After a young couple from Hamilton submitted a successful offer for a house on their second attempt, it was easier than expected to get on the property manager.
The reason for this is that the high demand combined with a low housing stock is driving up property prices. The statewide average asking price rose to $ 893,794 in July, up from $ 146,628 year over year. The Real Estate Institute of New Zealand (REINZ) reports that the national median sales price in June was $ 820,000, up 28.7 percent from the same period last year.
After speaking to a mortgage advisor and starting the approval process in April, the couple Hamilton Alexandria and William said that with the tough market for first-time buyers, they initially felt "overwhelmed".
"When we went ahead and got our pre-approval, light was created at the end of the tunnel and we found the process a lot easier than we expected in the end," said Alexandria.
After two months of additional savings to show "clean spending," a suggestion from their mortgage advisor, the couple received funding approval on July 7th. Their first offer was not accepted, but their second offer of $ 747,000 was on a 3 bedroom home in the Hamilton suburb of Dinsdale.
The house stands on a 600 m² property and has a single garage.
"We put in an offer on a house and we missed … it was our second offer we made, this is the house we bought," explained Alexandria.
Their joint deposit, valued at 12-13 percent of the purchase price (around $ 97,000), consisted primarily of savings from KiwiSaver, both of which have contributed since they started working about 10 years ago.
It also included the proceeds from the sale of one of their cars and two months of hard savings.
"[We] We had about $ 6,000 in cash that we had saved over the past two months to improve our situation, including selling one of our cars, "added Alexandria.
The couple, who will purchase their first home in late August, said having a good mortgage advisor (and a proactive real estate agent) would be of great help and suggested that other first-time buyers look for one who has "theirs." best interests at heart ".
"[The real estate agent] took us on Sundays to view houses, kept in constant contact [and] emailed details of properties we viewed and liked so we can research and connect with everyone involved, including our attorney, "added Alexandria.
Data from the Real Estate Institute of New Zealand (REINZ) shows the average sales price for real estate in Hamilton City was $ 770,000 in June, up 17.4 percent year over year.
In Dinsdale, average sales prices were slightly lower at $ 749,500, but the year-over-year increase was 23.9 percent higher.
In the past six months, over half (57.9 percent) of the Hamilton City homes sold in 1844 were sold for less than $ 800,000.
REINZ boss Jen Baird confirmed in June that 310 houses had been sold in Hamilton City: 73 percent through negotiations and 27 percent through auctions.
Auction sales are increasing across the country, reflecting up to 27 percent of all home sales in June, Baird said.
source https://seapointrealtors.com/2021/08/02/first-home-buyers-get-onto-property-ladder-with-second-offer/
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