The Balance Has Shifted Towards the Vendor
For those of you involved in the property market, whether buyer or seller I can confirm, for the first time in a long time that the balance has shifted towards the vendor once more. The number of sales is up and the number of listings is way down in Upper Hutt.
Currently (at the time of writing) there are 320 properties for sale on Trade me in Upper Hutt. For the last 4-5 years, certainly in the summer months the stock levels have been between 550 and 600 listings giving the buyer far greater choice of property and far greater power in the negotiation process.
So far in 2013 to May 31 there have been 371 residential sales, that is 60 up on the 311 in 2012 and 93 sales up from 278 on the same period in 2011. The constant feedback I’m hearing from buyers is about the lack of the choice of they have and as a result of less choice and more sales we are now seeing price increases, not to the same level as the peak market in late 07 early 08 but certainly up on prices from last year. Of course those buying and selling in the same market won’t be affected by any market fluctuations but new entrants to the market will likely find themselves having to make compromises in the property they buy, especially if they were looking last year and for whatever reason put off buying.
If you are thinking of selling your home or want more information on the Upper Hutt property market please call me on the numbers below or contact me via email firstname.lastname@example.org alternately fill in your details here on my website.
(04) 212 6787
I now have a Facebook page Please “like” www.facebook.com/steveslicker if you would like to be kept up to date on the on the latest real estate news and listings.