Leonie's blog

The median days to sell in Wellington stretched out to 55 days in June, 8 days up on May (47 days) and 11 days up on June 2010 and June 2009 (each 44 days).  Houses are taking longer to sell though as always, depending on who you work with and the approach taken, your own results can vary markedly.  We sold 10 homes in the 12 weeks ending 30 June, with a median days to sell of 23 days…yes that is a lot lower :-).  In THIS market, strategic marketing is critical for top results and is not just about placing an ad.  Find out if your agent has a marketing qualification, how they market homes and the number and type of viewings and offers they receive in campaigns.  If they can’t answer these questions…put simply…move on!  Remember it costs no more to work with a top agent but can save you thousands (www.leoniesnook.com).

Leonie Snook and Steve Welsby, Top Real Estate Agents, Wellington

Will interest rates moves early?  The Reserve Bank dropped the official cash rate (OCR) back in March to a record low of 2.5%, as stimulus following the Christchurch earthquake and a weak economy.  Economists were expecting interest rate rises to start in early 2012 though this now looks likely to come forward.  Official figures for economic growth released last week (March Quarter = 0.8%**) and for inflation this week (June Quarter = 1.0%**) were both higher than expected and have economists now expecting interest rate rises to start as early as September this year.  Banks have generally eased lending criteria over the last few months so if you are buying or trading up it pays to shop around.  For those with mortgages, now is a good time to consult the old crystal ball :-) and review your split between floating and fixed rates.  We have a mortgage broker that has received great feedback from clients.  If you need advice in this area, drop us an e-mail (leonie@leoniesnook.com).

Leonie Snook and Steve Welsby Top Wellington Real Estate Agents

** Statistics New Zealand

We have talked with quite a few buyers over the last few weeks, eager to buy but simply unable to find something to offer on.  Why?  Sales have been really active over the June quarter while listings have fallen significantly.  This has seen us go from 28.9 weeks of housing stock on the Wellington Market in April (long term average is 22 weeks), down to 23.9 weeks in June (a fall of five weeks in 3 months to a more balanced market!!).  We have sellers taking advantage of the current listing shortage and listing their properties NOW.  If you (or someone) you know is thinking about selling and would like a free appraisal and plan give us a call (027 518 0008).  We believe in doing this properly for top results and can connect you with cost effective tradespeople to get your properties spruced up and in shape fast.  Attention to the right things needn’t cost much but can save you thousands!