Understanding the Real Estate Market

Real Estate Planning with Anna Manning

Over a period of time the property market fluctuates, so it’s helpful to know what sort of market is prevailing when you are looking to buy.

Knowing the current market gives you an indication of what sort of properties are being sold, how quickly and for how much. Each type of market has its own set of characteristics.

Buyers Market

  • The number of properties on the market are greater than the number of buyers.
  • Properties usually take longer to sell.
  • Prices are stable or sometimes they fall.
  • Buyers often dictate the selling price.

Sellers Market

  • The number of buyers exceeds the number of properties available for sale.
  • Properties sell faster.
  • Prices generally rise.
  • Sellers may receive offers from more than one buyer.
  • Sellers gain prices closer to the listed price, or over it.

Balanced Market

  • The number of properties for sale is about equal to the number of buyers.
  • Sellers will consider reasonable offers.
  • Prices are generally stable.
  • Properties sell within a reasonable time.
  • A good number of prospective buyers see the property.

Seasonal factors

There are generally fewer properties for sale during the winter months, with spring traditionally being the time of year when more people list their property for sale.

However, personal circumstances are an important factor and homes are bought and sold throughout the year. So don’t let the season stop you from looking and if you find the right property for you, from buying.

Anna Manning is a Real Estate Agent at Leaders Real Estate Lower Hutt.
p 027 569 2749 e anna@huttrealestateagent.co.nz