For first-time buyers a common question is—when is the best time to buy a property?
There are benefits to buying at certain times of the year. Typically there are more houses available to look at during spring and summer however, there will also be more buyers to compete with. In winter, there are often fewer houses for sale, but also fewer buyers. It’s easy for a house to look great basking in the summer sun but in the autumn and winter months, you can really see how the house looks and feels on darker, colder days.
“Currently in Kapiti we have quite a few buyers looking for the right property. If you are ready to buy and the right house comes along, why would you wait?” says Mike Voyle from Voyle & Co Realty.
We recommend visiting a house at various times of the day to check sunlight. Does it lose the sun at 2 pm? Look out for dampness in winter, check shaded areas and tree leaves in autumn (e.g. trees near the house causing slippery paths or creating spouting maintenance).
Now is a good time to consider buying a house in the Wellington area (including Kapiti, Lower Hutt, and the Wairarapa).
Craig, of Pope and Co. Mortgages, recommends checking what price houses have recently sold for in your area to give you an idea of value and price. You can also check the Real Estate Institute of New Zealand website REINZ for the latest property reports around the country.
With the Reserve Bank announcement on 27 March 2019, that the Official Cash Rate (OCR) remains at 1.75 percent and is tipped to go down, mortgage rates are likely to be even more competitive.
If you are a first-home buyer, “Ensure you know your budget, consider various mortgage options and have your finances sorted. Also, think about where you are willing to be flexible on compromises to fit your budget,” says Craig.
Ultimately the best time to buy a house is simply when it’s the right time for your circumstances. The time to buy is when you can afford to, the time to sell is when you want to.
Pick up the phone and call us on 0800 000 517 for a no obligation chat about mortgage options.