CVs and GVs are only a way for the council to distribute the rates bill to rate payers. It’s usually worked out through some blanket algorithm and most of the time does not purport to reality. No one ever comes up to the house to have a look.
Sometimes desktop valuations will give you a range but again this will not take unique factors into account.
So, where do you go, what do you do?
You have to do a bit of homework but effectively what you’re looking for is recent sales.
- What did something sell for recently?
- What sold when, which month?
- And obviously how much right?
Now, there are a lot of tools where you can get this information.
- Real estate agents have this information.
- We as brokers, send report of recent sales to our clients
- Sites like homes.co.nz
And obviously when the market is moving, the most current data, the most recent sales are a bit better indicator at times.
How much do you pay in a rising market?
A real estate agent once told me you kind of pay what you would have wished you paid if you miss out on the property.
Sometimes you don’t get the best advice from some agents. But there are still some good old fashioned ones that do the right kind of thing.
Shouldn’t the real estate agent just tell me?
That’s how it works when you buy a toaster or a car. The thing to remember though is, the real estate agent is an awkward situation as well because they effectively work for the seller. The moment they tell you what something is worth they kind of put a cap on the upper limit of what that thing could go for. So they often, very often, they won’t give you a price as such. So yeah, you kind of have to do your own homework, right. So, sorry it wasn’t the easiest answer but hopefully that has been helpful for you. Yeah, thanks for watching.
