The most frequent questions I am asked is: ‘What is happening in the housing market and should I sell or buy now or wait?'

Some of the current market drivers are: listing numbers have increased dramatically, interest rates continue to increase, changes to bank directives are yet to occur, and mortgage lending is harder to obtain. As a result, the number of days to sell has increased, open home attendance is down, and auction sales are dropping dramatically.

Negotiation occurs once properties are priced for financed buyers. When listings were low, ‘fear of missing out' and buyer competition saw high prices paid, which is a vendor's market.

More listings, slower selection by buyers, and concern over increased mortgage rates has led to ‘fear of overpaying'. The market continues to adjust and vendors who sell in this market are amending price expectations. This is now a buyer's market.

Many investments have highs and lows, and picking when these occur is almost impossible. It is worthwhile to consider other factors such as Tauranga's growth projections, land availability, house building cost increases and realising that Tauranga is not a basement buy city. The market will go up and down. In the last three years property prices have risen close to 35 per cent on average, so even if a temporary drop occurs, living in Tauranga will continue to be expensive and cost more annually. Consider the facts, consider your needs, and seek professional advice to help you make the best choice for the best outcome.