How to become a house price expert
Working out the price for a house that isn’t advertised with one seems really difficult. If you follow these steps you will be able to assess a market price range without too much difficulty. All it takes is some time and commitment. So what are you waiting for?
- Start by focusing on one suburb or area not loads of different places.
- When you find a new listing in this location save it to your watchlist but also print it out.
- Look at the internal photos and make brief notes (ugly bathroom, small 3rd bedroom, ensuite etc)
- When it disappears from your watchlist ring the agent and ask the selling price.
- Don’t just do this for properties you like but for all listings with the correct number of bedrooms in this location.
- Make a list of sold properties each week and drive by all of them. Learn to assess the area and the look of the house from outside.
- Now add some more notes to the notes you made based on the photos.
- Highlight the ones in your price range.
- Ask real estate salespeople for a list of comparable properties that have sold when you visit an open home.
- Drive past these and then add the details to your list.
- When a price doesn’t seem to fit (i.e. too high or lower than you would have thought) ask the agent more questions. Did it have special features? Were there a lot of offers?
- Keep your database updated and you will become more knowledgeable than most real estate salespeople about how much a new listing is likely to sell for.
I hope you find this helpful and that you take the time to become an expert before you commit to what will be one of your biggest decisions yet.
Robyn has been in the real estate industry for more than 20 years. She has sold houses, rented houses, traded houses and now she is doing what she loves best – helping house buyers. Because of her varied experiences her advice is practical and honest as well as being independent because she is not a real estate agent but a house buyer’s consultant. She keeps her community informed about the property market, gives tips on how to buy a house and tries to help buyers with the techniques that will help them secure their dream home at the best possible price and with the least possible problems.
June 16, 2015 Blog