mysite blog

Market Has Balance - Leonie and Steve Weekly Report 4 May 2012

Fri, 04 May 2012 20:46:00 -0500

Market Has Balance - The level of housing stock on the Wellington market is currently 22.8 weeks and matches the long term average of 23 weeks**. What does this mean? This indicates a balanced market - with stock on market neither above average (a market weighted to buyers) or below average (a market weighted to sellers). This time last year, the amount of property on market was much higher than average at 29 weeks** and it was a buyer's market. So things have changed and this is a market in a much better position than last year with transactions up. The funny thing is no matter what the market is doing, who you work with and the approach you take makes a huge difference to your sale results. We have set some price records in the last 3 months but we also set them last year in a buyer's market. To find out what you can do to get great sale results get in touch for quality advice and a free plan to work to (027 518 0008).

** NZ Property Report, realestate.co.nz

Leonie Snook and Steve Welsby - Top Agents Wellington

New Listings Pull Through - Leonie and Steve Weekly Property Report 4 May 2012

Fri, 04 May 2012 20:44:00 -0500

New Listings Pull Through - Great to see 845 new properties come onto the Wellington market in April, up 14% on last year (741 new listings)**. The first three months of 2012 has been a strong selling period, up 14.4% on last year***, with sales outstripping listings which were up just 4.7%**. More new listings is great news for buyers who have been frustrated with a lack of things to look at. There are a lot of buyers still waiting to buy so if you are thinking of going on market NOW is a great time. For a cut-to-the-chase opinion of where your home sits in THIS market drop us an e-mail (leonie@leoniesnook.com).

** NZ Property Report, realestate.co.nz
*** Real Estate Institute of New Zealand - Market Trends

Leonie Snook and Steve Welsby - Top Wellington Agents

Wages Rates Grow- Leonie and Steve Weekly Property Update 4 May 2012

Fri, 04 May 2012 20:42:00 -0500

Wages Rates Grow - Overall salary and wage rates across NZ grew by 2.0% for the year to March* - YAY! While not startling growth, it's in line with a number of economic indicators showing some improvement and economists' expectations that the rate of growth in economic activity will lift as the year goes by. Taken together with record low interest rates this is supportive for housing demand which is moving along nicely. * Statistics New Zealand - May 2012

Leonie Snook and Steve Welsby - Top Wellington Agents

Thankyou!!! Number One for Harcourts Active Wellington 2012

Fri, 04 May 2012 20:41:00 -0500

What a great surprise to finish 1st at Harcourts Active for 2011-2012. A big THANK YOU to all our supporters :-).

What this really means is we have helped an enormous number of people achieve their property goals and that is the best part! If you know anyone we can help in the next few months put them in touch - we also love giving referral rewards (leonie@leoniesnook.com).s

Awarded Top 2 Team in Wellington City and Suburbs February 2012

Thu, 09 Feb 2012 14:22:00 -0600

What a fabulous surprise to be in the Top 2 Team in Wellington City and Auburbs at the Harcourts Quarterly Awards last night! A BIG THANK YOU to all our supporters, as without your recommendation to others and on-going support this wouldn't be possible.

We're proud to help our clients consistently achieve better results through strategic marketing, leading edge technology and world best practice processes. Good news travels fast and we have listed 19 new properties so far this year....yes that is a lot :-) ....though we still have some places left for February and March. If you are thinking of selling in the new few months give us a heads up and we can hold a place for you (027 518 0008).

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents 2012

As a seller... should I name my price? February 2012

Thu, 09 Feb 2012 14:19:00 -0600

As a seller should I name my price? The market sets price, but there's a range of price possibilities. Best results always come the highest number of the right type of buyers seeing your home, connecting with it and wanting to buy it. The market will have a price range for your home - and your approach and who you work with will have a significant bearing on what you can achieve. ‘No-price marketing' focuses on meeting the right buyer's needs, on features and benefits of your property, on out-promoting your competition, and getting the widest number of potential buyers to view, and multiple interest.

