REINZ and Tony Alexander share new insight into real estate agents in the housing market
When it comes to market activity, 46% net of real estate agents said they saw fewer people at auction, lower than the month after the March 2021 tax announcement and a dramatic drop from 10% net on last month. Meanwhile, 61% net said they saw a drop in open home visits.
They also noticed that real estate investors had become less willing to buy, with 54% net seeing fewer investors, barely less than the 40% net the previous month. Meanwhile, most first-time homebuyers (FHBs) have pulled out of the housing market altogether, with 56% net of agents reporting seeing fewer young buyers in the market.
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Realtors have also noticed that potential buyers have difficulty obtaining finance from banks as they apply Debt-to-Income Ratios (DTIs), assess spending more in depth to meet credit contract law requirements. and consumer finance and temporarily stop at a low level. deposit loan except for new constructions.
On the positive side, agents have seen an increase in appraisal requests, more vendors showing up with more realistic market price appraisals, and price growth slowing down to a pace that the government and the community may like. Reserve Bank of New Zealand (RBNZ).