To be honest everyone seems to have a question about the Wanaka real estate market whether they are locals or visitors. In fact, the most common piece of waste left behind in rental accommodation is the Property Press, believe it or not.
So many people visit Wanaka and leave convinced that they are going to return to live here or purchase a holiday home. Only a small percentage leave and actually make it happen.
The committed buyers are the group that I work with on a daily basis. Those that have started trying to invest in Wanaka real estate from home. They have tried and failed to secure a few properties and have got frustrated.
Many people seek to clarify with me the role of a listing agent. These agents are paid by the vendor or seller of the property – they are working for them and have the job of achieving a sale and at the best price possible. The listing agents, however are legally obliged to treat buyers with a duty of care, but are employed by the seller of the property to work for them to achieve a result. A buyers agent is paid by the buyer to secure the best property, at the best price for the buyer.
Understanding what the terms are for the methods of sale is a huge reason why some buyers have missed out on a property. Apples are not apples between agents and firms either. Understanding this is key to not missing out on a property.
The implications between a conditional vs unconditional offer when trying to secure a property are massive. This will have implications on whether or not your offer is accepted or not and on the ultimate price that you will have to pay. Knowing the ins and outs of this and the background behind a sale can be pivotal in being successful.
Auctions for some people are a daunting prospect – knowing what this method of selling means is important, especially if you really want the property. Strategy can be the difference between being successful and missing out.
The one thing that really irks many buyers is when suddenly out of nowhere another buyer appears, just when you are in the process of making an offer on a property. Many buyers are put off by this – navigating the way through these circumstances can be a nightmare especially if you aren’t familiar with the process. Yesterday I had a lawyer friend discuss a scenario that they had become involved in, not in Wanaka and the implications of what they were about to do were ill-advised and obvious to them after a coffee and chat.
Serious buyers come to me wanting to know how often there are off market opportunities come across my radar.
Resell options and market outlook are high on many buyers as well as existing owners minds – this is crystal ball gazing, to some extent, but there are well educated opinions based on the market’s traditional cycles, awareness of the state of the national and global economy and where the town development is heading, relative to the location the property is located. Certain styles of properties, aspects and locations are always going to be in higher demand than others and working in the market you get a really good feel for the types of properties which will have the most potential for capital gain.
When buying in a town like Wanaka which is in such a state of evolution, buyers should be asking and considering the future roading and traffic implications relative to their needs, many are not.
The process requires professional engagement during and after the purchase. Clients are asking who the best individuals are to speak to. Having a list of preferred providers is a real bonus when trying to get the best advice available within the tightest time frames.
There are always going to be questions when it comes to any professional processes in life – dealing in the Wanaka real estate market is no different – seeking professional advice from a well qualified specialist who has your interests at heart is paramount. There are not too many times in life when such large chunks of hard earnt capital are at stake.