Another year and the first month is already behind us! January has been a month where both agents and the public generally have enjoyed some downtime relaxing with their families and friends before returning to the work force re-energized and in many situations, facing new challenges. Some will be looking to enhance their career opportunities, others will be taking up new opportunities and most of us will have set at least some informal goals as to what our hopes and expectations are for 2019.

Goal setting and making resolutions go hand in hand every New Year, and it is interesting to read that fitness and weight loss are top of the list on many people’s wish list. The downside is that while gymnasiums report that January and February are big months for them, sadly, the enthusiasm levels wane and gym attendance tends to fall away after that! If we have taken the trouble to set ourselves some goals, it is important to show perseverance. After all, Rome wasn’t built in a day!

One of our objectives at Tommy’s is to assist our clients in meeting their real estate goals and we take pleasure from this role. Irrespective of whether a home purchase has been for the purpose of housing a family or for investment purposes, we have, over the last two decades, assisted thousands of Wellingtonians into the housing market and in many cases witnessed significant financial rewards accruing to them over a period of time. Our company goal is to continue to develop and enhance this objective of client care and assistance in 2019.

In this blog column, we intend covering a potpourri of issues relevant to real estate and we trust there will be something of interest here for our readers:

Market Report

After a very active period of real estate sales, the latest report from The Real Estate Institute of NZ makes interesting reading. To quote, “The 2018 year ended with a fizz rather than a bang with the lowest number of residential properties sold for the month of December for 7 years according to the latest data from the Real Estate Institute of New Zealand (REINZ). In December 2018 the number of houses sold across New Zealand decreased by 12.9% year-on-year to 5330, down 787 sales from the previous year.” Reports on the Auckland market support the perception that there has been some decline in house prices in the north but this trend is less apparent in Wellington. Price variations in any area are difficult to quantify though, as good properties with some X-factor will usually find a buyer prepared to pay a premium. Check out the latest Tommy’s property listings we have on the market.

Tommy’s Property Listings

After the usual slow beginnings to the New Year, Tommy’s has listed strongly in January and has a good selection of quality properties either on the market now, or coming to the market in February. Many homeowners avoid the hassle of selling over the holiday period so this resurgence of listing activity is not entirely unexpected. This will be encouraging news for home buyers waiting for the right house, and we urge you to talk to your Tommy’s agent or to view the Tommy’s website regularly for details of new listings.

Anti Money Laundering - New Zealand

Money Laundering

In 2013 banks and financial institutions became subject to the verification of identity requirements introduced by the Anti-Money Laundering and Counter Financing of Terrorism Act, 2009. In 2017 the Act was amended to require lawyers, accountants and real estate agents to comply with the requirement to verify the identity of clients and any persons acting on their behalf. The regulations are designed to prevent legal and financial services being misused for criminal activity. If selling, this may require your agent to ask for information and proof pertaining to the source of funds involved in a housing transaction. If so, this is not the case of an agent being overzealous in the pursuit of a sale, but is a legal requirement and Tommy’s seek the indulgence of clients to what may be considered a disclosure of personal or confidential information.

Vendor Warranties

We have covered this matter previously, but it is so important we believe it is worthy of repeating. Home sellers have a responsibility to disclose any problems or defects regarding the property they are selling. As part of the listing process, tell your agent everything you know about the property. We are the experts and our professional reputation is on the line if we mislead or fail to disclose any issues that may affect a buying decision. There are also legal implications that a home vendor should be aware of regarding non-disclosure issues. If you are in doubt ask yourself “If I was the buyer, would I want to know about unconsented work, potential leaks, unstable ground or similar defects?”

Like all issues around buying or selling, our sales team is trained to have or to find the answers to your queries. We are here to help and to guide you through the buying and selling process.

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