7  Tips To Help You Avoid Paying Too Much For Real Estate

1. Ask how long the property has been on the market
Now there are variables to consider here. Some of those variables may be the current economic climate, interest rates, location or the listed price of the property. However if the property has been on the market for a lengthy period of time of 3 months or more, you are in a great position to negotiate a great offer as the vendor could be ready to sell.

Also try and get the inside track of the property online regularly, so you can see for yourself how long it’s been on the market before making an offer.

2. Maximise Negotiation Power And Purchasing Price with a quick settlement
Most people who list to sell their property for sale want to sell as quickly as possible for the price they want. Unfortunately, people selling property sometimes have unrealistic expectations of how much their property is worth, compared to what the buyer wants to pay.

So to give yourself maximum negotiating power, ask for a quick settlement so the seller gets what they want, and you get what you want.

3. Talk To More Than One Agent
When you buy a car do you always buy the first one you see? Of course you don’t and buying a property is the same.

Different Agents have differences approaches, service levels and experience when it comes to property so always speak to more than one Agent when buying!

4. Gain the Upper hand and best deal by doing your research
Do your home work about what other property’s in the area have sold for, how long were they on the market for, and what the final settlement price was for homes sold in that street or suburb.

5. Comparative Market Analysis
 While property prices boom in some locations and other prices plummet in other locations insist on receiving a Comparative Market Analysis so you have as much information you can before making an offer.

6. Tap into the Local Street Knowledge. You’ll be surprised by what information you’ll get if you approach the neighbours of the property you’re thinking of buying. Ask questions such as: is it a busy street, visit any open homes in the street, take time to look at the overall street presentation of the street and most important of all, ask the neighbours what they like about living there.

7. Attend the Home Inspector and Pest Detection service inspections!
Being there while the Pest and home inspection is being carried out allows you to see first hand any issues the inspection may uncover.

It also provides some education for you as the potential homeowner about what you may need to do to maintain your new property. And of course, if termites or the property needs work, you can either take it or leave it, just make sure you use

any extra work and expense that needs to be done to negotiate a better price.