Fed up with the NZ housing market

[Soon2baKiwi]

this is why so many only give an estimate of the value and put it out to Auction or price by negotiation as it gives them more control over the variables with each house. You only need two people who really want a house (or item) to bid each other up at auction and change the property price.

theres a lot of difference between knowing the value of a house and getting the punters to put up that amount, especially in todays market.

It's not like that any longer. An agent HAS to give their opinion of value because they HAVE to put a commission figure on the listing form.

[Tia Maria]

Since 17 November 2009 it is required by law to give a value to the client (no longer a vendor). An estimated commission figure must be recorded on the agency listing form and a separate form acknowledged by the client that they understand where the agent has arrived at the value for their home. This form lists past sales and properties that are currently on the market. They will quite easily see where their property sits.

This is interesting, which law is this?

What is the thinking behind it, to give more transparency to fees? Do agents have to state say $750k or can they say $700k to $750k?

I aasume they are not held responsbile if they don't get it right?

All our agents brought a list of recent sales and then all gave a price range of what our villa could sell for, spanning about $100k, TBH I'd have been impressed if they could have pinpointed it anymore accurately.

Cheers

Tia