Today’s property market is different to what it was last week and it will be quite different again next week, as buyers and sellers are finding out. In today’s market here in the Waikato a lot of buyers are deciding not to sell, as they simply can’t find somewhere to move to. In this market it’s not uncommon to see sellers remove their property from the market simply because they can’t find somewhere to buy.
Supply and demand is what drives markets. When there is not much supply, prices are pushed up, which is what we are seeing in today’s residential and lifestyle property market. Currently there are not many listings for sale, those that do hit the market are selling fast and sometimes for very surprisingly high numbers. But this can’t last forever.
Adam Crouchley, a lifestyle and rural sales consultant at Harcourts Cambridge, predicts that fairly soon we will see a surge of properties coming onto the market.
“I have vendors that are selling their properties now to move into rental property.” Crouchley says.
Despite the current situation with today’s property market, life goes on. Jobs change, families grow and the kids will move out of home. With that in mind, when life changes, people still need to sell their homes. They won’t stay in one place forever.
Sellers will need to sell their homes at some stage. As more properties come onto the market, those who need to move will see opportunities to move so they will go on the market themselves. By spring or summer we will see a lot of properties on the market as owners try to ‘cash in’ on the property boom, however they may be a little too late to take advantage of the occasional jackpot that we're seeing now.
Add two other major factors to the mix – the looming interest rate changes and the upcoming US election – and it really makes you think, is it time to cash in on those over inflated capital gains that your property has earned?