Signs of Growth in the Market as Spring Arrives
With the arrival of spring, the real estate market is showing some promising signs, bringing a welcome surge in buyer activity. This is an encouraging shift, especially considering that such momentum is not typically seen at the tail end of winter.
With the arrival of spring, the real estate market is showing some promising signs, bringing a welcome surge in buyer activity. This is an encouraging shift, especially considering that such momentum is not typically seen at the tail end of winter.
Sales have increased compared to this time last year, with the median price in Invercargill holding steady at around $469,000. However, as more listings flood the well-supplied market, some buyers are taking longer to make decisions, extending the average days on the market to 42.
Despite ongoing economic challenges, there are early indicators of a slight market rebound, creating favourable conditions for those considering putting their homes on the market. The Reserve Bank's recent cut in the official cash rate to 5.25% has led banks to lower mortgage rates on some fixed-term loans, offering significant relief to many households. This reduction is expected to encourage more homeowners to list their properties, especially given the strong demand from buyers actively searching for homes.
Moreover, we’re seeing a trend where buyers, particularly first-time buyers, are securing preapprovals from their banks even if they aren’t immediately looking to purchase. This group now represents the most active segment in the market, underscoring the renewed confidence among potential buyers.
Homeowners who have listed their properties this spring are doing so with a keen awareness of the current market conditions and have adjusted their price expectations accordingly, where necessary.
As spring unfolds, the market is set for continued growth. Vendors who have been waiting for the "right time" to sell are finding optimism in easing lending criteria. This season is bringing renewed energy and opportunities for buyers and sellers, signaling a vibrant and active market ahead.
Now is the perfect time to act if you're considering selling, buying, or just exploring your options. Contact the experienced team at Professionals for all your real estate needs—we're here to guide you every step of the way.
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