Leonie's blog

Wellington shifts to sellers market - August 5th 2011

The Wellington market has tightened over the last 4 months and is now tilted towards sellers - in July, total housing stock available on the market fell to 20.9 weeks*, down from 28.9 weeks in April (a fall of 28%) and 17% below July last year**.  This confirms what we’ve been seeing – steady sales, good open home attendances, more multiple offer situations, and buyers saying they can’t find enough new quality listings.  NOW is a great time for sellers to come to market with strong buyer interest and a shortage of listings.  If you or someone you know is thinking of selling get in touch early for the right advice and a plan (leonie@leoniesnook.com).  Buyers, have clear criteria but be flexible, do homework on comparable sales, be able to move quickly in competitive situations (obtain finance pre-approval, work out who you’ll use for checks and have these lined up) as unconditional offers, or as near or quick as possible, carry weight!

* Time in weeks to clear the current inventory of homes for sale at the present rate of sale
** NZ Property Report – July 2011 (realestate.co.nz)

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents
#1 Agents, Harcourts Active Wellington City and Suburbs 2010-2011

Success starts with preparation!

There are a range of things to look at when getting a property ready for market – whether attending to areas of maintenance (e.g. freshening-up key paint areas or an entrance), presentation touches (e.g. house wash and paths), and/or staging arrangements (arranging furniture to best show space and a vision that works).  As well as being award winning agents, we have also been landlords for a long time and have done-up a lot of property.  Let’s bust some popular myths – MYTH #1 – ‘it’s expensive’ – WRONG! You should be able to recoup $3 for every $1 spent.  Focus on the right things – it’s often little things that count and that aren’t expensive…think ‘Trinny and Susannah’ :-/.  MYTH #2 – it ‘takes too long’ – WRONG! We connect you with tradespeople so a make-over happens fast, and what else are evenings for…  And the big one – MYTH #3 – ‘it doesn’t matter’.  WRONG! Buyers make a crucial first impression in an instant which determines how they feel about your property – whether they connect or run for the door.  Don’t score an own goal, work with an agent that gets this and can help you with a tailored plan.  For a free assessment give us a call (027 518 0008).

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents
#1 Agents, Harcourts Active Wellington City and Suburbs 2010-2011

June numbers show a house building industry still struggling.

995 consents were issued for new homes nationally, down 28% on June 2010***.   Consents are thought to be running around 1,000 per month below where they need to be for normal population growth, with estimates of a current national shortage of around 45,000 homes (inclusive of losses from the Christchurch earthquakes)****.  FACT – New Zealand has an undersupply of property which has cushioned the extent of fall in prices through the recession and will lead to some upward pressure on prices as the recovery gathers pace.  This is most acutely being seen in Auckland.

*** Statistics New Zealand
**** BNZ Weekly Overview

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents
#1 Agents, Harcourts Active Wellington City and Suburbs 2010-2011