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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    Brenda Crooks 
 
 
 
  Ben went over and above for us, he offered to fix a few small things around the house for us, and practically ended up redoing our bathroom. We were really happy with his generosity. Jade and Ben were lovely to work with and we really felt they were a good fit for us.
  
 
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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.
  
 
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    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.
  
 
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    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!
  
 
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    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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    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!
  
 
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    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. :)
  
 
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    Laurel Tse 
 
 
 
  Ben went above and beyond our expectations. He gave great advice on how to best prepare our house for sale and even pitched in to help. He was very personable and great to work with. I would definitely recommend his services!
  
 
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    Joanne Murphy 
 
 
 
  Ben and the team were very professional and friendly - always willing to help & go the extra mile. It was my first time selling property alone and they took a lot of stress out of the process, it was such a relief. I felt supported throughout & now I gladly recommend them to my friends. Thanks team, you’re awesome!
  
 
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    Amanda Hawea 
 
 
 
  Ben was fantastic. He made the selling process easy for us, gave great advice throughout the process, and went above and beyond to get a great sale result. We would definitely recommend Ben and his team to others.

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Shortage may signal optimal time to sell

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