Setting a price when you’re selling your house can take time and effort, but it’s worth doing some research to establish a realistic price range. If you set your expectations too high or too low, you’re likely to be disappointed either way.
A real estate agent will give you their assessment of your home’s value, but when you’re selling your property it pays to make your own assessment. There are some good objective sources of information you can use to help you take the emotion out of the process.
|The Rateable Value (RV)|
The Rateable Value (RV) used to be called Government Valuation or GV. It’s set by your local authority for the purpose of assessing rates. People often use an RV when they’re selling or buying a house to get an indication of the property’s value - but remember it’s only a guide. It’s based on general property values in your area rather than a detailed review of your property, it doesn’t include chattels such as carpets or appliances, and it may be out of date – some RVs are set every three years only. Depending on the area and the property, you could sell your house for significantly more or less than the RV.
Check out your local council website, as in most cases you can get an instant RV online for free.
|Recent sales in the area|
Location plays a major part in property values. So if you can, it’s a good idea to find out what other homes in your area have sold for recently. Your real estate agent should be able to tell you, or you can purchase an eValuer report from QV which will provide this information as well as an automated estimate of your property’s value.
When you get your mortgage pre-approved with ANZ, we’ll give you two eValuer reports for free.
|Similar properties on the market|
Check out similar houses which are on the market now to get a feel for what you are competing with. Talking to the agents who are selling them, as well as the one who is selling your property, may also give you a feeling for what the market is like at the moment.
|A registered valuation report|
You can get a valuation report from a registered valuer. This will give you their professional assessment of your home’s market value, which should be a more up to date reflection than your RV (and more useful when you’re selling your house). The valuer will do a detailed inspection of your home as well as a review of similar recent sales in your area. Their valuation will include chattels.
If you don’t have a preferred valuer, talk to us - we can refer you to one in your area.
|Your bottom line|
When you’re deciding how much to sell your property for, you should be very clear about your bottom line – i.e. the amount of money you need to have after you sell your house (e.g. to buy a new house in your preferred area). Remember to subtract the commission you will need to pay to your agent, plus GST, as well as any marketing or advertising costs and other expenses involved in selling your house such as legal fees, valuer’s fees and so on.
For more information or to apply for an ANZ Home Loan:
Contact an ANZ Mobile Mortgage Manager
Call 0800 ANZ HOME (0800 269 4663)
Visit your nearest ANZ branch
For the ANZ First Home package, you need an ANZ everyday account with your salary, wages or business income direct credited and an ANZ Serious Saver account. ANZ lending criteria, terms and conditions and fees apply to all loans.
A copy of the Reserve Bank Disclosure Statement published by ANZ Bank New Zealand Limited may be obtained on request from any ANZ branch.
This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.
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