We help you analyse the news for the real estate market by sending you summary of important updates that affect our business, and your property:
Tony Alexander, the Chief Economist at the Bank of New Zealand last week released the BNZ-REINZ Residential Market Survey for September. His message is that it is still, for the most part a seller’s market.
Hooray! If you’re selling your home, you should achieve a good price; buyers are queuing up and we’ve seen some sales significantly over-asking price recently.
What does this mean for buyers?
We know the property market and when you work with us, we do our best to give you the depth of our experience and tips of the trade to help you create the best outcome for your personal situation.
If you’re a buyer in the current market, here are a couple of key bits of information that you can use in your negotiation:
- Always ask for the Sale and Purchase Agreement to be made up on the 9th Edition. This is the latest version of this document and it provides a greater level of protection and transparency for buyers, including a building inspection with a 10 working day timeframe as a standard clause.
- If you find a property you’re interested in buying but you need an afternoon to think it over or some time to talk to your solicitor, ask the salesperson to prepare a draft of the Sale and Purchase Agreement. Why? By making this request, you are sending a very clear signal that you’re seriously considering the property and it obliges the salesperson to come back to you if anyone else makes an offer in the interim. This buys you time and with no risk or cost to you and because it’s only a draft version of the agreement, it cannot be signed by either party.
So, even though it’s a seller’s market (and this isn’t likely to change anytime soon), there are still things buyers can do to protect themselves.
If you need any guidance throughout your buying process, give us a buzz. We’re always happy to assist if we can.