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House price question

House price question

Old Mar 2nd 2008, 6:56 pm
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Default House price question

I'll understand if I don't get many replies to this as it might be a bit personal but I was wondering about house prices in NZ.
Do people generally end up paying the asking price, or near enough? Or is it like here where you barter back and forth and end up somewhere in the middle of the first offer and the asking price?
Just might make a bit of difference to us when we're looking at what we could afford over there......

ps hope its sunny and warm there. mothers day has been v windy and cold here and we have snow forecast for tomorrow - just in time for school!
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Old Mar 2nd 2008, 8:17 pm
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Default Re: House price question

well at the moment they say it is a buyers market in nz so draw your own conclusions to that
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Old Mar 2nd 2008, 9:27 pm
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Default Re: House price question

We paid $65K under valuation Yep it's a buyer's market!
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Old Mar 2nd 2008, 9:49 pm
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Default Re: House price question

It is normal to haggle here. I find it all a bit daft really. You place your offer , in writing, using a set form . Then they put there counter price below that and so on and so forth until you meet in the middle somewhere.

Our offer of $50K under the asking price was accepted.
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Old Mar 2nd 2008, 9:57 pm
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Default Re: House price question

It depends on the property and how much you want to spend, several people here have done well.
My Dad's house just sold for $40000 more than expected and this is a doer upper.

Buyers market as houses aren't selling as quick but still have to pay what they think the house is worth to them instead of the actual price of the property.
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Old Mar 3rd 2008, 12:36 am
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Default Re: House price question

buyers market = offer what you think the house is worth, estate agents always over-egg the pudding anyway. If someone won't meet the market find another that will.

You're also a cash buyer and that will always give you the edge over someone who's offer is conditional on the sale of their property.
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Old Mar 3rd 2008, 1:48 am
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Default Re: House price question

It is usual for sellors to ask for a fair whack over the 'real' value just in case someone with deep pockets happens along. Everyone who's buying counters this practice by going in nice and low (50k or more less), and then as others have said it's a case of toing and froing until it's either sealed somewhere in the middle or it falls through. Don't be afraid to take the piss, as ultimately the seller can only say no. As some folks on here have found, they only wish they'd started off lower when their first offer 35k or so below asking was accepted!

Good luck with it
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Old Mar 3rd 2008, 6:47 am
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Default Re: House price question

We paid $40k less than the advertised price for ours, (2 years ago) what we also did was to ensure the estate agaent told to the sellers don't bother counter signing (a very strange NZ pratice) because we will not offer more.

I think its in the mind set that if you have made an offer you want the house so you will be prepared to go higher than your origional offer.
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Old Mar 3rd 2008, 6:48 am
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Default Re: House price question

Originally Posted by Wiz'n'Ton View Post
It is usual for sellors to ask for a fair whack over the 'real' value just in case someone with deep pockets happens along. Everyone who's buying counters this practice by going in nice and low (50k or more less), and then as others have said it's a case of toing and froing until it's either sealed somewhere in the middle or it falls through. Don't be afraid to take the piss, as ultimately the seller can only say no. As some folks on here have found, they only wish they'd started off lower when their first offer 35k or so below asking was accepted!

Good luck with it
Hello, when you do land in NZ, here's a REALLY good tip if you are buying a house. DO NOT tell them you have just got off the plane like I did........they will all think you are minted (just cos you are from the UK) and that you got about $4 to £1!!!

I am CERTAIN I would have got my house for less than the asking price if I had for example said "been in NZ 8 years now, just moving down from Hamilton"........not Aukland cos again they will KNOW you are wedged up!!

It really is a game, you need to play your cards well. If you are a cash buyer I think you should be secretive about that too...whilst cash is a great motivator for a seller you can still tempt them with the fact that your finances are guaranteed and AS GOOD AS CASH in the bank.

The human psyche is such that when a mere mortal can pay cash for their house they are going to think 'well I can screw them on price'.........not always true but we have all heard about the buyers (in the UK) who when they know you are emigrating knock you for a few £k on the exchange date...bloody disgusting in my opinion but the things some people will do aye???

And finally a house is only worth what someone will pay for it. I don't hink I have EVER bought a bargain, I have had to pay pretty much what people have wanted for the houses I have bought..simply because I really wanted them and they seemed like good value to me...but most probably were quite the opposite!!!!!!!!!!!!!!

BE CAREFUL WITH YOUR HARD EARNED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Old Mar 3rd 2008, 6:53 am
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Default Re: House price question

Originally Posted by Genesis View Post
"been in NZ 8 years now, just moving down from Hamilton"........not Aukland cos again they will KNOW you are wedged up!!
Oh good piont I will remmeber that when we move to Nelson area, ....not that we are... "Wedged up!!!" and not sure I would want to be sounds painfull
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Old Mar 3rd 2008, 12:09 pm
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Default Re: House price question

Originally Posted by saritabear View Post
I'll understand if I don't get many replies to this as it might be a bit personal but I was wondering about house prices in NZ.
Do people generally end up paying the asking price, or near enough? Or is it like here where you barter back and forth and end up somewhere in the middle of the first offer and the asking price?
Just might make a bit of difference to us when we're looking at what we could afford over there......

ps hope its sunny and warm there. mothers day has been v windy and cold here and we have snow forecast for tomorrow - just in time for school!
If the sale is an auction or tender than haggling is obviously less of an issue.
otherwise its a typical back and forth negotiation process before settling on a price. If youre in a good position then offer below the asking price.

remember there is now "gazzumping" (sp) in NZ, once you make an offer its a signed contract, and once accepted neither party can back out. so always make a first offer conditional on acceptable valuations, builders reports if applicable, finance being obtained etc. You will then usually have a period of a couple of weeks to go "unconditional" after which you cannot back out without some heavy penalties
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Old Mar 3rd 2008, 1:29 pm
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Default Re: House price question

Thanks all for all the advice. Am gonna paste a link to this in my NZ folder. Full of useful websites for before and after move. - Oooh - if anyone would like a copy of them, just PM me and I'll email it to you.
Thanks again all.....will invite you all to the housewarming if and when we are successful!

sb

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Old Mar 3rd 2008, 1:33 pm
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Default Re: House price question

Hi SB

That is a very good idea. I write mine down on scraps of paper and inevitably lose them!

How is it all going?

PL
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Old Mar 3rd 2008, 1:41 pm
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Default Re: House price question

Originally Posted by pumpkinlou View Post
Hi SB

That is a very good idea. I write mine down on scraps of paper and inevitably lose them!

How is it all going?

PL
Not too bad. Just waiting for OH police check then we can send all the stuff in. Waiting to hear back on a couple of jobs too. I just can't wait to go....now we're decided its doing my nut in waiting around. Aaargh! Do you want me to mail you the websites or are you managing with your lists?!

sb

sssh - sb is for sarah bear cos my dad called me that when I was little - apparently l lived on marmalade sarnies a la paddington!! Don't tell anyone though!
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Old Mar 3rd 2008, 1:43 pm
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Default Re: House price question

Originally Posted by saritabear View Post
sssh - sb is for sarah bear cos my dad called me that when I was little - apparently l lived on marmalade sarnies a la paddington!! Don't tell anyone though!
i won't tell
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