smooth and efficient process.
If you list your property this week, you could potentially find a buyer and secure finance approval by mid-December, with settlement scheduled in early January. However, closing before Christmas is unlikely unless you already have an interested cash buyer.
The Benefits of a Pre-Christmas Sale
Even if settlement happens in January, selling before Christmas has its perks:
Peace of Mind: You can enjoy the holidays knowing the sale is underway.
Motivated Buyers: Many buyers want to secure a home before the new year, creating a sense of urgency.
Get Expert Advice
At Adaptive Settlements, we specialise in streamlining the settlement process, even during the busy holiday period. If you're planning to sell your home, contact us today to discuss your options and ensure a smooth transaction.
Time may be tight, but with the right team by your side, closing your sale before the year ends might still be within reach.
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