While there’s no hard-and-fast rule for when a listing becomes stale, the number of days on market (DOM) is a key indicator. It’s an important metric for buyers and sellers, but the stakes are far higher for sellers.
There is a strong inverse correlation between the DOM and the property’s ultimate sale price. Properties typically generate the most interest when they are new to the market, and generally the longer a home is on the market, the more likely it is to sell for under the asking price.
The cooling of New Zealand’s real estate market means that properties are taking longer to sell, and the absence of competition allows buyers more time to conduct due diligence, investigate their options, negotiate a deal more suited to their terms, and seek out a ‘bargain’. With more choice for buyers it becomes even more important that your property stands out.
While there are some factors you cannot control when selling (market conditions, location and style of your home) there are three key factors that you can: presentation; price and marketing.
While the time a property is on the market can be as unique as the home itself, real estate agents Thomas & Christine Reil know that engaging in a thoughtful and well planned marketing campaign can vastly improve the sales result, and timeline, by bringing the maximum number of buyers together to achieve their clients the best possible price.
“Presenting the property to market is vital and we like to work with our vendors on a solution that fits their needs and budget while sharing our knowledge along the way (we also know what it’s like being a vendor) say Thomas & Christine.
“Professional photography is also a must! Then a lot of it comes down to the experience and skills of the agent.
“We like to work a little differently. The first three weeks are vital for us in driving traffic to the property (actively identifying buyers already in our databases and finding new buyers through our marketing). It is then about staying engaged with interested parties (and understanding why others are not), working with interested parties (which means understanding their position and helping them minimise any offer conditions should they place an offer) – it’s all a vital part of our process to ensure we create maximum competition for our clients properties.
“By generating maximum buyer interest in these first few weeks we are able to provide the most accurate feedback to our vendors so they can understand where their property sits in the current market. This is an important part of the process!” they add.
REINZ’s May data shows the median time to sell a residential property in the Whangarei District is 45 days. Thomas & Christine are proud to have sold over 36 properties in the last 12 months with an average of only 38 days on the market.
“In volatile and uncertain markets, securing an unconditional offer early is valuable in securing our vendors the best price possible and reducing days on market. Process-driven marketing and clear timeframes keep our listing fresh and allows us to use market demand to help achieve a premium price – ensuring our vendors don’t settle for less at a later date.
Thomas & Christine Reil are licensed real estate agents at Ray White Whangarei with over 9 years experience. Thomas was recently announced RateMyAgent’s 2023 Northland Agent of the Year, and Thomas & Christine were acknowledged within their office as having the highest list-to-sale ratio (meaning that they sell more of the properties they list). – They can be contacted on 021 242 2249, via email: firstname.lastname@example.org or online at www.thomasreil.co.nz