If you have made up your mind on buying a new house, you need to have all the information for making the right decision – which means, you need to ask loads of questions before signing an agreement. As you browse through several property options to find the perfect house, knowing what you need to ask your real estate agent can make the entire process hassle-free and also save you a lot of time. By doing this, you can actually have proper clarity on the value of the property, identify the potential risks with the property and make the right offer to the seller.
Here are top 6 questions to ask your real estate agent in Glenhaven which can reveal all the information that you need to know before buying your new house.
Why are they Selling the House?
The first thing you need to ask your real estate agent is the reason behind the sale. Getting this priceless information will not only help you understand the selling time frame but also assist you in negotiating the price. The answer to this question will help you understand how eager they are to sell the property. For example, if the seller is moving abroad for work, he/she will be more eager to sell the property faster than someone who wants to move into a bigger house. By knowing the urgency, you could even negotiate a lower price.
For How Many Weeks or Months the Property Has Been on the Market?
If you have your eyes set on a property, it is wise that you should know for how long it has been on the market. According to market trends and surveys, if a property has been on the market for more than six weeks, you can assume that either there is something wrong with it or it has been overpriced. If we go by the current real estate market in Australia, a correctly priced property should have a purchase closing within six weeks. Ask your real estate agent in Glenhaven whether the property was a part of an auction and failed to sell. You need to find out why did it fail and the other details about the auction.
Can You Give Me a List of Comparable Sales?
By obtaining a list of comparable sales, you can understand whether the asking price has logical validity or is it totally unrealistic. This will help you make the right offer for the property or tell you whether you should move on. You need to ask your agent for all the information about the local market. For example, you need to know the time of the year when the maximum number of properties were sold, the total number of houses sold last year and the price that they were sold for.
What Is the Original Asking Price for The Property?
This is one of the most important questions that you should ask your real estate agent in Glenhaven. You need to find out the original asking price that was offered previously. To get proper clarity on the previous price range, you need to ask the following questions:
- How many offers were made so far and what were the asking prices?
- How many offers did the house seller put down?
- If some offers made the cut, why the deals did not go through?
By getting answers to these questions, you can form an idea of how much the seller is expecting, why the previous offers failed and how much the previous interested buyers thought the actual value of the property was.
Will the Sellers Negotiate on the Price?
If you have made up your mind on buying a house, then don’t hesitate to ask your real estate agent in Glenhaven whether the seller is ready to negotiate on the price. According to current market trends, houses in Australia sell up 10% less than their asking price. However, this depends on several factors including the market condition, location and for how long the property has been on the market. This is why you need to do a proper research into the value of the property.
How is the Locality?
When you are buying a house, you also need to keep in mind the ‘return on investment’ factor. This is why you need to have closer look at the demographics of the locality. Is the area made up of families or single parents? Young working professionals or senior citizens? To garner the maximum return on investment you need buy a house that suits the demographics of the locality.
Buying a house is one of the biggest investments that you will make in life and so don’t just settle on the first property that you think is suitable for you. Property investment should not be guided by emotions but with logic and market data. In a bid to make the right decision, you need to convey your concerns to the real estate agent. At Vogue Real Estate, our agents have decades of experience and extensive knowledge about the market. With real-time market data and extensive surveys, we offer full assistance so that you make the right choice. No matter what your needs are, we can help you buy the right property at the right price.