Are you a lifestyle property owner but finding it’s becoming a bit of a stumbling block?
It’s clear that residential property all across New Zealand is in a seller’s market – but what about lifestyle property?
Do you own a Lifestyle block? If you’re thinking about selling in the near (or distant!) future, our eBook “Life Beyond the Lifestyle Block” . is your must read guide.
What’s the market like for lifestyle sellers?
Lifestyle block sales saw a 22 percent increase in the 3 months ending in May 2016 than in the same period in 2015 – the highest ever recorded by REINZ. The Manawatu/Whanganui regions accounted for about 7 percent of those sales.
For the entire year ending in May 2016 there were 8,869 lifestyle property sales, up 31.2 percent on the previous year. The top half of the North Island was the strongest, with significant Auckland influence.
How do I know when it’s the right time to sell?
To maximize the hopes of getting the best price, it makes sense to sell when the time is right for you and you’re not under pressure to sell.
Consider factors beyond market conditions. If you have kids, will they have to change schools or sports clubs? Have you recently been through another upheaval, like a bereavement, health issues or a major change in your work? An even keel and a clear head will help you get a better result when the time comes.
Is there a better time of year for selling lifestyle property?
Seasonality is worth considering. When does your property look at its best? When the doors are open with the sun streaming in and the garden is in bloom? You may be led to believe that summer is the best time to sell – yes and no.
In New Zealand, most new property listings pour into the market in February and March and again in October and November (close to 40 percent of all new listings in a year pour onto the market in these 4 months). It may be to your advantage to list your property in the winter months, where there will be less competition in listings.
Another thing to consider with lifestyle is the property maintenance that goes into preparing your home for market – in winter you may only have to mow your lawn once every fortnight to keep it looking tidy, whereas in spring you could be out there twice a week!
At present, the lifestyle block market is experiencing an overall lift nationwide. However, lifestyle properties come with many nuances, and this includes location. Some regions are experiencing a more dramatic boost than others.
In order to truly know if your area is in a seller’s market it’s important to talk with a local real estate agent – specifically one that is well-versed in lifestyle selling.
To help you navigate the many subtleties of selling lifestyle property, download our must-read guide: “Life Beyond the Lifestyle Block — A guide to selling your lifestyle property and what comes next.”