5 Top Questions to Ask When Buying a House
When buying a home, it pays to approach the purchase with as much information as possible. While it's easy to get emotionally attached to a well-presented property, before you head down the buying road you'll need to ask a few key questions. At PRD Nationwide Canberra, we are passionate about matching clients with their dream property and have a dedication to honesty, integrity and success. Here’s 5 key questions to ask an agent which can reveal more about a property than you might think.
Why is the vendor selling the property?
The answer to this question will help you to assess the value of the property as well as the selling time frame. Understanding the motivation behind the sale will give you an indication of what type of seller you are dealing with and it will also give you an insight into how eager they are to sell the house. The reason the vendor is selling could potentially change the way you negotiate. For example, if the vendor has already bought another property they will be more motivated to sell and you could even try to negotiate a lower price due to the urgency.
How long has the property been on the market?
The length of time the house has remained in the market will influence its price. If the house has been on the market a long time (more than three months), take your time to find out more about the property and ask the agent why they think it isn’t selling. It’s likely the property is either be overpriced or may have some serious issues you aren’t aware of. Some owners are happy to wait for years for an unrealistic price, however other vendors may be desperate to sell and could be open to accepting a low offer.
What is the price expectation?
Some agents might hesitate to give an exact answer to this question but don’t be afraid to push back enough to get a rough estimate of the price range. There’s no point falling in love with a house if it is priced well above your desired range, you will just end up disappointed. Also be careful not to reveal too much about your own budget or buying motivation, this could impact on your future negotiating power.
What are some comparable sales in the area?
Comparable sales will give you an understanding of how the vendors have arrived at their desired price, and it will also indicate how realistic the price expectation is. If the comparable sales in the area don’t seem all that comparable, chances are the vendors have overestimated the current market and will have to negotiate in order to sell.
Is the vendor open to offers prior to auction?
It can be risky making a pre-auction offer, but if done correctly, you could potentially save yourself thousands of dollars as well as the stress of fighting it out at auction. If the vendor is motivated to sell it’s likely they will be open to accepting a realistic offer before the auction. The answer to this question can also tell you a lot about the vendor's mindset so don’t be afraid to ask, even if you don’t want to make an offer before auction.
It’s important to remember that the real estate market can change quite quickly, one minute it may be a seller's market, the next it might favour the buyers so don’t hesitate to ask the selling agent to give you professional insights into the property, comparable sales and the current market conditions. Knowledge is the key to securing your dream property at the right price.
If you are looking to buy a property contact the real
estate professionals at PRD today. We understand buying a home is an exciting
time, but it is also one of the biggest financial decisions you will make. Dedicated
to helping you achieve your property goals, our team will support you through
the buying process, ensuring a positive and seamless transaction. Call us today
on 02 6262 5232 or browse our listed properties online.