Property market insights released in March by realestate.co.nz suggest the number of properties for sale in February was up 25% on the previous 12 months. The 29,000 homes on the market was the highest figure since 2015.
While this is great news for buyers, owners have responded to the conditions by delaying their decision to sell.
Realestate.co.nz also reported that there were just 8,143 new properties listed for sale in February, which represents a 29% fall compared with the same time last year and is below the previous all-time monthly minimum of 10,000 new listings.
These buying tips will help you negotiate the current market conditions:
Mortgage pre-approval
Get your finances organised before beginning your search. With the Reserve Bank of NZ still hiking rates to quell inflation, your lender may alter the size of your promised credit facility. So check in with your loans officer or mortgage broker when or if rates move.
Research pays
Even in a buyer’s market, research will help you understand current market values and prevent the possibility that you might overpay for a property.
Negotiation skills
Despite market conditions, sellers may not be desperate to sell, so low offers may not be successful. Use your research to make a realistic bid, but leave headroom in case you need to increase your offer.
Be agile
When you find your dream home, don’t delay. Even in a buyer’s market, well-presented homes always sell quickly. They also attract the interest of more than one buyer, so don’t be surprised to find yourself in a bidding war.
No regrets
It’s equally important that you don’t rush into a decision. A buyer’s market gives you the opportunity to press pause if you have any doubts. Be patient and continue your search for your dream home.