Property Value – Key Factors to Know the Market Value of Property

Property Value – Key Factors to Know the Market Value of Property

Acquiring home is most important investment in the life of majority of citizens, so knowing the right information before embarking on that adventure is very essential. The real estate market is always getting new options, and the perfect property for you can pop up anytime. A great way to look for the most interesting options on the market is to search through real estate platforms. 

The real estate portals usually include properties for sale by various prominent builders. In addition to allowing you to search with a range of filters such as price range, the number of rooms, location, etc. The platforms concentrate a large number of options, which increases the chances of finding a home that fits in your pocket. Look at the below five effective ways to find the right market value of land or property.

Market Study

Setting the correct market price is decisive when buying an apartment in Hyderabad. To do this, you must look and pay full attention to the prices and characteristics of homes in a particular area. An adequate market study and thorough knowledge of the area will lead you to find a home in the best place without having to resort to successive price drops. This is where a real estate firm can be very useful. The right price is not reached in five minutes. You have to see the surrounding homes that are for sale, try to find out how much the last ones in the area have actually been sold and study the prices of those that have been in the market for a long time and are not sold. Then, you have to compare everything objectively with your flat and try to get an adequate price

Real Estate Portals

Visiting the real estate portal, you can get valuable information. Go to the best-known portals and select only the homes for sale in your area. With the help of filters, look for homes that are similar to requirements. With all this, you will find out the prices of homes that have not been sold, what they take time for sale, how many visits the ads receive, and you will see what equipment, condition, and other important extras they may have. That is, it will give you an overview of the prices in your area and the degree of competition.

Location

A sale or rental price is established through a commercial appraisal and the current market situation. However, even if this has been fixed, if the offer exceeds the demand in the real estate market, the owners tend to yield and adjust to a lower price. The opposite occurs when the demand is higher. Only the offer of the area or similar areas should be considered, as well as the location of the home to negotiate the sale price since they are the only valid points of comparison. Check daily the situation of the developments in the area, the average of offers and sales or rents that are made, and compare the prices listed to those agreed at the close, and this process will serve as a guide to establish the latest price.

Compare Prices

Many people are interested in the transaction by thinking only about the comparison of prices and leave aside the benefits provided by the property and the area. So it is important that as an offer, you maintain the position and highlight what is being acquired with the purchase. To achieve this, property value must be within the average of homes in areas with similar characteristics. If the price is higher than the market value, it is unlikely that the property will sell in a short time.

Real estate Offices

Contact the real estate office and find out if there are any agents who are willing to talk with you about recent sales. Local governments keep records of recent property sales, which are usually found at the tax declaration office. Contact the office and request records of recent sales that have been made in your neighbourhood. Ask if they can give you a list with all the details of each property, including the sale price, the sale date, the square footage, the year it was built, and the number of rooms and bathrooms it has. You will need all this information to make a well-founded calculation of the market price for your home.

Why Home Value is Important in Buying a Home?

The valuation of a property is extremely important as this will depend on the time invested in buying the property in Hyderabad. The real benefit that can be obtained and the fact that it is not exposed to the market in a negative way.

To get to know the approximate value it will be necessary to perform the following property analysis process:

  • Identify the property, define the rights and the objective of the valuation.
  • Collection and selection of data related to the environment, specific to the property, technical, environmental, legal and market.
  • By means of one of the existing valuation methods (comparison method) and last operations carried out with a similar commercial profile.
  • Determination of the value range, it will be the experience of the professional that determines a minimum and maximum price range of the final value.
  • An explanation of the process and the arguments that justify the range of the adopted value.

The valuations that are executed in the real estate market have as their objective the granting of mortgage loans and legal issues, so they are subject to compliance with the regulations that regulate the sector. The property value is more important to financial institutions and management than an owner who wants to know the market value of a home in real-time.

Conclusion

The residential real estate market is very unpredictable and it requires proper research and knowledge. When buying a property the buyer has to know the detailed information of the market to find the correct price of the property.  Are you interested to know the accurate and latest price of properties in Hyderabad? Visit www.propertyadviser.in India’s first-ever real estate property directory portal, our professional team visits every area personally and collects accurate details of every property in Hyderabad. This real-time information helps you to make well-informed investment decisions.

By: Shailaja K