According to our Head Auctioneer. – by Laura Barry
House-hunting is hard work and requires hours of research, inspection and analysis. However, how does the average person know if a property is really worth the asking price? First home buyers and experienced property moguls alike find themselves in the same situation when it comes to buying a new property – how do you know if it’s worth the asking price?
Although house prices briefly dipped this year, it seems the lucrative property market is set to see house prices increase once again, particularly in Sydney in Melbourne. Unfortunately, a large price isn’t always an indicator of a sound purchase. Sellers are desperate to make as much money off the sale of their property as possible, while buyers attempt to find a home with a manageable price tag.
According to our Head Auctioneer, Emma Brown-Garrett, the key to determining whether a property is worth the sale price is doing your homework.
“It’s very hard in this current market to put an exact price on a property,” says Emma.
“As a buyer, the best way to research what a home is worth is to be diligent in your research of recent sold properties in the area you are thinking of buying. Watch the market closely and don be afraid to speak openly with the agent. ”
How to research property prices
- Research recent sold prices for properties in the area
- Find out what the median property price in that area is
- Research capital growth in the area
- Spend some time watching the real estate market news in your area for dips and peaks in sale prices, supply and demand
- Speak to the agent about the property at length, the size pf the land, house, any recent renovations, structural work, etc.
Disclaimer: The opinions posted within this blog are those of the writer and do not necessarily reflect the views of Better Homes and Gardens® Real Estate, others employed by Better Homes and Gardens® Real Estate or the organisations with which the network is affiliated. The author takes full responsibility for his opinions and does not hold Better Homes and Gardens® Real Estate or any third party responsible for anything in the posted content. The author freely admits that his views may not be the same as those of his colleagues, or third parties associated with the Better Homes and Gardens® Real Estate network.