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Shortage may signal optimal time to sell

 

Popular regions around New Zealand are starting to experience a shortage of properties for sale; and that may be a positive sign for owners debating whether they should sell in the current market.

Dramatic shortages are being reported in Gisborne and Hawke’s Bay, where the number of homes for sale is down 62%  for houses and 24% in apartments compared with 12 months ago.

It’s becoming a national problem. New listings were down almost 10% compared with June 2022, according to the real estate website, OneRoof.

Our biggest city, Auckland, and the capital, Wellington, suffered 21% and 17% drops respectively. Eleven out of 15 regions are said to have listings at least 15% below last year’s levels.

This trend is not unique to NZ. The number of homes coming onto the markets in the United States and Australia are down 20% on their 10-year averages.

A supply shortage and continuing demand is likely to bolster prices. And we’re increasingly seeing buyers competing for properties and pushing up prices.

Selling now may be wise, as you’d avoid a predicted summer rebound when many owners will make their move.

These tips will help you with selling in the current market conditions. 


Keep talking

Check in with trusted agents about our local market. Even though NZ is technically in a recession, demand is now outstripping supply locally. Quiz agents on price trends and the average time it takes to sell a home. 


Your situation

Evaluate your financial situation, including equity position, mortgage balance, and buying and selling costs. Will you need to change your mortgage deal, and possibly pay a higher interest rate, if you have to refinance? Look at all the angles. 


Timing

Trying to second-guess the market is a fool’s errand. And while you may weigh up current trends against what may happen six months down the track, it’s safest to sell when it suits your personal circumstances.


Reality check

Be realistic about the value of your property and price it competitively. Buyers may be keen, but they’re not crazy. Greedy vendors usually get a cold shoulder.


Be diligent

Pristine properties always find a buyer. So, work diligently preparing your home before it goes on the market. This will give you the best possible chance of igniting buyer interest and maximising the value of your home.

Let’s discuss your home selling strategy.

By choosing us, you’ll benefit from our expertise and commitment, ensuring you feel confident and valued throughout the entire process.

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Alex Hewton – Malins

This is the second time we have sold with Ben and both times the result has been outstanding. On a personal level we click and its clear he actually cares about both the sellers and the buyers he is working with. The result we achieved and the sheer quantity of offers received in a dead market shows what an outstanding salesman and marketer Ben (and is his team) is.

Yasas Gamage

Ben, Peter and Jade. You guys are the most awesome Real Estate Agents we have ever met. We went to hundreds of open homes and met many agents throughout our search for a home, yet we would come back to you straight away for our next house. Thank you!

Jaan Turia

Ben worked exceptionally hard on our behalf to get the sale over the line. Ours was not straightforward by any means, and Ben navigated through the many twists and turns to ensure a very satisfactory outcome for us. We highly recommend Ben. 🙂

Jason Pepping

Ben is a very personable agent. He has excellent communication and was usually available to answer any questions we had, regardless of the hour!

Jo Mcgeachin

Ben was extremely easy to talk to and very informative about how things would progress. He listened to us and advised us about the right way to go. We are very happy with his pleasant and professional manner.

Carla Shields

Ben and the team did an amazing job selling our house. They know the market so well and gave us the best advice throughout the whole process. We have used them before and so glad we choose to use them again. Highly recommended.

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