Tag Archives: Property

Counting the cost to sell

Going through the cost, time and inconvenience involved with preparing property for sale is something we all go through, myself included. Recently, my wife and I experienced this ourselves, where one of our rental properties required a pre-sale makeover and costs quickly escalated outside our original budget.

Now, nearing completion, to prepare the property for the market we’re in the process of staging it to ensure maximum effect when prospective buyers see it either online or in person. It’s an often overlooked area of the selling process but one we recommend nonetheless.

In the post-quake era we live in, a current property inspection provides extra peace of mind for prospective purchasers, as does a readily available LIM report (which we consider best practice). The right digital marketing plan is essential these days, and once all that is considered and the property is sold there’s the commission to take into account as well. When you add up all these costs against the investment you’ve made in your property, it goes without saying that you should expect a decent return come auction or sale day. It’s another good reason to hand pick a well-skilled agent with a proven track record and negotiation skills!

We encourage our sellers to give it their very best shot when it comes to selling. That way, when it comes to decision-making time, there is absolutely no question of whether anything else could have been done to extract a better result.

Preparing for winter

With brisk mornings becoming more common and daylight hours beginning to fade, it’s worth being mindful about the winter ahead. And while we’re advocates of selling during these months when there’s less competition, it’s important that you give proper attention to a few key areas in order to effectively showcase your home.

Effective heating, lighting and insulation qualities are given more notice by purchasers when inspecting properties during the winter. Never underestimate the perception these create. If you’re selling an investment property, or a property that is likely to be suitable as a rental, it’s also important to remember that new insulation requirements come into effect from 1 July. Check out the team at Warm Fuzzies, they’ll provide you with an insulation assessment for $50 +GST as well as quotes from a handful of insulation installers to get your property up to scratch.

Appealing to these senses and making people feeling like they can live there like it’s their own home is also key. A warm house with fresh baking on a cold winter’s day is the ultimate welcome home feel! Remember – a home liked in winter is loved in the summer!

New high schools create strong demand

With the keys ready to be handed over, the opening of a brand new shared campus for Avonside Girls and Shirley Boys high schools has created a new buzz in the real estate market. Local property is in demand as families continue  to relocate and secure homes within the zone  of these schools. It’s a great thing to see in the eastern suburbs and we expect to see these trends continue as all Christchurch state secondary schools look set to become zoned in the near future.

Without a doubt, enquiries are greater across the board. Just last week, a new listing triggered double the enquiry of a similar property that was out of zone. It’s a trend we haven’t seen for a while  and it’s incredibly positive for the community seeing families moving into the north-east for schooling as opposed to moving out.

Click here to read more about this state-of-the art educational facility.

Click here to view the latest video walk-through.

Active start to 2019

As predicted the 2019 new year real estate market has a fresh vibrant vibe in the air. Both physically on the street with good open home attendance and online enquiry are showing positive activity, even with a hint of determined decisiveness!

Backing the new year market, we have prepped a number of listings to launch early to mid January, which to date is proving to produce the desired level of enquiry. Often with less stock on the the market immediately over the Christmas – New Year period, being that “first taxi off the rank” is a smart thing to do in the realm of real estate marketing. This equates to heightened interest in the limited available stock from a buying public hungry for new listings.

It’s also worth noting that the Reserve Bank’s reduced LVR restrictions have come into effect from 1 January. This means that banks will now be able to lend 20 per cent of their new loans to owner-occupiers who have a deposit of less than 20 per cent of a purchase price – up from 15 per cent of new lending. The required minimum deposit for investors has now dropped to 30% from 35%. It’s foreseeable that these changes will bring a new batch of buyers into the housing market.

Being intuitive to the marketplace and seasonal trends is something we like to pride ourselves with, meaning we can be on the front foot when tailoring a marketing package with our clients who are looking to sell.

We believe the advantages of the new year market are many, so if you would like to strategise a specific plan to maximise both your property and the current market over a cuppa, be sure to make contact. We’d welcome the opportunity to offer specialised strategic advice to ensure the best possible result. We’re ready to get to work!

The power of effective marketing

Achieving another outstanding result under the hammer in our auction rooms clearly confirms why we continue to recommend auction as best practice for sellers of ‘as is, where is’ properties. The results speak for themselves.

