Why don't Estate Agents/home sellers put prices on homes in NZ?
Oct 4th 2022, 2:15 am
#1
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Joined: Jul 2016
Posts: 62
Why don't Estate Agents/home sellers put prices on homes in NZ?
So looks like I will become a home-owner for the first time within the next 6-12 months. Excited and nervous at the same time.
One thing that has struck me since the 'home shopping' started though - why don't Estate Agents/home sellers put prices on homes in NZ? Or, why are they reluctant to put a price on them?
I went to an open home viewing on the weekend and the conversation with the Estate Agent went like this...
Me: "what is the price of this home? I can't see it advertised anywhere?"
Agent: "umm, it doesn't have a For Sale price, as such..."
Me: "oh okay(?). So how much do they want for it or how much is it going to sell for?"
Agent: "umm, the price range is around $600,000-$800,000."
Me: "well that's a very wide price range and a bit vague... Why is it that a luxury car dealership can put a price on an ultra-rare Ferrari F40, but it's very rare to see a For Sale price advertised on homes in New Zealand?"
Agent: *tumbleweed with vacant stare*
Is it an attempt by Agents here to push the sale prices of homes up even more thereby increasing their commission and contribute to the housing un-affordability/greed - because they act in favour of the Seller only - unlike European and US markets where there are agents who act on behalf of Seller AND Buyer?...
Fingers crossed the upcoming housing market correction/Recession turns the tables on this farce.
Going by the 'RV' also seems very inaccurate to gauge a price, too. A friend of mine who works in property said RVs are miles off compared to the actual sale prices by around 20-50% (depending on area).
One thing that has struck me since the 'home shopping' started though - why don't Estate Agents/home sellers put prices on homes in NZ? Or, why are they reluctant to put a price on them?
I went to an open home viewing on the weekend and the conversation with the Estate Agent went like this...
Me: "what is the price of this home? I can't see it advertised anywhere?"
Agent: "umm, it doesn't have a For Sale price, as such..."
Me: "oh okay(?). So how much do they want for it or how much is it going to sell for?"
Agent: "umm, the price range is around $600,000-$800,000."
Me: "well that's a very wide price range and a bit vague... Why is it that a luxury car dealership can put a price on an ultra-rare Ferrari F40, but it's very rare to see a For Sale price advertised on homes in New Zealand?"
Agent: *tumbleweed with vacant stare*
Is it an attempt by Agents here to push the sale prices of homes up even more thereby increasing their commission and contribute to the housing un-affordability/greed - because they act in favour of the Seller only - unlike European and US markets where there are agents who act on behalf of Seller AND Buyer?...
Fingers crossed the upcoming housing market correction/Recession turns the tables on this farce.
Going by the 'RV' also seems very inaccurate to gauge a price, too. A friend of mine who works in property said RVs are miles off compared to the actual sale prices by around 20-50% (depending on area).
Last edited by A4Ron; Oct 4th 2022 at 2:22 am.
Oct 5th 2022, 12:17 am
#2
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Location: Wellington - I miss Castles, the NHS & English school system
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Re: Why don't Estate Agents/home sellers put prices on homes in NZ?
yep RV's really aren't useful. Use homes dot Co dot Nz, put the address of the property in and see what others sold for near it, It will also show you when the property was last sold and for how much, which although won't have much relevance is quite interesting
Oct 5th 2022, 5:52 am
#3
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Re: Why don't Estate Agents/home sellers put prices on homes in NZ?
It seems to me it's because they don't know in NZ's silly house market
1) prices climb so fast, if they set a price there's a good chance the "market" will push the price beyond the set price, in which case the agent will have lost money for their client.
2) high prices start to fall but agents won't set a price Incase someone comes along willing to offer more. They let the "market" set the price, that way they wash their hands of the whole thing if it doesn't fetch what the owner wanted of the
your guide price means, it's worth 600 but we're hoping for 8
Agents do next to nothing in NZ but charge like a wounded bull for a trade me listing and a half hour open home
1) prices climb so fast, if they set a price there's a good chance the "market" will push the price beyond the set price, in which case the agent will have lost money for their client.
2) high prices start to fall but agents won't set a price Incase someone comes along willing to offer more. They let the "market" set the price, that way they wash their hands of the whole thing if it doesn't fetch what the owner wanted of the
your guide price means, it's worth 600 but we're hoping for 8
Agents do next to nothing in NZ but charge like a wounded bull for a trade me listing and a half hour open home
Last edited by Justcol; Oct 5th 2022 at 6:11 am.
Oct 24th 2022, 2:54 am
#4
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Joined: Oct 2014
Posts: 305
Re: Why don't Estate Agents/home sellers put prices on homes in NZ?
It's always been like this, especially when the market is in a bit of turmoil. Its very annoying I agree. My son is looking to buy a house so I've been looking too for him, only way to really get an idea is to go to an open home, show some interest and then start talking.
