Clearly, something is out of balance in this photo. The party on our left, seems to have a distinct benefit by weight alone. Equally obviously, for a truly balanced outcome, someone is going to need to bring this to equilibrium.
Then again, if you are the fellow in the blue shirt and you are representing the party on the left, this image probably looks about right to you, especially if you have a commission riding on the outcome.
This rather transparent reference to the current New Zealand property environment is far from new. It is independent of price, because our point of reference is not buyer versus seller, as you might have expected, but rather the inherent benefit to the seller in the property purchase system.
In New Zealand, but in few other English speaking countries, the seller has representation by definition and the purchase either represents themselves or traditionally uses a solicitor to try for balance. Indeed, even in the later case, the selling agent can and most often does, keep the skew, by seeking a fully signed contract, before the buyer's solicitor has even had occasion to see it, much less make buyer benefit alterations.
This 100+ year bias was a significant motivator for the government, when in 2008 it constructed the Real Estate Agents Act. Has the 2008 Act equalised the balance?
No, but it has made a beginning. Two changes have begun to have an additive benefit for the buyer. Some buyers have gotten the message that they should get a solicitor's review before signing (not many but some) and a small number of buyers have begun employing a "Buyer's Agent" to assist with finding, evaluating and negotiating on a property.
The seller's market has of course tempered these changes, but they are at least beginning. As mortgage rates increase, more homes are built and a more cautious buying public takes hold, we should expect the balance ever so slowly to get the buyer an even playing field... time will tell.
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