Tips to Get a Fair Deal in Real Estate
Here the question arises that how will you know that you are getting a fair deal on the home and you are prepared to place an offer too? Read on the following article to know how to evaluate the given property in order to make a right investment decision.
Research Recently Sold & Comparable Properties
A comparable property is the one that is similar in size, condition and neighbourhood besides sharing similar features and facilities. A 10 marla, recently renovated, and double story home located in DHA Lahore should have same price as a similar 10 marla home located in the same neighbourhood. You can also get more valuable information by comparing the property you are interested in to different properties. You can find out the price difference by comparing it with larger and smaller or relatively less attractive properties located in the same neighbourhood. For detailed and up-to-date information on different comparable properties, you can contact Pakistan real estate agents working in the same locality.
Check Out Comparable Properties That Are For Sale
Upon meeting your real estate agent, you can find out the number of comparable properties that are currently on the market for sale. In this scenario, you can visit the properties and get a true feel such as the size, condition and facilities compared to the property you are considering to buy. After analyzing both kinds of properties, you can compare prices and see what you are getting. Based on these pointers, rational sellers price their properties similar to the market to be more competitive.
Look at Properties That Are Not Yet Sold
If the home you are considering to buy has similar features that were taken off the market because they did not sell, it means the property you are considering may be overpriced. You must check other "For Sale" properties as well, to find out the real cause. Check out the unsold inventory about current supply and demand in the housing market. Your real estate agent can give you a clear picture of the housing market in order to depict how long it will take for a home on the market to be sold.
Go with Your Agent's Opinion
Without even analyzing the data, your real estate agent is likely to give reasonable opinion of whether the property (you are interested in) is priced appropriately or not and what a fair offering price might be. You can completely rely on professional Pakistan real estate agents for making right investment decision.
After seeing these pointers, you can make an offer and usually below the listed price just to see how the sellers react. It is general aptitude that most of the sellers list properties at a higher price in order to negotiate. In such scenario, you can get your desired property within your range.