Researching the Market
The process of buying most importantly begins with researching the market. Many buyers inquiries come from the need to become more informed and be provided with information that will allow them to compare current and similar houses for sale.
Information that is often provided to buyers which assists in researching includes comparatives made of similar houses for sale, as well as past sales (CMA or comparative market analysis) and area attributes, other information may include why certain parts of a suburb or street achieve better prices.
Information such as the above is especially important when buyers are looking at purchasing houses for sale at or before auction, this information provides assistance as to a bidding range or perhaps a price offered to entice the seller to sell before auction; a theme which has been happening often recently in a few of our Inner West suburbs, especially Bardon!
As an example of buyers needing to research the market before purchasing, as few weeks ago we came across someone who came to us after seeing a few other houses for sale. He expressed to us that he had viewed a few properties that he felt were similar and comparable, and also expressed an interest in purchasing one of our auction properties at that level. He made an offer to which we had to advise him that he was perhaps a little ‘light on’ compared to where other buyers where placing their offers. To give the buyer some guidance we gave him some past sales to look at and consequently he increased his offer to look more desirable.
When researching the market remember to look and ask for information that will allow you to compare current and similar houses for sale. When looking for a home to live, also remember to ask yourself; Is the area safe, are there good schools, any local parks you can walk to, how far are the shops, what public transport is nearby, any good restaurants and bars, even check whether the neighbours seem friendly and approachable.
There may be plenty of other questions you might have, however the above information will give you somewhere to start when researching the market.
Brett Scott – The Brett and Lisa Team
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