Is this the season to sell your house?
“With Christmas so close, there is usually good activity for houses already on the market,” Tommy’s Real Estate Sales director Nicki Cruickshank says.
Nicki Cruickshank, Director at Tommy’s Real Estate, shares insights on the current dynamics of the Wellington housing market, particularly post-Christmas.
“Traditionally, this time of year sees a reluctance among sellers to list their properties,” Nicki observes. “However, I’ve always found that listing just before Anniversary Weekend is optimal timing.”
She explains, “Many wait until late January or early February, but by then, most people are back at work. The week before Anniversary Weekend allows for a proactive start to the year.”
According to Nicki, the period after Christmas witnesses a peak in house sales. “After a busy year, people take the opportunity during holidays to reassess their housing needs. They return refreshed and ready to make decisions.”
Despite Wellington’s quiet Christmas season, Nicki notes ongoing activity as people return to consider their living arrangements in the city.
“The market is currently ‘flat,’ with prices stabilising and not expected to rebound significantly for some time,” she observes. “This situation favours those buying and selling within the same market, focusing on the financial difference, which can be more favourable compared to the rapid rises seen last year.”
Nicki identifies first-home buyers as the most active segment in the market presently. “Once confidence returns, I anticipate activity picking up across all sectors.”
However, she acknowledges challenges such as rising interest rates, lower property prices, and economic uncertainty affecting buyer and seller confidence.
“The market feels uncertain, especially for those who haven’t experienced such cycles before,” Nicki reflects. “But corrections were necessary as the market was unsustainable. It’s now stabilising, allowing for continued transactions.”
Offering advice to sellers, Nicki advises patience. “Understand that selling might take a few weeks in the current climate. Buyers are meticulous with due diligence, and banks are cautious with approvals.”
“In my experience, a house typically doesn’t sell due to either a flaw or overpricing relative to the market,” she concludes.
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