In years gone by typically the summer months was when it all happened
here on the coast, but today as the graph clearly shows its very hard to
pick a dominant season. Year to date February and April have spiked as the biggest months for sales, 2014 it was May and July, 2013 it was February and October, 2012 it was May and November.
Bigger factors at play are the media and economic confidence at the time. Even the weather has a large part to play. It's very noticeable how our buyers are influenced differently when the weather is nice.
In summary, selling a property today be it winter or summer it doesn't really matter when you look at the stats.
As at 19 May 2015
As the above graph clearly shows using the RV (rateable value) otherwise known as CV or GV (capital value or government value), is an unreliable figure to base the market value or expected sale price of a property on. We can see that the majority of properties year-to-date have sold over RV but there are huge variance’s there and of the sales under RV some of those figures are fairly significant. Hence considering these facts how one can entertain the idea that the RV is a guide to a property’s value is beyond me.
Rating values are the values adapted by the council in order to set our rates. Ours are re-assessed every 3 years - they were last updated 1st September 2013. The rating valuers do not inspect every property, thus they have not seen your new kitchen and bathrooms or the expansive view you now get as the trees have been chopped down. The other issue is timing. To get the new rating values out on time the sales data, research and calculations have to be carried out well before the release date.
Unfortunately what happens then is very much like the fashion industry - by the time we hear what's in, it's out.
Here's our advice if you're trying to figure out what a property is worth and if you don't want to get a registered valuation or a licensed realtor’s appraisal.
a. Forget about the rating value or put very little weight on it
b. Do your own market research by keeping a good eye on what is selling in your neighbourhood and making your own, informed judgements. The key here is you must focus on the sales - you cannot be guided by asking prices of properties for sale -they have not established a market price yet hence they are still for sale.
c. Make sure you compare apples with apples. Don't compare houses with views, with those that don't have views - there can be hundreds of thousands of dollars difference in value. Only compare houses that are of a similar floor area and have a similar land area. The size of a dwelling and the overall land area, are major value determinants.
d. Try and be objective and unbiased about your sales research and making comparisons. Of course if you're making comparisons with your own home this can be very difficult - your house is your castle, its normal that you will see increased value there.
If all this sounds like a lot of work, we'd love to help you out - it's what we do day in day out.
As at 19 May 2015
Clearly this graph shows locals are our biggest buyers at Ohope. To put together this graph we have been through the Harcourts sales year-to-date.
Of course for marketing purposes it’s important to us to see where our buyers are coming from hence where best to spend ours, and your marketing dollars.
Other stats we record is the source of the buyer contact. Without question, for us personally the majority of buyers come via our database, noting we have been in this business for more than 20 years and have a very streamlined and active system in place. Referral from past clients is our next highest source of buyers, then internet and open homes – it’s hard to know exactly in what order these come as obviously one sees an advertisement of the open home which could be via print media, signage or online.
The above said, no matter where the initial introduction of a property comes from, the main marketing front today is the internet. 95% of buyers that we show through a home comment about how the property compares to their online viewing of the same property. Hence there is no question in our mind that the most important feature in any marketing campaign is outstanding photography since buyers will decide from their online experience whether to invest their time to consider the property further.
As at 2 December 2014