Think back to when you bought your first property. Was it everything you ever wanted? For most of us, the dream of homeownership was the driving force in our buying decision and we were happy to compromise on certain features to get our 'foot in the door'. Small bedrooms, long walk-up paths, dated kitchens and tired bathrooms. To a point, none of it seemed to matter. What was important was climbing that first rung on the property ladder. The satisfaction of being a homeowner. Inevitably though, there comes a point where you seek a little more. It's only natural. When you have been working hard for years, chipping away at the mortgage, visions of your ideal home (or one a little more suited to your needs) start to materialise.

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Property markets go through natural cycles which historically last approximately 7 - 10 years each. During each cycle, prices don't rise in a linear fashion. Rather, they increase at a fast rate during the boom (2-3 years), which is usually followed by a correction (6-12 months) and then a plateau period (3-4 years).

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Every seller expects their home to sell in its first few weeks on the market. While this does happen in many circumstances, some houses take longer to find a buyer. It's important you discuss every potential outcome at the start of the process, in case the need arises for a plan-b.

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Making an offer to buy a home can be a daunting process. There are decisions to make around price, conditions, and settlement date. Then you have to negotiate all those terms with the owner, who might have very different ideas on market value. On top of all that, throw in potential competition from other buyers and you have quite a situation!

Here are 5 key things to know before you make an offer. They will help you navigate this process and come out the other side with a home you absolutely love, at a fair price.

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When you put your home up for sale, it’s natural to expect buyers to do their part and turn up to the first open home, ready to fall in love and make an offer. Often though, the initial response from the market can be underwhelming. Buyers have a large amount of choice to work through, and when building their shortlist of properties to visit, their focus is often on finding reasons not to visit a home. Which means many properties can struggle to get past the ‘online browsing’ phase. If you find yourself in this situation – where your home is getting lots of looks online, but very few visits in person, fear not! There are steps you can take to increase enquiry.

Need a property manager in the greater Wellington region? Check out: https://simplyrentals.co.nz

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Where are we in the property cycle?

If I was a seller, what would I do? If I was a buyer, what would I do?

All these questions answered, plus more!

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For more tips on buying and selling property, check out my blog.

Looking for a property manager in the greater Wellington region? Check out Simply Rentals.

Do you work in real estate? Learn how to grow your business with Agent Monday.

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Is it time to sell your property? Or should you hold on and wait for prices to improve?

In this episode, I briefly explain real estate cycles, look at the justification for holding long-term, and consider situations where it might make sense to sell. I also suggest questions to ponder while working through your decision-making process.

Need advice specific to your situation? Use this link to book a one-on-one consultation:

https://blog.andrewduncan.co.nz/consultation/

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For more tips on buying and selling property, visit: https://blog.andrewduncan.co.nz/

If you have a rental property in the greater Wellington area, check out: https://www.simplyrentals.co.nz/

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