With Expected Rate Drops Near – It's Time for a Spring Clean
Recent CPI inflation data from Stats New Zealand shows a 3.3% increase for the second quarter, which is lower than the Reserve Bank's forecast. Coupled with market data indicating low economic confidence, reversing immigration trends, declining retail spending, and stagnant house prices, economists and market commentators widely anticipate an Official Cash Rate (OCR) drop in November 2024, with banks expected to make their moves earlier.
There is already a notable gap between advertised rates and those you can negotiate directly with banks. If you can handle the current rates for a short while, now is an opportune time to buy.
The Reserve Bank's high OCR has achieved its intended impact on the economy, and some economists believe we are now within the 1-3% inflation target range.
There is plenty of stock available in the market, so buyers can expect stable prices for a while, but a new growth cycle and increasing values are anticipated following the rate cuts.
With activity forecasted to increase, here are our top 5 tips to get your home ready to sell in spring:
1. Spring Clean Thoroughly
Start with a thorough spring clean to make your house sparkle. Clean glass doors and windows both inside and out, remove cobwebs, and thoroughly dust and vacuum. Wash curtains, dust blinds, and clean light fixtures. Polish door handles, mirrors, switches, taps, and fittings. Wipe down cupboards and all surfaces, including wardrobe doors, shelves, and drawers. Give extra attention to kitchens and bathrooms and consider having your tiles and grouting professionally cleaned.
2. Boost Street Appeal
First impressions count; ensure your exteriors make a strong impact. Start by tidying your front and back gardens, removing any clutter. Clean driveways and garden paths with a water blaster and eliminate any oil stains. Rake up dead leaves, prune any dead growth, and perform thorough weeding. Arrange for professional cleaning of your roof and gutters. Trim or remove large bushes and tree branches to open up the exterior view. Discard any worn-out outdoor items, such as rusting deck chairs. Repaint fences, exterior walls, and the letterbox to refresh the look. Add vibrant touches with flowers and greenery, and place eye-catching pots and plants at the entrance.
3. Declutter and Depersonalise
4. Make Necessary Repairs and Maintenance
Look at your home objectively and identify any flaws, defects, or damage. Repair leaky taps, loose door handles, and faulty light switches. Apply a fresh coat of paint to damaged walls and consider professional carpet and floor cleaning. For timber flooring, think about having it revarnished.
5. Prepare for ownership:
Once you have got your house in order, get in touch with one of our Professionals real estate salespeople for their expert advice. They will work closely with you at every step, providing you with an accurate Market Appraisal for your home and help to ensure your property is market ready.