Exploring the Truth Behind the Boxing Day Housing Boom
It's almost that time of year. No, not Christmas. The time of year when all estate agents begin shouting from the rooftops about the Boxing Day rush. But is it real? Read on to find out…
Each year, figures released by property websites show a considerable increase in activity on Boxing Day. And it makes sense. Boxing Day is one of those days where, as a nation, we are generally lazing around the house. After the hectic Christmas celebrations and probably far too much turkey, Boxing Day is when we can universally lounge on the sofa without feeling guilty.
But in the modern world that we live in, we don't tend to just sit, do we? You will likely have a phone or tablet in your hand while watching re-runs on TV and eating chocolates. Naturally, we end up scrolling social media or searching the internet during quiet afternoons, and if you've had any thoughts about moving house in the new year, it is understandable that you might have a little nosey through the property websites during this downtime. It is just as likely that many other industries will see a massive influx of traffic on this day, too.
But how does this affect you? If you're trying to get ahead of the new year, you might have already decided to put your house on the market. Indeed, you could be signed up with an agent and ready to get the ball rolling. If this is you, you've also likely been advised to wait until Boxing Day to launch the property on the market.
So, why is this? Well, it comes down to buyer, and in this case, seller, psychology. Christmas is a busy time - decorating, shopping, planning, preparing and then, on the big day, families gather to enjoy time together. If you are considering moving house, this is a huge task to add to an overflowing to-do list. It requires time to think and clear headspace to prepare to put your home on the market and ensure it is the right time for you and your family.
Selling a home is a significant decision that can take months or even years to finalize. It's not a decision that's dictated by the seasons. However, the festive season often disrupts these plans. It's not uncommon for people to want to postpone their move until after Christmas, given the many distractions and the desire to enjoy the holiday season without the added stress of a home sale.
Astute property sellers will know that this means the property market often gets very busy in the New Year - starting with those initial few idle searches online on, you guessed it, Boxing Day.
But is it really that important that you're on the market as a brand-new listing on Boxing Day? In truth, probably not. Most agents will not be open and most sellers will not want to do viewings on their property whilst there is still the devastation of toys, packaging and decorations everywhere. And realistically, if a buyer is serious about wanting to view your home, they will wait until January. In fact, they would probably prefer that.
If a buyer is serious about buying, and it is also likely that they are selling a property too, there is no urgent rush that can't wait until after New Year. In fact, it is likely that any buyer that suddenly requests a viewing between Christmas and New Year has yet to get their own property on the market anyway - how could they if they only searched for a property to buy on Boxing Day?
It is true that there is a genuine increase in the activity online on Boxing Day, but this often comes because the weeks before are relatively quiet as everyone turns their attention to Christmas. In reality, the 'rush' is simply a return to the previous levels of online searching from before Christmas; it seems like a rush because it happens in one day. This 'rush' is more about the return of normal market activity than a sudden surge of new buyers.
Are you going to miss out on that one perfect buyer if you're not listed as a new property to the market on Boxing Day? In short, no.
The perfect buyer will be searching for a property in the new year. This Boxing Day rush is akin to the Boxing Day sales in the high street - the difference is you are only impulse purchasing a jumper or a pair of shoes; no one will impulse buy a new home.
What should you do instead? You could do one of two things. 1) you could have your marketing prepared and ready before you turn your home into a Christmas wonderland. These images can then be kept on file, ready to push the button and begin marketing in the New Year. Or, 2) you could spend your Christmas break doing all of those DIY jobs that you've been meaning to get to, getting the home ready for marketing, and we can prepare all images, etc, in the New Year.
The market picks up in the New Year, so it makes sense to get yourself ready and launch early in January to benefit from the increase in buyers. Consider preparing your property for professional photography, organising the necessary paperwork, and decluttering during the festive season. Remember, Boxing Day is not the only day that you can do that.
It all comes down to timing and strategy and how that best fits in for you and your family. If you would like to discuss a marketing strategy in more detail, get in touch with our team of property experts today.