5 Effective Ways to Find Right Price of your Property

In a fluctuating real estate market of India, it is quite difficult to find the right price for the property. Whether you are buying a property or selling one, staying updated and calculating the property price accurately is imperative. In general, the property price in India is decided according to the infrastructure, connectivity and the current real estate rate. For instance, in Mumbai, the property price in South area is much higher compared to central Mumbai. Moreover, the property price of Eastern part of the suburb will be less compared to Western part.

However, the estate market in India is still grim. According to the reports from property research firm, Liases Foras, in 2015-16, the Mumbai region witnessed around 2.26 lakh apartments were lying unsold. The number has certainly increased in the last financial year. With more and more cases of project delays by developers, buyers are looking forward to ready-to-move properties. So this is a good sign for you to sell your property.

Moreover, with the schemes from the central government on real estate, it further makes it easier to sell the property.

Finding the Right Price for your Property:

Fortunately, the hurdle of calculating the price of your property has dwindled due to various property calculator sites, agents and online assistance. The best way to sell your property and earning a good profit is by fixing the floor price. You can increase the floor price compared to the existing one; the extra amount paid above the floor price is the premium and is a profitable deal.

Now let check some effective ways to find the right property price:

1. Play the role of Buyer and Seller:

When it comes to buying and selling of the property, we generally seek assistance from broker or an agent. However, relying completely on them is a risk, so turn yourself into a seller or buyer and research about the property price in your area. Approach selective brokers and act as a buyer to know the price of the area. Similarly, approach another few buyers and act as a seller. This will help you to know price difference. If the difference between average buying and average selling price is less then it means real estate agents are providing the right information and if they are telling you higher prices then those brokers are not trustable.

2. Find other Deals in your Area:

Whether you are living in a row house or an apartment, do a research about the recently sold property in your area. Check what difference matter with your property and the sold one. For instance, if an apartment in 2nd floor with 2BHK area is sold for 1crore in the location having the entire basic infrastructure and the apartment isn't well decorated, then you can set a quote for your apartment which is in a higher floor with the entire amenities insider to a higher price. Of course, potential buyers will show some interest in investing in your property. Quoting a higher price also helps in negotiation.

3. Spice up your home to boost its value:

A buyer will show an interest in the property which has a complete interior setup and doesn't need any further improvement. From fixed furniture to paintings, everything matters when fixing the price for your apartment.

4. Seek help from Online Forums:

Real estate online forums are the best way to know the current estate price of your location. Some top real estate companies like Zricks, 99acres, Magicbricks and others have an online forum where developers, agents, buyers and sellers discuss about the property investment. The members also share property prices of the projects in the specific area and discuss pros and cons of that particular project and locality. However, here too, you cannot completely rely on comments, but you can get connected to reliable sources.

        5. Apartment Association/RWA Office:

Another effective and reliable source of information on property price can be the office of apartment association or RWA. The office manager knows in and out about the prevailing property prices and last few transactions that has happened in the society and . Though it is not easy to get the information from office assistant and you need to find some trick.

Conclusion: Similar to the stock market, real estate is very unpredictable which requires proper research and understanding by the property owner. Having an open mind during the buying and selling of the property is important. Reading the mind of the buyer is essential to seal the price of the property. As a seller, you need to be perfect and use right materials to find the price of the property.