As a mortgage broker in Tauranga, Best Mortgages understands the current real estate market and how it can benefit first home buyers. According to data supplied by REINZ*, the end of 2022 will see a large number of homes available for sale in New Zealand. In some areas, the real estate market currently favors buyers, with properties taking longer to sell and house prices moving lower. In a buyers’ market, both parties have more time to create realistic sales strategies and align expectations on pricing. Buyers also have more time to bargain and conduct their due diligence. Here are some things to think about if you’re a first home buyer in Tauranga looking to buy in a buyer’s market.
What should you anticipate from a buyers’ market?
Contrary to popular opinion, a buyers’ market does not necessarily mean low sales prices or significantly reduced home prices. It is essentially a collection of circumstances where the buyer has extra negotiating power due to certain market conditions. Of course, a property transaction may only take place if the buyer and seller can agree on terms. This might require the seller to price the property in line with what the market will bear, but purchasers must also be reasonable with any offers they make.
What is the status of the property?
Study what has previously sold in the Tauranga neighborhood before deciding on a sales price and listing your home for sale. The same number of bedrooms and bathrooms as yours should be found in comparable properties. Look for recent renovations or added features that could affect the pricing. See how long the property was up for sale and how much it sold for. To ascertain whether buyers are interested in buying houses similar to yours and what they are willing to pay, it is critical to examine the most recent data.
With which agent would you collaborate?
In a buyers’ market, there are more options and less competition, which can slow down the sales process in contrast to a hot real estate market where buyers are competing on price and homes tend to sell much more quickly. Your property will stand out from the competition with the assistance of an accomplished real estate agent. Choose a well-organized, knowledgeable realtor who has a strong local presence, has experience reaching every potential buyer, and is honest in their appraisal. To successfully buy or sell in these market conditions, they’ll also need to possess good negotiating and marketing skills.
How would you finance your home?
As a first home buyer, getting financing for your dream home may seem daunting, but Best Mortgages can help. Making sure that financing is set up and ready for you to purchase your first property is a crucial factor for buyers to take into account. Speak with a knowledgeable mortgage broker about your financing needs if you’re thinking about buying your first home. Best Mortgages can assist with finding the best mortgage deals and advising on refinancing options.
Whether you are a first home buyer or looking to refinance your existing mortgage, Best Mortgages is your best choice for finding the best mortgage deals in Tauranga. Contact our Best Mortgage broker today to learn more about our services and how we can help you.
About Best Mortgages:
Tauranga’s Best Mortgages has been a trusted mortgage broker for 15 years and have helped hundreds of families reach their property goals. Our name says it all—we find the greatest mortgage solutions for our clients. We offer refinance, first home buyer, refinance, and investment property loans. We proudly serve clients across New Zealand.
Best Mortgages understands that buying a home is a major financial decision that demands careful consideration. We listen to our clients and comprehend their financial situations. We can then provide them the best financial solutions to help them become homeowners.
Our skilled mortgage brokers shop around for the best lending product for our clients. We strive to make lending easy. To ensure a stress-free experience, we guide our clients throughout.
Best Mortgages can assist first-time homebuyers and seasoned investors accomplish their property ambitions. Discuss your home lending needs with us today to find the best mortgage for your situation. As a Best Mortgage broker, we assist you locate the right mortgage for your needs.
Give the Best Mortgage brokers a call today on 021 449 177.