Leonie's blog

A number of buyers we've spoken to are saying they are ready to buy now but there is not enough to look at. The good news is more properties are now coming onto the market...and the property books are getting fatter J. Official figures are not out yet but at the coalface it still looks like there is a relative shortage of stock compared with demand. We've listed 11 new properties since mid-January and don't see this slowing down...most of our business coming from word of mouth, so THANK YOU to all our loyal clients and supporters. There are still a few slots still left so if you are thinking of making a move in coming months let us know and we will hold one for you (LeonieAndSteve@Harcourts.co.nz).

Leonie Snook And Steve Welsby - Top Wellington Agents 2013

So... house prices are fairly static in Wellington, up just 1.4% on last year*. Sellers, what to do? Actually lots! The agent you choose to work with, approach taken, and actions to prepare and present your property will make a substantial difference to your sale result (or not as the case may be). Given a premium price when achieved can easily be 8-15% more it's always worth doing things properly. We we're delighted to help over 120 families achieve their property success in the last year. We work with clients to look at all aspects and DEAL in what actually works in THIS market. If you (or someone you know) is thinking of moving this year get in touch early for an updated price opinion and tailored recommendations (leonie@leoniesnook.com).

* Real Estate Institute of New Zealand
** NZ Property Report, www.realestate.co.nz
*** Quotable Value House Price index, June 2012

Leonie Snook and Steve Welsby, Top Wellington Real Estate Agents

1.Good Buyer Interest - We have sold or achieved contracts on 7 homes in the last 5 weeks! Official sales figures just out for June confirm what we've being seeing at the coalface, another steady selling month with good levels of buyer interest. 602 homes were sold in Wellington in June, and although dipping from 735 sales in May (which is normal seasonal pattern from May to June and remembering May was the highest May sales month in Wellington for 4 years) the number of sales is up 4.9% on June last year (574). So, a continued trend of good buyer demand. This, and that there are less properties on the market in Winter to compete with, can make NOW a great time for astute sellers to act. Interested to find out more? drop us an e-mail (leonie.snook@harcourts.co.nz).

2. Prices Steady - Wellington house prices in June remain steady and are up 1.4% on last year. This market, like any, is a time when sellers can have a large influence on their own results (or not), depending on the approach taken and who they are working with. We were delighted to see 4 clients in the last month achieve sale prices (or contracts for sale) 10% or more above their RV. These had an average of 38.5 groups through during their campaigns ...yes that is huge J....and their average days to sell was 26 days compared to a market median of 42-43 days over the same time. Working with a real estate professional who can add measureable value to your sale results is essential at any time and will save you money! If you or someone you know is thinking of making a move this year, book in now for an no-obligation price opinion and a tailored plan on how you can prepare for success (leonie.snook@harcourts.co.nz).

3. Days to Sell Holds - The median days to sell in Wellington in June is 43 days, up 1 day on May and down 12 days on June last year. There is still a lot of buyer interest in the marketplace with good attendances at open homes and enquiry levels.

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 - 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 - 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

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? 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 - 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)

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!