EVES sold more homes in January than in any other January in the company’s history. This is backed up by statistical information coming through from REINZ. In January, the average sale price in Tauranga was $680,000 and in Mt Maunganui and Papamoa it was $769,000. Sales numbers were up between the two areas year on year.
The worrying part of the equation is the amount of homes for sale. It is the supply and demand that determines the sale price. Plenty of choice of property for buyers generally equals lower sales prices. Shortage of choice pushes the demand and prices up. As a company, we are seeing multiple offers come in on many of our properties and competitive bidding in the auction room indicating that the shortage of stock is very real.
Buyers frustrated at this lack of choice need to be ready to buy and make informed decisions quickly. Have your finance organised, know what you can afford to go to comfortably and don’t hold back when the perfect property comes to the market. Specialist reports are often required so again, contact these people at the earliest opportunity if the required report is not provided by the seller (NB: buyers are encouraged to get their own specialist reports). Act quickly and make the offer to the vendor as strong as you can given the limits you have. Also be sure to register with an EVES salesperson so they can give you a heads up on properties coming to the market.