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Property Talk with Craig Hamilton Welcome to my first newsletter of the year - I hope you had an enjoyable holiday break and I’m looking forward to giving you informed property updates throughout 2015.
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0800 000 525 www.mikepero.com
Craig Hamilton 027 214 4851 craig.hamilton@mikepero.com Mike Pero Real Estate Ltd Licensed REAA (2008)
It’s no secret that numerous parts of the country have experienced increasing house prices. However in mid-January, Building and Housing Minister Nick Smith announced that there would be a proposal to implement 10 dramatic changes to the Resource Management Act (RMA) which the Government expects to combat the soaring price of housing.
Mike Pero Real Estate Ltd Licensed REAA (2008)
The RMA overhaul is said to be critical to addressing housing and affordability - it’s a hot topic and I will keep a close eye as to how this issue unfolds. In this edition of my newsletter, I offer some New Year’s resolution tips to those looking at selling their home in 2015. REINZ statistics noted that the national median price for January 2015 was sitting at $426,000 - this is an increase of $24,000 compared to January 2014. Sales were down 31.5% compared to December but were up 2.6% compared to January 2014. Their findings reflect the typical
FEB / MAR ‘15 summer slowdown, however they appear a little more pronounced due to the strong figures recorded in December 2014. Enjoy the last of the stellar summer sunshine and if you are thinking about buying or selling in the near future then I would love to assist you in this process. Feel free to give me a call on 027 214 4851. Best wishes,
Craig
0800 000 525 www.mikepero.com
Mike Pero Real Estate Ltd Licensed REAA (2008)
What’s Happening in the Market? Compared to December 2014, the median price increased by $2,000 (+0.6%) across the Nelson/Marlborough region with prices rising 2% in Nelson and 7% in Motueka. Compared to January 2014, the median price dropped by $28,000 (-7.4%) however Richmond and Nelson bucked the trend with an 8% and a 1% increase respectively. Median Price Breakdown - January 2015 Marlborough/Kaikoura Motueka Richmond Nelson City Source: REINZ
According to REINZ January 2015 statistics, the median price trend, sales volume trend and the days to sell trend are all falling, as is the overall trend for the region. Sales volume rose 8% across the region compared to January 2014, with sales rising 47% in Motueka, and 44% in Nelson. Sales volume was down 22% compared to December 2014 with sales down in all areas. The number of days to sell eased by two days in January, from 37 days in December to 39 days in January. The January 2015 median recorded in Richmond was $440,000 with 15 dwellings sold over an average of 29 days. Compared to January 2014 the median has risen by $26,750 (+6.4%) however sales volume did fall by 11.
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REINZ Chief Executive, Helen O’Sullivan noted that “the Nelson/Marlborough region has continued to see high levels of activity from both local and out of town buyers, with strong enquiry and good attendances at open homes right through January. The number of listings has risen, leading to more choice for buyers and a more active market.”
Thinking Aloud A very warm and sunny welcome to 2015! That’s Christmas and New Year celebrations done and dusted for another year. Reflecting on 2014 – wow – what a ride. From our perspective we saw more people move into new homes than the previous two years. In other words for us it was a year of growth. I hope 2014 was a happy year for you and that you met your personal (and career) goals and objectives.
New Year’s Resolutions for Home Sellers With every New Year comes a raft of noble New Year’s resolutions – eat healthier, join a gym, quit smoking, save money, manage debt and the list goes on. However, if you’re thinking about selling your home in 2015, then here are some resolutions that could help boost your chances of a swift and successful sale. Avoid over-spending on renovations
So what’s in store for 2015? I can see a productive, positive and exciting year ahead. For a start, fuel prices are at a five year low. As that’s one of our major household expenses, for some it could be seen as the equivalent to an interest rate cut. As for rates, they look likely to remain constant until at least September. House prices will always rise and fall based upon demand so ownership will be a function of determination. I still believe that it comes down to the individual. First-home buyers will always struggle to grab that last rail on the ladder but existing owners will always benefit as values rise.
Sometimes people will look to renovate their home prior to selling with the intention of adding extra value. However it pays to tread carefully, mammoth makeovers are very risky and it’s best not to try and anticipate what buyers want in terms of décor and design. Remember that renovations don’t necessarily translate to market value. Smaller and more affordable ways to add value to your home could be as simple as replacing door handles or updating kitchen cabinetry.
Speaking of selling – that’s what we love doing! It’s our specialty area - the more the merrier! We’re here when you need us.
Don’t neglect minor repairs It’s a wise idea to set aside a few weekends to fix those pesky pieces that need to be repaired. Whether it be that dripping tap or small crack in the wall - ensure that they
aren’t a symptom of a larger problem that will crop up in a builders report. Rope in a friend or family member to take a tour through your home. Ask them what imperfections meet the eye and make sure they are brutally honest. They will pick up on things that potential home owners will also notice.
Always be one step ahead It’s important that you don’t let your future plans get lost in the whirlwind of selling your home. It’s best to be prepared for where you will be going once your home has sold - especially if it sells quickly! On the other hand, you also need to prepare yourself with a plan B if your home doesn’t sell quite as quickly as you anticipated.