Pricing sells on a price - how realistic and attractive the number is perceived to be by buyers will determine if they view your home (and how many potential buyers view your home). Which one works best? Opportunities for a top price are always greater with well executed ‘no-price' marketing. Harcourts offers every type of sale method. For advice on which method is best to use in different property, selling and market situations, give us a call (027 518 0008).

Leonie Snook and Steve Welsby, Top Real Estate Agents, Wellington 2012

Buying in a tight market - 10 February 2012

Thu, 09 Feb 2012 14:18:00 -0600

Buying in a tight market - The Wellington market is tighter and has become much more competitive over the last few months. Buyers, be ready to be decisive, have your finance approved and key advisors - builders, lawyers, brokers or bank managers - on standby. Research local market sales and ensure your offer is competitive. Getting a building report or a verbal report from a builder up-front is a good investment to make a strong offer. Get your checks done and make your offer as clean as you can. If you're looking to buy and have a house to sell...get on the market first. A cash offer when you buy will have clout, whereas a condition for ‘house sale' may see you miss out. See our website for smart tips on buying www.leoniesnook.com

Steve Welsby and Leonie Snook, Top Wellington Real Estate Agents 2012

Sellers Market Is Here - 10 February 2012

Thu, 09 Feb 2012 14:15:00 -0600

Sellers Market is Here - With 21.6 weeks of housing stock on the Wellington market compared with a long term average of 22 weeks*, the market is favouring sellers and in particular those taking the right approach. A property we sold this week had over 60 viewings in 3 weeks (a record level :-)) ...and 8 offers. With active buying demand and listings in relatively shorter supply, there's a strong demand for well located and presented property. Sellers, work with a top agent who GETS marketing and can help you prepare and present your property to its fullest potential. If you or someone you know is thinking of selling, book in for a no-obligation appraisal and recommendations. Our opinions are free but could save you tens of thousands!! (leonie@leoniesnook.com)

* NZ Property Report, February 2011 (realestate.co.nz) - equivalent weeks of sale being how long it would take to clear all the stock currently on the market at the current rate of sale.

Leonie Snook and Steve Welsby, Top Real Estate Agents Wellington 2012

Interest Rates Lower For Longer - 31 January 2012

Wed, 08 Feb 2012 16:09:00 -0600

Interest rates lower for longer

The Reserve Bank held the official cash rate (OCR) unchanged at 2.5% yesterday, as widely expected. There was an absence of comments from their previous monetary policy releases hinting at expectations of the rate moving. With inflation tracking well below policy settings and the economic recovery fairly tepid, economists are expecting the rate to remain unchanged for most if not all of 2012. Great news for buyers and people wanting to go a step up the property ladder...get amongst it!

Steve Welsby and Leonie Snook, Top Wellington Real Estate Agents

Are Buyers Out There Now? 31 January 2012

Wed, 08 Feb 2012 16:07:00 -0600

Are buyers out there now? In short YES, this week we had 24 and 17 groups respectively at first open homes for two new properties (see previous quote re having best practice processes). Buyers will be pleased to see more properties coming onto the market over summer, the Property Press doubled in size over the last week. For sellers, the right approaches and doing things properly, remain essential for top results. Don't be fooled, the market is improving but it's what the seller does and who they work with that has most to do with variation in their results. The ‘3 Ps' are critical in selling real estate well - Product, Promotion and Pricing - along with a couple more for good measure ‘Preparation' and ‘Presentation'. We work with many clients well before they get to market to get these elements right and the results speak for themselves. If you, or someone you know is thinking of selling over 2012 get in touch for a no-obligation appraisal and recommendations...it could save you tens of thousands! (leonie.snook@harcourts.co.nz).

Steve Welsby and Leonie Snook, Top Wellington Real Estate Agents

Buyer Demand Healthy Against Short Supply - 31 January 2012

Wed, 08 Feb 2012 16:03:00 -0600

Buyer demand healthy against short supply - 577 homes were sold in Wellington in December... that‘s quite a few, down from December 2010 (586 sales). The market upped its tempo over the last six months of 2011, with sales volumes up 4.2% on the same period in 2010*. On the flip side, the supply of properties for sale remained constrained - 571 new listings in December, down 4.7% on December 2010, and new listings in the last six months of 2011 down 4.9% on the same period in 2010**. Remember high school economics....supply and demand? What happens next...? You got it, a firming of prices albeit at slow and modest levels. Wellington property values in December were 0.4% below December 2010, whereas six months ago they were 3.2% below***. For sellers it's a great time to sell. It's also clear that buyers are ready to act.

