News - 17 March 2008WE ARE ON THE MOVE!From 1 April 2008, our new location will be Suite 2, Level 2, Penrose Business Park, 45 O'Rorke Rd, Penrose. Mobile and 0800 numbers will stay the same, other numbers will be advised soon. The Alpha UpdateBuying and Selling in the Current Market (and optimising your position) Depending on who you listen to and what you read, the real estate market is about to fall through the floor, is stable, or even showing "remarkable resilience". How do you get the best market price as a vendor, or pay a market price as a purchaser? Valuers provide a very useful service, but by definition, they are working on past sales and historic figures. Therefore, as a vendor, a valuation can give you an unrealistic expectation of the market price in a falling market. Conversely, as a buyer, you may overpay for a property if you base your offer on a valuation alone. How do you avoid this? By finding at least 2 (preferably 3) real estate agents who are skilled in working the area you are interested in (buying or selling). Drive round the streets and find the agent who has the largest number of listings from each of 2 or 3 real estate companies. Ring those agents and quiz them - you are looking for an agent that has been selling in the area for at least 5 years. Give them the address and briefly describe the house you have or are looking at. Unless it is a very unusual house, they should be able to give you a ballpark value right then. Compare estimates across the 3 figures and you have an idea of where the market is for that property RIGHT NOW. They will be able to tell you not only what has sold recently, but also what they have available and how it compares with your property. You might not like their message, but if you want to sell within a reasonable time, or pay a reasonable current market price, then using a system like this will save a lot of heartache! If you or anyone you know is having problems determining the value of a property in the current market, Call Us Today on 021 676 747 or 0800 676 747. We Can Help!! Food for Thought"Patience is the companion of wisdom." --Anonymous What's New??
If you or anyone you know wants to know more about any of these products, email Stuart@alphagroup.co.nz Interest Rate and Currency CommentsThe turmoil in international financial markets is continuing at a pace. Bank and non-bank lenders are all having to pay more for money sourced offshore, so we are seeing effective interest rate rises, despite no movement from the Reserve Bank. Most fixed rates are well in the 9% range now, with the exception of a flurry of activity around the 5 year rate in the late 8% region. This is a long time to lock yourself in for, so be cautious. Until the international markets (particularly the US) stabilise, upward pressure will continue. The kiwi continues to rise against the US dollar because of the widening gap in interest rates (theirs falling, our rising). The reverse is true against the aussie, with their interest rates rising faster than ours and causing the cross rate to decline. The only benefit of a high dollar against the US is some insulation against record oil prices (See below for latest interest and exchange rates). The Finance MarketsAs of 8am on Monday 17 March 2008 the following Interest Rates applied: Current Range of Interest Rates for home and investment mortgages as at 17 March 2008Floating: Fixed For: For a complete table of interest and exchange rates, click here. The information stated herein was correct at the time of release, but is subject to changes without notice. |
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