What does this mean for your property? ANGELA RUDLING from Bayleys Howick, who has sold in this area for 25 years discusses the changing times we are living in and how this may affect your property value.
Since the beginning of 2022 there has been a dramatic change in the way local real estate is being transacted. It has moved from being a strong sellers’ market – to the current buyers’ market.
Recently with interest rates increasing to almost the 7 per cent level and stock being overwhelmingly available, the greatest issue is the lack of cashed-up buyers. Many are willing to buy but need to sell first. A little like the ‘chicken and the egg’ never sure what comes first, experience tells me it is very easy.
It is my recommendation to sell first and buy as a cash buyer once you have achieved an unconditional sale. This will allow you to take better advantage of this challenging market.
Most vendors are reluctant at the best of times to drop their asking price or expectation, however these days, if a cash buyer is interested in your property, then so long as they are prepared to pay within 10 per cent of your expected price range, I suggest you seriously consider their offer. Often the first offer can be your best offer.
Hindsight is a great thing but don’t wish you had taken that first offer when it is not there anymore. Listen to your agent’s advice and be very grateful if a cash buyer can make a fair offer on your home.
Lastly, it’s good to remember ‘sell on a high market you pay high, sell on a down market you pay less’ so the secret is ‘to sell and buy in the same market’.
Please feel free to call
Angela Rudling Ph 09 215 3002 or 0274 770 176 or email: angela.rudling@bayleys.co.nz for free advice on selling your home.