* Real Estate Institute of New Zealand - Market Trends
** NZ Property Report (January) - realestate.co.nz
*** Quotable Value - Residential House Price Index

Steve Welsby and Leonie Snook, Top Wellington Real Estate Agents (31 January 2012)

Wellington Shifts to a 'Seller's Market!'

Thu, 04 Aug 2011 18:23:00 -0500

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

How do I get the BEST results for my property? 5th August 2011

Thu, 04 Aug 2011 18:21:00 -0500

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

Building Consents Down - 5th August 2011

Thu, 04 Aug 2011 18:19:00 -0500

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

How Long Are Houses Taking to Sell?

Sun, 24 Jul 2011 17:31:00 -0500

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 move early?

Sat, 23 Jul 2011 16:57:00 -0500

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

Listings remain tight

Fri, 22 Jul 2011 16:54:00 -0500

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!

2011 Budget and the Property Market

Sun, 22 May 2011 00:14:00 -0500

Bill English delivered his budget yesterday. No major surprises…though a lively debate in parliament :-). So, what does it mean for property? Employment and income are key drivers for housing demand, and the forecast economic growth (1.8% for the year to March 2012, then 4% and 3% for the next two years), job creation (170,000 net new jobs by 2015), and wage growth bodes well for the property market medium term. First home buyers are currently active…with low interest rates, flat prices, and banks loosening criteria, realising now is a great time to buy or climb the property ladder. Working in the other direction, however, Wellington will face some uncertainty from significant cuts to public sector spending over the next 3 years (almost $1b).

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents

Ronald McDonald House Wellington

Sun, 22 May 2011 00:09:00 -0500

I went on a baking spree and then we visited Ronald McDonald House last week. It was fantastic and uplifting to meet people absolutely passionate about what they do. They are camping in temporary premises, ready for the old house to be demolished and building to start on a new bigger and better house to help even more families. If you want to get involved with this great cause visit their facebook page or website - http://www.givealotoflove.org.nz/.

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents

Spring Fizzer for the Property Market

Thu, 07 Oct 2010 14:30:00 -0500

Quick news/update (Friday 8 October 2010)

1. Spring lift a bit of a fizzer... The market hasn’t seen the large lift in activity that usually comes with spring. Sure... new property listings in Wellington rose 15% in September (836 new listings) compared with August (729 listings), but this is still 7% down on September 2009*. Despite this, we personally have been having a record period this year (good news travels fast)...7 new properties listed in the last 4 weeks! Remember... it costs no more to work with a top performing agent!

2. Some sit... some sell... 729 new listings came onto the market in August* and only 501 homes were sold**…get the picture :-)? Some properties sell and others sit (median days to sell is 43**). New listings are down (7%), and so are the volume of sales (19.5%)**. This means 24.1 weeks of housing stock on the market to choose from (long-term average = 21*)... the market is tilted slightly to buyers. Buyers are finding there’s a shortage of quality, well presented property and are taking their time and being picky. Sellers need to present their property well and those who do this and invest in great marketing are getting very good results! We work with our clients well before the first open home to ensure they get the best possible result.

3. House prices – Not much new here... QV just reported Wellington house prices sitting 0.3% up for September compared with the same month last year***... flat as a pancake! That said, we are breaking records on prices achieved - in this market. A fully resourced and high performing agent, using best practice systems and approaches, should save you tens of thousands of dollars in your sale process. If you or a workmate want to know where your property sits in this market and how to get a premium price give us a call (021 518 0008).

* NZ Property Report (1 Oct 2010) – realestate.co.nz
** REINZ – Wellington Sales in August 2010
*** Quotable Value Residential Price Index for September

Leonie Snook, Steve Welsby, Top Wellington Real Estate Agents