The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry, however, is the lack of homes available for sale today. Whangarei, like the rest of New Zealand, has an inventory of homes for sale currently at an all-time low - about half of what we’d normally see. That is continuing to put pressure on the market.
What Does This Mean for You?
If You’re a Seller:
Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.
We are seeing fantastic results at our Auctions, because the demand from buyers combined with my great marketing plan for homes is setting them apart from the limited amount of other properties for sale at the same time.
If You’re a Buyer:
Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on us as your expert guides along the way.
The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both. If you are thinking of selling or buying, contact me today!
Helpful and interesting info from Paul, and Harcourts to help you with your property journey.