Top tips for buying or selling property

BY REBECCA STEVENSON

Depending on the day, the residential housing market is either in the doldrums or picking up for spring.

For both buyers and sellers alike there's a swathe of information, or misinformation, out there to convince them to jump in or jump off the property bandwagon.

Stuff.co.nz asked five real estate agents to give their opinion on the market and offer some advice for those weighing up whether to sell up or sign on the dotted line.

Megan Jaffe
Licensee agent
Ray White

* As long as you are buying and selling in the same market you will be absolutely fine. Vendors may be disappointed with their sale price, but then pay less when they purchase a new property.

* Cash is always king - if you are cashed up you can strike.

* Do your research. Get on Google and investigate at the suburbs you want to live in, and then refer to local agents - more than one as one agent doesn't have all the listings.

* Make sure you manage your expectations. The bottom line is always price. If the price is right there are plenty of buyers, and sales.

* Remember the agent is trying to get the best price possible for the vendor. While there is a duty of care to buyers, getting top dollar for the vendor is every agent's aim. For this reason, make sure you do your own due diligence as a buyer and understand your rights.

Chris Gemmell
Project marketing and investment specialist
Lochores Real Estate, Professionals

* Sellers must ensure they are on buyer's shopping list. This means marketing the property properly with a description of the home that is targeted at potential buyers, good photography or even a virtual tour complete with audio on YouTube.

* Make sure you price accurately from day one. Most activity happens traditionally within the first month of listing and the wrong price can put buyers off.

* Invest in bathrooms and kitchens if necessary and spring clean, including the garden.

* Get a top mortgage broker. Banks are strict on lending at the moment so it pays to shop around.

* Get help from the professionals including a buildings surveyor and solicitor.

John Stewart
Group general manager
First National

* Buyers should decide needs, and separate them from wants.

* While targeting one or two locations, let yourself to have an open mind to other areas and opportunities.

* Research with bank what level of mortgage you can expect.

* Visit open homes and websites to compare what is the value about your price target then sit down with preferred salesperson and discuss.

* Unclutter inside. It might be family and cute but it's probably too much. Less can be best.

* Forget 2006. That was then. This is now....and so will be the price you pay on your next property.

Craig Lowe
Agent
Re/Max Leaders

* It's almost always best to sell before you buy.  Then you know exactly how much money you have to spend on your new home and you will be in a cash position to negotiate a better deal when you buy.  

* Not spending money on advertising is a false economy. Get it out there and get it seen. If you put a tiny ad in the classifieds and sold your home in the first weekend that is nearly always a sign you just left a lot of money on the table.

* Always gather recent sales data about surrounding sales around the home you are interested in. Only sales within 12 months are relevant and six months is even better.  

* Figure out the price point at which you would be gutted if you missed out and the point at which you would comfortably walk away. The point where these meet is where you see the value and this should be your bid.

* Browsing the web is not looking for a home, you have to actually get out there and visit properties to get a feel for the market and what you like.

Mike Bayley
Managing director
Bayleys Real Estate

* Is 'now' a good time to buy residential property, is the sort of question that equates to the cliché how long is a piece of string. Are you looking at buying a family home, are you talking about a residential investment property or holiday home?
 
* Buying a home for owner/occupancy 'now' means you have virtual instant access to the pleasures that home ownership entails. No-one can guarantee that the property you have set your heart on to buy will still be on the market in three months time. So if your heart is truly set on buying that 'dream home' for the long term, then yes, now is obviously a good time to buy.

* Conversely, is now a good time to buy a residential investment property for a short-term capital gain? Probably not - with most economists and market commentators predicting that the New Zealand residential property sector will remain flat or relatively subdued for at least the next couple of years.

* In terms of the cyclical selling calendar - which is predominantly dictated by seasonality - yes, 'now' is a good time to begin selling residential property. Looking back over decades of sales statistics, spring brings not only a lift in temperatures, but also a rise in buyer and seller activity on the residential property front.

- © Fairfax NZ News