This is a very interesting aspect of property / real estate when it comes to pricing and costing. How can one get it right? As an owner you are put into this strange of whether, ‘Am I asking too much or am I asking too little?’ Below is a list of things you could do to figure out / investigate on market values:
1. Ask around and pretend to be a buyer of such a property
2. Call up Real Estate Agencies and inquire (Pay them for the service if you can)
3. Check out adverts of similar properties in the area on the newspapers and the internet. The internet is dominating the property market in many countries and you can easily gather facts and figures from the leading websites and thereby make your own report.
4. Talk to a bank and get them to do a property valuation, sometimes you may find real estate agencies that provide this service as well. Ask them how it works. (Pay and get it done if you think it’s worth the job)
5. Use social media to get feedback from others and that way you would understand if there were any recent transactions in that area and gain a broader understanding of what’s going on in the market.
Always remember that if you are getting a third person to find out about this, you got to pay them well otherwise the information is not going to be that accurate. There is no such thing as a free lunch.
The prices can vary within days, weeks and months and it’s important to have an idea on when to sell and when not to.
You also have the option of testing the property in the market, although you may not want to sell it,you can still advertise and check the pulse of the market and see if there is less or more interest depending on the prices you advertise the property at.
There is a rule when it comes to property prices, it either stays the same or it increases, property prices do not drop unless you have overpriced it or you are desperately in need of cash. Real Estate is the perfect investment for the future.
We co’dulve done with that insight early on.