Up for negotiation

Monday 26 April 2004

With fewer homes selling under the hammer these days, buyers are exercising their rights to negotiate sales prior to and after auction day, writes VICKI HOLDER.

By Vicki Holder

"...buyers today are either immediately purchasing homes they know are perfect for their lifestyle needs prior to auction date or participating in the auction process to help them establish current values." Simon Damerell, Ray White, Ponsonby.

Many hopes are pinned on auction day, which is the culmination of a property’s marketing campaign. Yet increasingly, fewer homes actually sell under the hammer during the auction process. It doesn’t mean properties aren’t selling altogether, simply that buyers are exercising their right to negotiate prior to and after the auction day.



The intensive promotional campaign that is an integral part of the auction process is designed to help the property sell quickly by attracting as many competitive bidders as possible. But if the property doesn’t sell at the end of the allocated three- to four-week campaign, it generally goes within another two weeks while the agent works between the prospects the campaign has identified.

Read More - Opens in a new window

Commenting is closed

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.

Commercial

NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.

Mortgages

LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer