Comparative house prices
Dec 23rd 2017, 5:29 am
#1
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Comparative house prices
We were looking at a property for sale and asked for comparative sales to get a comfort on the current sale price.
Firstly 8 of the 9 properties quoted were over 14 months old i.e. 2015 and 2016 dated.
Then I realized they had made a big deal of comparing RV (2014) to these sale prices (many of which 30% above). Which is where they had the current listing around 35% above RV.
I adjusted the RV to current (2017) and hey it shows a completely different story - a 20% average lower.
The RV on this particular property moved only 1%
Firstly 8 of the 9 properties quoted were over 14 months old i.e. 2015 and 2016 dated.
Then I realized they had made a big deal of comparing RV (2014) to these sale prices (many of which 30% above). Which is where they had the current listing around 35% above RV.
I adjusted the RV to current (2017) and hey it shows a completely different story - a 20% average lower.
The RV on this particular property moved only 1%
Dec 23rd 2017, 8:46 am
#2
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Joined: Jul 2007
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Re: Comparative house prices
Sorry but I can't see your point
Surely if you like a house you buy it
If you don't you walk away..??
Surely if you like a house you buy it
If you don't you walk away..??
Dec 25th 2017, 5:23 pm
#3
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Joined: Jul 2014
Posts: 264
Re: Comparative house prices
Homes.co.nz is good but not gospel, a good starting point. It gives a calculated estimate for each properties going off a lot of things such as cv, number of rooms, age etc. It's pretty good to get a ball park figure in your head, also note the red nearby properties as this let's you see how much local houses recently sold for (to give rough guide to how much or lower than it's cv it went for). A lot of cvs have changed recently so keep dates of cvs in mind
Dec 25th 2017, 9:10 pm
#4
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Re: Comparative house prices
RV should only ever been used to cost the size of the property and section size. it does not take into account the state of the house or section.
The only sensible way to go about buying property is set a cost you are prepared to pay per fortnight for a mortgage, found out what mortgage you can afford on that amount, make sure you put as much deposit down as you can and then when bidding on a property only go as high as you are happy to even if it means losing the property for an additional dollar.
Please also remember cost of solicitors need to be factored in and when looking for a mortgage most banks will offer you cash back to go with them. My swap this year gave me the biggest cash back so far, 1st one (first mortgage here in 2012) gave me 2k back, 2nd transferred mortgage to another supplier gave me 2.8k and this last one back to original supplier gave me 3.5k back so always ask about cash back
The only sensible way to go about buying property is set a cost you are prepared to pay per fortnight for a mortgage, found out what mortgage you can afford on that amount, make sure you put as much deposit down as you can and then when bidding on a property only go as high as you are happy to even if it means losing the property for an additional dollar.
Please also remember cost of solicitors need to be factored in and when looking for a mortgage most banks will offer you cash back to go with them. My swap this year gave me the biggest cash back so far, 1st one (first mortgage here in 2012) gave me 2k back, 2nd transferred mortgage to another supplier gave me 2.8k and this last one back to original supplier gave me 3.5k back so always ask about cash back
Dec 26th 2017, 12:58 am
#5
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Thread Starter
Joined: Jan 2017
Posts: 392
Re: Comparative house prices
RV should only ever been used to cost the size of the property and section size. it does not take into account the state of the house or section.
The only sensible way to go about buying property is set a cost you are prepared to pay per fortnight for a mortgage, found out what mortgage you can afford on that amount, make sure you put as much deposit down as you can and then when bidding on a property only go as high as you are happy to even if it means losing the property for an additional dollar.
Please also remember cost of solicitors need to be factored in and when looking for a mortgage most banks will offer you cash back to go with them. My swap this year gave me the biggest cash back so far, 1st one (first mortgage here in 2012) gave me 2k back, 2nd transferred mortgage to another supplier gave me 2.8k and this last one back to original supplier gave me 3.5k back so always ask about cash back
The only sensible way to go about buying property is set a cost you are prepared to pay per fortnight for a mortgage, found out what mortgage you can afford on that amount, make sure you put as much deposit down as you can and then when bidding on a property only go as high as you are happy to even if it means losing the property for an additional dollar.
Please also remember cost of solicitors need to be factored in and when looking for a mortgage most banks will offer you cash back to go with them. My swap this year gave me the biggest cash back so far, 1st one (first mortgage here in 2012) gave me 2k back, 2nd transferred mortgage to another supplier gave me 2.8k and this last one back to original supplier gave me 3.5k back so always ask about cash back
The agent chose to use the 2014 RV despite clearly 2017 RV being available.
Using the agents 2014 RV comparison provides 35% above RV
Using 2017 provides a 10% decrease on RV
that's a 45% difference, which is reflective of slowing market (recent sale prices well below 2017 RV
I don't need a mortgage but using bank valuation to negotiate.
