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

The word on the street is that the Aussie’s are here looking for bargains. If you (or someone you know) are thinking of selling – please call us to get the right advice up front. You want that bus of Aussies to go sailing past your SOLD sign… not stopping at the door. In this market, your agent needs to work harder, smarter and faster – as although sales are down, prices need not be. It’s our job to run a campaign that gets you the best price, in the shortest time.

Leonie Snook, Steve Welsby, Top Wellington Real Estate Agents (www.leoniesnook.com)

Well, the weather is turning and flu season has started!  So take care of yourself... grab a cuppa and spend a couple of minutes catching up with this week's 'no fuss - no confusion' market round-up.

Quick News/Updates

• Interest rate picks - The Reserve Bank left the official cash rate (OCR) unchanged at 2.5%, but said they expect to begin removing their 'monetary stimulus' over coming months. Economists are torn on whether the rate rise will begin from June or July – but with a broad economic recovery taking shape (yay!) it’s a case of when and not if (boo)! For buyers and sellers, now is a great time to make your move and get in before interest rate increases.
• Free market sales – See my website for updated sales information. If you, a friend or a work mate want to know where your property sits in the market give me a call for a free and no-obligation market appraisal. I work all over Wellington…get top results for my clients…and give generous referral rewards :-) .
• Confidence climb - economy right behind! - Business confidence levels increased this month to +50*, suggesting good economic growth ahead. Its also the first time since 2001 that more firms expected the unemployment rate to fall than rise – all good for jobs, investment and growth. For the Wellington region housing market, things are well recovered and stable with prices up 6.6%** on a year ago and sales volumes for March similar to last year.

In any market, the best house sale prices come from the best approaches – through smart marketing, leading edge technology and negotiation, my clients continue to get better results. Don't just pay someone to stand at your open homes... you need the best marketer and negotiator you can get.  If you know someone thinking of selling this year put them in touch or drop me an e-mail to find out how (leonie@leoniesnook.com).