How to Determine a Fair Price

Whenever someone wants to buy or sell property his focus is on a fair price. A seller does not want to have a lower price and a buyer is also not willing to pay a very high price. Here are some tips of getting a fair price when you are going to sell or buy a property.

Search the Recently Sold Properties with Same Characteristics

Search the Recently Sold Properties with Same Characteristics

One thing you should do to avoid ripping off when you are going to deal with property. You must go and compare other properties which have the same size and condition as of your property. And then you can make a comparison of the price.

Make a Market Analysis

Before you buy or sell your property you must conduct a market analysis of some comparable properties. This will helpful for you to get a fair price.

Try to Find Why comparable Properties Not Sold Yet

When you are in housing market you must check the unsold properties with the same sizes and conditions. And try to find out the reason of their being unsold.

Check Market Conditions

Another step which is helpful in getting a fair price is you should check market condition. And try to find out the reason why prices are rising or declining. Moreover you should also check the impact of mortgage interest rates on the economy.

Buying Without Consulting an Agent

If there is not an agent between buyer and seller they both may experience some complications and troubles. The property being sold is may be overpriced in this case.

Expected Future Prospects for the Area

You must conduct a survey of the area in which you are going to buy a property. You must get the knowledge about what developmental plans are expected in future.

Development plan may include the constructing malls, schools, hospitals and grocery stores etc.

Opinion of the Agent

Before buying or selling a home you must consult an agent. He is experienced enough to let you know that price being charged is fair or not.

Your Own Opinion about Price

It is you which have to buy or sell the property. If you are not satisfied with the price of property then you will never be happy to buy or sell the property. But if the property you are going to buy fascinates you a lot then will be happily willing to pay the asked price.

Test Worth of the Home

One more important point before you buy a property, you may offer lower prices than demanding price. Some sellers have set a high price and through negotiation they can get the actual price for the property.

Inspect the Home Carefully

Inspect the Home Carefully

When a buyer is negotiating price with the seller he must conduct home inspection. In this way he can find out if any of the parts of the house need repairing. If it is so then you can ask the buyer to repair the home by himself or discount the price in order to get compensation for repairing.

People who liked this Post also read

  • A Real Estate Deal In A Down Market
    In a time of crisis, it is very important for the seller to be patient and pliable. A small cost incurred can seal the deal, and a very small upset can call off the deal. Hence, one should utilize all the possible options and use them to make that all imp...
  • How to Sell Your Home At Good Price
    If someone wants to sell his home the first thing he should do is to have proper advertisement of it. Then he should collect market information regarding the price of other comparable properties being sold. He must have good negotiation skills to deal wit...
  • Useful Tips for Recession Home Buyers
    Home buyers always have an edge during the downturn of housing market. However, it doesn't mean that you can take blind decision during slow housing market. To make successful purchase you should take certain things into consideration....
  • Importance of Mortgage Appraisals in Lending Process
    Mortgage appraisals have paramount importance in lending process. Now days almost all banks hire appraiser to estimate value of borrower property before lending them loan. So in other words lending depends on the report made by appraiser so it is up to bo...
  • Rent to Own vs Own to Rent
    There is a good chance that options might not get exercised. Sellers who have identified potential and struggling markets, these options can be a method for creating maximum profit by investing a small capital. Brokers give sellers prospective to sell the...

is an experienced journalist.

Leave a Reply

CommentLuv badge

© 2011 Loan Mortgage Credit!. All rights reserved.