Autumn is fast approaching and, as expected, the market is tracking as predicted. Vendors are wanting to sell for a good price now ahead of the continued drop in the market predicted for the remainder of this year. In our experience, vendors are realistic about the current market, and with that comes an understanding that the sale price may be slightly inferior to that of last years’ prices. However, there is always an exception to the rule, and the right property will still attract a large number of buyers, no matter what the market is doing.
CoreLogic’s House Price Index for March shows that average house values are down another 1.1% across New Zealand. We have previously talked about this and it’s not uncommon for values to fluctuate over time. Prices are still significantly higher (around 30%) than pre-COVID levels, which suggests that the market is still relatively strong, and we are not at the bottom yet.
Last month we discussed the importance of having a great agent working alongside you and how this is crucial in getting the best price for your home and attracting the right buyers. This, of course, remains the same, regardless of the market.
The length of time a property is on the market can also have a significant impact on its sale price. If a property is overpriced (or there is no price guide), it will stay on the market for too long, and potential buyers will lose interest. Therefore, it is important to take heed of your agents’ advice and price your property appropriately, so that you target the right buyers and ensure a quicker sale. You only get one opportunity to sell your home, so it should be done right the first time.
At Najib, we sell a property within an average of 20.5 days (based on figures from January to March 2023). According to REINZ statistics, the national average number of days on the market is significantly higher. Properties in Christchurch in February 2022 took an average of 32 days to sell, compared to 44 days to sell in February this year. This is reflective of the current state of the market, but could also be attributed to agents not being skilled or knowledgeable enough to advise accordingly.
It is essential for vendors to be realistic about the current market conditions and adjust their expectations to match. Having a great agent who you trust and who can provide accurate and up-to-date information on the market is invaluable in making informed decisions about pricing and timing. You don’t want the sale of your most expensive asset to be handled by anyone other than the best.
We know that having a visible price guide makes a difference and we believe that this attributes to more views per listing. Recent statistics from Trade Me showed that Najib’s listings have 45% more views, 28% more watchlisters, 56% more email inquiries and 48% more phone calls than other listings.
As always, we have a few recent videos which you may be interested in. Please click on the links below:
Real Advice - We discuss vendors vs purchasers expectations and how to bridge that gap.
Real People - We do auctions totally different at Najib, take a look.
If we can assist with any of your real estate needs, please don’t hesitate to get in touch with a Najib agent.