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How to know if the property is at the right price?

by Mark Vin

You have found the property that meets your expectations and your budget, but you want to know if it is estimated at its fair price before buying it, in order to proceed with a real estate transaction without being prejudiced.

Call your notary for property

The notary has access to many real estate monitoring tools and an increased knowledge of the local territory since he has sales agreements signed daily, but also since he is authorised to sell real estate. Consequently, consulting it to find out if the accommodation you are considering buying is at market price is an excellent initiative. Especially since this legal professional is bound by the code of ethics to an obligation of loyalty and discretion. However, the notary, if the property you have chosen is above the market price, will not negotiate the amount of the sale for you downwards. By going through him, you will therefore have to influence the seller on your own, unless you decide to go through a real estate agent. You can also buy property at a very outstanding housing society like Seven Wonders City.

Call a real estate agent

The real estate agent or the real estate agent is undoubtedly the person best able to help you during a real estate transaction. Indeed, he evaluates the amount of real estate every day to enter sales mandates, and assists the buyer in his steps until the signing of the sales agreement. He therefore knows the price of real estate particularly well, especially at the local level of one or more cities in which he is used to exercising. He may even already know the property you want to buy or the surrounding property. Its number of years of experience is often a guarantee of its estimate to the nearest euro. He will thus be able to tell you if you are about to make an acquisition at the market price or, on the contrary, if it is overvalued. In this case, he may offer to assist you in negotiating the lower transaction with the seller. He will have the arguments you need to tip the scales in your favor.

Track real estate ads

If you prefer to analyse market prices yourself, there are a few avenues to follow by following the local real estate market. The first thing to know is when the property you are considering buying has been on sale. If it has been several months and the price has not been revised, then there is a good chance that it is overvalued. Indeed, an apartment or a house at the right price generally sells in a few weeks and at most in two months. In addition, have the reflex to browse the various classified ad sites to find properties that are as close as possible to the one that caught your eye and in terms of place of life (district, proximity to shops and services, school transport, etc.) and services (area, number of rooms, energy performance, external environment, etc.).

Ask the neighbourhood

Here is a reflex that few buyers have, and yet it often allows you to know a lot about real estate prices at the local level. Very often, the neighbourhood will tell you if the property changes owners often, if there is a particular problem within it. He will therefore be able to enlighten you to see in a new light the investment for which you want to commit. This process, simple and free, is also to be done when acquiring land or off-plan housing. Who, better than the neighbourhood, will know which real estate programs have been created in their neighbourhood and at what price? Who, better than the neighbourhood, will be able to tell you if a neighbour has encountered problems with such and such a builder?

Use the Patrim service

Reserved for taxpayers, the Patrim service can be consulted from your personal space for individuals on the tax website. Once in your space, you will find it under “Other Services” then “Search for real estate transactions”. You will thus have access to transactions according to the surface area of the goods sold and the address you have entered within a defined radius. This tool is particularly useful in tense areas where real estate transactions are numerous. It will give you, among other things, the low range and the high range of the selling prices of properties located in your geographical area, but also the price of the property per square meter. Who knows, with a bit of luck, a house may have recently been sold right next to yours! Analyse the pluses and minuses of the coveted property Finally, keep in mind that the presence or absence of certain services will directly influence the price of the property. Thus, even with the same surface area and environment, two houses can have a difference of several hundred euros per square meter.

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