Check out the facts on our most recent auction:

Address:                                            65 Perth Street. Richmond
Days on the market:                        9
Purchaser inspections:                   28
Number of pre-auction offers       2
Bidders in attendance:                   6 (2 active)
Private offer prior to listing           $170,000
Final selling price at auction     $271,000

Team Griff’s as is, where is, under the hammer strike rate year to date: 100%

The reality is there are many “astute” property opportunists active in the greater marketplace hunting for that next bargain. A homeowner who fails to engage in an effective marketing campaign to flush out multiple purchasers can become vulnerable prey for this calibre of purchaser. Such purchasers are governed by their own perception of value, plus their motivation to maximise profits. It goes without saying that they have very little regard for a sellers’ interests.

With 306 ‘as is, where is’ sales under our belt now it would be fair to say we understand this market. Accomplishing results like the above is the most satisfying aspect of the process. Seeing people moving forward with their lives and in most instances realising a greater selling price than expected makes it a very positive experience.

With spring on the horizon, we look forward to creating many more magic results for our clients prior to the end of the year. If your intention is to get sold before the year’s end, we suggest you contact us sooner rather than later. ‘As is’ buyers are hesitant to hold properties over the Christmas/New Year period due to labour shortages, so it’s best to get the ball rolling now.

Creating the win-win

Win WinAchieving clients’ ultimate goals with the least time and inconvenience is a frequent request from both buyers and sellers. Very often both purchasers and home owners talk to us well in advance, briefing us of their real estate plans and aspirations for their forthcoming sale and/or purchase.

Here at Team Griff, given that work and live locally we are often in the know of that forthcoming property likely to fit a specific purchaser’s criteria. Frequently we assist in matching people and property even before a property is officially launched to the market.

Following a thorough appraisal of market value, some homeowners feel sufficiently informed to decide on a “happy to sell at” figure and prefer the option of selling without all the fanfare of a comprehensive marketing campaign.

This is often the case with uninsured ‘as is, where is’ property sales. Given that we have a large portfolio of recently appraised properties and an even larger 1900-strong database of prospective ‘as is, where is’ purchasers, connecting buyer with seller for a hassle-free off-market sale is a regular occurrence. Year to date 13.5% of our sales have been transacted on this basis.

While we regard it best practise to engage in a full marketing campaign to ensure maximum exposure and a better selection of purchasers, if a no hassle, low-pressure, ‘nothing ventured, nothing gained’ sale is appealing to you, do give us a call or flick us a quick email or text. Remember, it our job to create that win-win of bringing buyer and seller together!

From Rags to Riches…

Rags to Riches

Talk about both ends of the property spectrum! Team Griff have just sold an earthquake-damaged flat in Waltham for $86,500 and a stunning architectural build in Waitikiri for a street record in excess of $1.3m – two Christchurch suburbs that are like chalk and cheese.

In both cases, assisting our owners to move forward with their lives for differing reasons is what makes this business so positively enjoyable. This sort of job satisfaction is hard to beat.

At Team Griff we pride ourselves with such versatility, having the skillset, systems and experience required to service a broad cross-section of both clientele and property.

For the cheapie in Waltham, it was a case of mucking in, digging deep into our 1,800 strong ‘as is, where is’ database of potential purchasers, not being too proud to do the hard yards of selling something that was rather undesirable. On the flipside, the $1.3m sale was one of my old neighbours simply touching base giving the heads up that they were intending to sell within the next twelve months. As it worked out we were working with a purchaser whose brief fitted the property perfectly – the rest being history. Needless to say, the owners were overjoyed with the result, let alone the convenience of not having to go to the open market with all the fanfare and intrusion of a full marketing campaign.

So whether your property is in the “rags” or “riches” basket (or somewhere in between) be sure to make contact, as there is a good chance we will be able to perform our magic for your situation and property too.

Why the New Year is a great time to sell

Blog Header

Deciding when to sell is an important discussion most homeowners engage in prior to selling. Rating the new year market as a premium time to sell, Team Griff are already taking listings in preparation to hit the ground running in early 2018. Experience has taught us the new year market provides homeowners some real benefits when it comes to selling.

Here’s Team Griff’s key 8 reasons why to sell in the new year:

  1. Less immediate competition
  2. Time to prepare now ahead of a new year launch
  3. Purchasers are refreshed and enthusiastic in the new year
  4. Most of your pending competition are still relaxing on holiday
  5. It’s summer; the gardens look great and buyers are in a better mindset
  6. It’s an easier time to plan, plus it bodes well with new year job relocations
  7. With longer daylight hours there’s more flexibility to best showcase your home
  8. Simply push go now – we’ll do the preparation while you are enjoying family festivities

So if you thinking about selling be sure to touch base now to meet and “set sail” for a new year plan tailored to meet you specific criteria.

