subject: Researching Your Local Property Market [print this page] Researching Your Local Property Market Researching Your Local Property Market
Whether you are about to sell your home, or looking into buying a new property, it is highly likely that at some point you will be conducting some research into what is happening in your local housing market. If this isn't the case, then I'd strongly recommend that you consider doing some! Researching the property market in your area will tell you all sorts of interesting and useful information such as the price you can expect to pay/receive for your property and also how quickly people are selling and what the buyers in your area are looking for. This is all crucial information to have as both a seller and or a buyer. This article looks into a few ways in which you can build up a pretty strong impression of your local property market. There are plenty of other ways to go about this, but here are some of our favourites.Get On The WebThe best way you can start gathering information is by getting on the internet and checking out some local listings. There are loads of websites that list properties all over the UK, giving you instant access to what sort of prices people are asking for. This also allows you to identify certain 'hot spots' in your area, or areas within the vicinity that may be cheaper than others. Every town has areas that will be slightly cheaper, so if you are willing to compromise on aspects such as walking distance from town and transport links then you can always find a place that's cheaper.Go And Take A LookBefore you put your property on the market, or actively start looking to buy, it could well be worth booking some appointments with your local estate agents. Physically going and viewing houses will give you a much better view of the market than you'll ever be able to get from the internet. However, as you'll probably know, most estate agents will always try and spin the truth at least a little bit. Our advice is to do your own research first in order to give you an idea of when an estate agent might be bending reality, and when they are giving you honest advice. It's also worth booking appointments with several agents, as this will further add to your rounded view of the housing market.Make It A HabbitPeople who really know a subject well tend to be the ones that treat research as an ongoing process, and one in which they partake in regularly. The same should be said for researching your local housing market. Don't just do it for one weekend and think you're done; try setting yourself a time of maybe two or three months and record your findings. Regularly look at your local listings, local papers and always regularly look at the land register to see what prices the houses in your area have actually sold for. If you give yourself enough time, you'll give yourself plenty of information when it comes to viewing properties and making an offer, or asking for a realistic price when selling.
