What's your house worth?

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#1558826 24-May-2016 17:12

I checked our address (ChCh) on homes.co.nz a week ago and it said it had no data, yet today it gave a figure so obviously it is being actively updated. The figure given was about 8k more than what the bank gave us 2 weeks ago using the QV E-Valuer and closer to what we believe is the current market price (a tad higher yet than both figures). Not a bad effort really.

Fred99

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#1558828 24-May-2016 17:17

Not very accurate for our place. There won't be any sales data unless they go back to 1990.

They seem to have updated from council records / consent a recent change, but floor area is 70m2 more than recorded - quite a big difference - not sure where they got that from as council does have complete floor plan etc (recent), original recods, and it hasn't shrunk. My guess is that someone has subtracted the internal garage, as they'll know it has a garage, but can't see from aerial shots that it's at basement level.

It wouldn't bother me, and it's insured for actual floor area, but it's the very kind of thing that EQC would jump on as a complication and cause grief requiring effort to get sorted in the event of a quake. They'd look at that superficially, not see floor area on the insurance policy, measure and then say the place was under-insured, and chuck your claim at the bottom of a pile in a dark room. I probably need to get that sorted.

They caused over 4 months delay when we did have a claim, because they didn't like the idea that the title was in joint ownership with my wife's maiden name, insurance in married name. After 4 months asking them what the problem was and even asking specifically - to be told it was no problem, they then decided that it was a problem and that they needed a copy of a marriage certificate. That's an overseas one, never reg'd in NZ and has no legal status in NZ, but I wasn't going to tell them that.

tdgeek

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#1558846 24-May-2016 18:04

It works. I put my new address in and it gave me exactly the price we paid for it, that's awesome

Batman

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#1558849 24-May-2016 18:07

The app is good to know what other houses sold for, and when. Not so much to see how much your house will sell for! That's called a crystal ball.

tdgeek

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#1558869 24-May-2016 18:42

tdgeek:

It works. I put my new address in and it gave me exactly the price we paid for it, that's awesome

OK,no one bit. The site showed our place, and what we paid. It should really show nearby addresses sales as well, or does it?

DarthKermit

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#1558909 24-May-2016 19:51

Quite a bit actually!

chimera

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#1558954 24-May-2016 21:01

I have an estimate in my head what I think our property is worth, homes.co.nz lists as 3% more than that (I monitor the housing market very regularly so have a pretty good idea of what places are worth when I see them - in specific areas of interest of course)

I'm in a fairly good position to post a comparison (soon) too, as we are getting a registered valuation done on our house within the next few days.

I'll report back the % difference between homes.co.nz estimate and the valuers estimate once I hear.

Its got me very curious now!

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MikeB4

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#1558971 24-May-2016 21:36

The value of our home is it owes nothing, it's been modified to suit us, it's comfortable, it's ours.

andrew027

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#1559027 24-May-2016 23:15

For my address it shows a "Homes valuation" over $50K more than we paid for it less than eight months ago. Probably right if we lived in Belmont on Auckland's North Shore, but not for Belmont in Wellington's Hutt Valley.

mattwnz

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#1559036 24-May-2016 23:46

kingjj:

I checked our address (ChCh) on homes.co.nz a week ago and it said it had no data, yet today it gave a figure so obviously it is being actively updated. The figure given was about 8k more than what the bank gave us 2 weeks ago using the QV E-Valuer and closer to what we believe is the current market price (a tad higher yet than both figures). Not a bad effort really.

Did the bank just use e-valuer to value it? Wow if that is the case. Gone are the days where the bank manager had to go and actually view the house first before lending to you.

eracode

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#1559057 25-May-2016 03:14

tdgeek:

tdgeek:

It works. I put my new address in and it gave me exactly the price we paid for it, that's awesome

OK,no one bit. The site showed our place, and what we paid. It should really show nearby addresses sales as well, or does it?

Correctly shows our property at last year's purchase price plus two neighbouring properties - both also correct.

Sometimes I just sit and think. Other times I just sit.

kingjj

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#1559066 25-May-2016 06:02

mattwnz:

kingjj:

I checked our address (ChCh) on homes.co.nz a week ago and it said it had no data, yet today it gave a figure so obviously it is being actively updated. The figure given was about 8k more than what the bank gave us 2 weeks ago using the QV E-Valuer and closer to what we believe is the current market price (a tad higher yet than both figures). Not a bad effort really.

Did the bank just use e-valuer to value it? Wow if that is the case. Gone are the days where the bank manager had to go and actually view the house first before lending to you.

We purchased nearly 5 years ago and had to get a registered valuation for the bank. The E-Valuer was used when were looking at re-fixing our mortgage to confirm we were over 20% equity as they still had the original valuation on file. The new figure is about 40% higher than the original valuation so it made a difference when we were negotiating. As it happens the E-Valuer didn't take into account the new floor space we added last year and of course didn't take into account our renovations so I'm confident the number given by homes.co.nz and E-Valuer is well below market price.

ghettomaster

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#1559185 25-May-2016 09:37

trig42:

Interesting.

Checked our current house (on which we have got a 3 month old Valuation) - Homes was about 10% under that. Seems it is using some sort of formula based on Rating Valuations, unless there is a recent sale. I checked my parents house, which sold a year ago, and the valuation on that is a little higher than what the sold it for (which I'd expect).

An OK tool if you are hunting around, but like anything, a house is worth what the market will bear paying.

You're in good company. I got a valuation a few months ago and homes is about 10% under that for me too.

I do like that between the homes site and TM we don't have to fork out money to QV as much. It'll be even better once TM get their data feeds updating more regularly which they are apparently working on.

ghettomaster

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#1559188 25-May-2016 09:41

I also like on the homes site how you can see a price sticker for every house on the map. It gives you an idea of how the houses in a given street compare to each other, in which case the accuracy of the valuations isn't so important.

Fred99

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#1559196 25-May-2016 10:07

ghettomaster:

trig42:

Interesting.

Checked our current house (on which we have got a 3 month old Valuation) - Homes was about 10% under that. Seems it is using some sort of formula based on Rating Valuations, unless there is a recent sale. I checked my parents house, which sold a year ago, and the valuation on that is a little higher than what the sold it for (which I'd expect).

An OK tool if you are hunting around, but like anything, a house is worth what the market will bear paying.

You're in good company. I got a valuation a few months ago and homes is about 10% under that for me too.

I do like that between the homes site and TM we don't have to fork out money to QV as much. It'll be even better once TM get their data feeds updating more regularly which they are apparently working on.

I have a mate going through a rather messy divorce at the moment. He's in the "family home", she wants her share of the $$$. Two valuations from two registered valuers dumped on the table as lawyers meet. No surprise that there's a very large gap between the figures. No surprise which way that difference goes. Conclusion that valuations might be more optimistic or less optimistic depending on who asks the question and why isn't rocket science. If you want a valuation in order to get finance, you want it to err on the high side.

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