According to our Experts. – 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 have dipped this year on the back of COVID, our property market is quite resilient and will one day see house prices increase 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.
Doing your homework is the key to determining whether a property is worth the sale price. This includes performing research on recently sold properties in the area you are thinking of buying, watching the market closely, and speaking openly with real estate agents.
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.