We are not the team if you want the cheapest commission, but do call us if you want experience, local knowledge and a team of experienced negotiators you can trust to get the very best possible result – our point of difference and your best saving! Let’s not forget the Harcourts machine and brand that has the reputation of premium selling prices.

When experience counts, whether it’s your earthquake-damaged home or your palace we have the bases covered. We’ll tailor a plan best suited for your circumstances, you, and your home!

Contact us today to discuss your plans on 0274 330 445 or info@teamgriff.co.nz.

How the general election impacts the property market

Election Property Market

The hoardings are up (with a few to still to be updated), the door knockers are out in force, and our newsfeeds are flooded with stories detailing the latest resignations and policy announcements – election season is well and truly underway.

Policies and personalities aside, we’re often asked by clients how an upcoming election is likely to affect the property market, particularly sellers who ask whether it’s better to hold off until it’s over or simply to push on through with getting their property on to the market. The conventional wisdom is that markets do not respond well to uncertainty, and given recent developments, the election’s outcome is anything but certain. On the other hand, I’m yet to meet a buyer who has said that they’re going to forego a purchasing opportunity simply because they do not know the makeup of the next government.

While it’s easy for us to rely on anecdotal evidence and the vibe of the market, thankfully we have access to a considerable body of data from REINZ dating back to 1992. Back in 2014, real estate commentator Alistair Helm at Properazzi came up with a seasonable comparison. It uses the three preceding months leading up to each general election date and calculates the representation those months were of the total sales for that year. He then compares that % representation as a single figure against the normal for the same 3 months of the year based on a larger set of preceding data going back to 1992, as follows:

Election Year Sales Graph

Helm comments:

You could say that on average general elections depress property sales as 5 of the 8 elections caused property sales to decline as compared to normal. However there is no real consistency. The completely and significant opposing variance in the results for 1993 and 1996 are too significant to ignore.

Our friends at Bayleys have also analysed the data dating back to 2000:

Our analysis indicates that the majority of those choosing the ‘wait and see’ approach around election dates are property investors, as it is this section which is more likely to be impacted by changes in government policy.

The decision by owner occupiers looking to enter the market or move home tends to be driven by changes in personal circumstances, such as marriage, divorce, having a family, changing jobs, retiring etc. Once these circumstances are in play, the decision to purchase a new home is unlikely to be delayed solely because they coincide with the date of an election.

While there are signs that the Christchurch property market is cooling, this cannot be solely attributed to the election. The post-quake residential construction boom has boosted supply, while LVR restrictions are dampening demand, resulting in fairly modest price growth. The great thing is that a steady market empowers buyers and sellers to make informed decisions with confidence.

7 Reasons To Sell in Winter

Selling in winter

With another steady month of sales, and July traditionally being one of my stronger selling months, I thought it was worthwhile to share the virtues of selling in winter. Interestingly, during the recent storm our open homes were busier on the Saturday during the thick of the storm than the Sunday when the sun was shining. I guess buyers were thinking it was a great time to see how they performed.

1. Less competition
Traditionally homeowners hunker down in winter and then all decide to sell in spring. It makes so much sense to sell when everybody else isn’t.

2. Like it in winter, love it in summer
Buyers like to see your property in the worst conditions. If they like it now they will love it over the warmer months.

3. High and dry
What else need I say after this winter and with recent flooding buyers can see for themselves just how your home has fared – both inside and out.

4. Heating and insulation go hand in hand
Winter will test the quality of your insulation and heating system. Practically showing how these key components function in winter will inspire confidence with prospective purchasers. A well-insulated home maintains ambient heat.

5. Time to show off
if your home is warm, sunny and dry, winter is the great time to tell the world about it. Sun shining right into a living area will convince so much better than a 1,000 words spoken.

6. Ventilation
A breathing home is a healthy home. Crying windows is huge put off to prospective purchasers. If you don’t have a ventilation system, we suggest you at least air your home regularly.

7. Appeal to the senses
Baking, coffee and hot soup, the ultimate feel goods on a winter’s day! Time to sharpen those baking skills, and there is probably no better way to impress the crowds than fresh baking greeting you at the door.

Over the years I have found that winter is actually a good time to sell, and here at Team Griff we would rate the winter market a close second to that of the new year market. Selling in winter also sets you up well to purchase in the spring, when there are traditionally more homes on the market. So, if you are considering the merits of selling, why not contact us now – you too could be pleasantly surprised with a great result.