So you've bought your new home / investment property and want to sell it on. How do you find out what price is the optimum sale price?
The first step is to find out when and how much your neighbours sold their properties for. To gain a benchmark for the value of your property, research what properties recently sold in your local vicinity to get a real-time market price. Also check out what is on the market that is similar to your property at present, talk to agents promoting it to get an idea of what the response to the price point is. This basic research will give you the advantage of knowledge aiding you in your negotiations with both agent and buyer.
With the advent of freedom of information, once 'private' information is now widely available often free of charge. Home sales records have long since been recorded by the land registry in most countries and these days it is possible to find out what your neighbourhood prices are including what your own house previously sold for. Many websites make this information even easier to read by mapping out all the data so you can pinpoint your property.
The power of integrating information with technology is now widespread in the real estate industry creating numerous way to display property data in a user-friendly format. Companies are using mapping software and satellite imagery to produce powerful resources for property buyers and real estate sellers alike.
In the USA, Domania.com
is one such company that provides information on many properties across all US states. Enter the details of the property you would like more information on and the resulting page brings up real estate related data on the area and a map, which shows you where the properties listed are located. Domania also has some great real estate tools for the savvy property buyer including for sale by owner
, properties under foreclosure and government property listings which can be on sale for 20-50% under market value. (You will need to register to gain access to these tools)
In the UK Houseprices.co.uk
is based on the Google maps
platform and provides a good selection of data on property prices. Be aware that the site only displays data backdated to the year 2000, so any properties bought before that time period will not show up on their system. However the data provided still allows you to get in depth knowledge into your current neighbourhood’s property market.
Taking the technology even further, OnOneMap
, the property search engine that maps houses for sale and to rent, recently announced a unique new feature – the ability to view sold houses and their sale price alongside houses currently for sale on one map. Users can zoom down to street level, where house icons represent the properties that are available for sale in that particular area putting home hunters in an informed position when buying a property.
Tools for Buying Property
Apart from being a useful tool for price setting for those selling a property, gaining an insight into what the neighbours paid and current prices of properties on the market is very useful for property speculators. This technology changes the way that investors buy properties. Imagine the scenario; as an investor you have done your research found the right area, street and have 5 properties lined up. You can then go online and check what the surrounding neighbours paid for their houses and in addition to inside information on the current owners profit margin. Armed with this valuable information buyers can go in and bargain hard, as you have the information which gives you an upper hand. Mouseprice.com is one such tool, where you can obtain house prices and uk property information
for most parts of the UK.
Increasing numbers of buyer’s, owners and sellers are surfing these property sites tracking prices of properties in their investment area. It has become a routine for some, like watching your stocks this is now a very real pastime.
Many property investors buy to do up their properties adding value by rippiung out old kitchens and bathrooms, extending or simple cosmetics. Its important to find a good builder with a solid reputation and a good place to start is at the Federation of Master Builders Online