Why don't Estate Agents/Sellers put prices on homes in NZ?
Discussion
So looks like I will become a home-owner for the first time within the next 6-9 months here. 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?...
"Deadline Sales" are literally a guessing game for buyers left plucking random figures out of thin-air; no wonder it's a super-bubble here.
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?...
"Deadline Sales" are literally a guessing game for buyers left plucking random figures out of thin-air; no wonder it's a super-bubble here.
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).
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