While a number of factors come into play, in the end a property’s worth is judged by only one figure — how much is somebody prepared to pay for it at the time? The most significant considerations for pricing a property are recent sales and current competition.
The former is a review of what other properties of this type have sold for, while the latter takes into account similar homes that are presently on the market. Your Flatroom real estate agent can provide you with information and advice regarding both of these aspects of the house-hunting process through competitive market analysis.
It is also import to take note of the prevailing market conditions, as these can generate a genuine insight into short-term trends and help prospective homebuyers gain a feel for what they will need to pay to achieve their goals. If high buyer demand exists at a time when very little property is actually available, prices are likely to increase.
«Seller motivation» — the reason the current owner is attempting to offload the property — might also play a major role in determining the final cost. If a quick sale is required, vendors have little choice but to accept the best offer at the time without the luxury of waiting for a better deal.
A buyer’s agent is employed by a buyer to establish a shortlist of properties that meet their specific requirements or preferences.
Once this list has been developed, the agent takes the clients to inspect the selected properties and negotiate the purchase price on the buyer’s behalf — or possibly do the bidding at auction.
There is a fee for using a buyer’s agent, but the main advantage is that it saves the buyer from spending time looking at unsuitable properties.
A cooling off period is usually where one party — usually the buyer — is given a short amount of time after signing and exchanging the contracts to decide if they definitely want to proceed.
The seller is generally bound to the contract and prohibited to sell the property to anyone else during the cooling off period.
The rules of cooling off periods differ between the states, so take care to check the details that apply to your location with a solicitor or conveyancer.
We recommend to look at enough properties to gain a comprehensive understanding of the marketplace.
This will provide you with the required knowledge to work out if the property you are interested in represents value for money. This will also help you to determine which location appeals to you the most.
It is important to feel confident about your eventual purchase, so viewing properties online is a good way to research the market efficiently.
Alternatively, your Flatroom real estate agent can give you comprehensive market analysis on the property, with details of similar properties currently for sale or in the same area.
Using a real estate agent has several advantages over just looking yourself. A real estate agent can:
- Help you determine exactly what you’re looking for.
- Arrange appointments for you to visit homes, and tour them with you.
- Assist you in evaluating the quality of the home, compared to the price.
- Make it easier to negotiate and close the deal.
There are many ways to find an agent. Including referrals from people you know can be one of the best ways to find a real estate agent.
Another good source for agent information is the Internet, including this web page. Use the search tool above to find a real estate agent who is a member of Flatroom’s Real Estate Agent Connection. These agents have gone through our training program and are experts in addressing the needs of homebuyers.
Take your time and put some thought into selecting an agent. You may talk with two or three before you find one that you want to work with. It’s important that you feel comfortable with your agent since they’ll be working closely with you to find a house that meets your needs. With that in mind, before you sign an exclusive contract, you might want to ask yourself these questions:
- Is the agent easily accessible, and does he return your calls?
- When the agent takes you to look at houses, does he seem to match what you’re looking for?
- Does the agent explain things in a way you can understand, including different financing options?