Posts tagged Real Estate Agent
What does the new government mean for our local market?

Change is inevitable but progress is optional. Each of us is responsible for our own progress.

In the words of my client, Velma, who is off to retire in Papamoa, "Shannon, I have been through many changes in governments, property markets and so forth over the years, and life's too short to worry overly about these things and then put me off from moving to where I want to be.''

And Velma is right — regardless of which party or parties are governing, I still have a job to do for you, people still want to buy houses and I'm sure you still want to get to where you want to be when the time comes.

What does the new government mean for our local market? Well, it's too early to tell until we see what policies the coalition partners have agreed on. I'm guessing immigration and foreign ownership will be in the line of fire, so there may be some impact there.

In case you didn't check them out prior to the election, I've linked to a list of Labour's proposed housing policies below.


Ban foreign speculators from buying existing homes
Labour will ban foreign speculators from buying existing New Zealand homes. This will remove from the market foreign speculators who are pushing prices out of reach of first home buyers.

Tax property speculators who flick houses within five years
Labour will extend the bright line test from the current two years to five years. This will target speculators who buy houses with the aim of making a quick capital gain. Current exemptions from the bright line test will continue.

Property speculators will no longer be able to use tax losses on their rental properties to offset their tax on other income which gives them an unfair advantage over people looking to buy their first home.

Build more affordable houses ...

What to Ask the Real Estate Agent on the Home You Intend to Buy

Have you had any offers on the property?
That lets you know if you have competition for the property. You'd also want to know if the sellers had rejected any offers and why. It could help you better craft an offer that will meet with their approval.

Are you aware of any issues with the home?
If the home had a builders inspection, did the inspection turn up some major damage? Any extensions or additions made to the home – have they been signed off with the council? Was it previous tenanted and if so, what was the history of the tenancy (if evicted, I would suggest having the home tested for the drug ‘P’).

How long has the property been on the market?
If it's getting a little stale, it might be ripe for a lower offer. Likewise, find out if there's been a price reduction and when it happened.

Why are the owners selling?
A good agent will always ask the vendor first before disclosing any such information but usually, if a vendor opts for the auction method, they are motivated to sell. Any information you can glean can help you decide how much to offer.

Do you have comparable sales in the last few months?
These days, with prices on the decline, and more and more properties getting taken back by banks, appraisal at the listing price isn't always a sure thing. Take a look at the recent comps and have your agent check pending sales to make sure you won't get stuck once you've starting spending money on inspections and other aspects of the process.

Are there any other costs?
Such as, body corporate costs if the home is under a unit title. The agent must then disclose a pre contract disclosure form detailing proposed and existing costs.