Why a street sales report is needed for property transactions?

It is terribly easy to fall in love with a house that looks as if it came straight out of Architectural Digest or Elle Décor — especially if it comes with all the necessities you are looking for in a home, from the ideal location to the ideal size of the property. And then you find out about the price, which, if the quality and features of the home are any indication, will mean a high number you might not be able to afford. No one enjoys letting go of a desirable property over an asking price beyond one’s budget.

So how do you prevent such a counterproductive (and perhaps, even more importantly, disheartening) experience?For one, you could go see only properties that correspond to your budget. For another, you could invest in acquiring more information about the property through a street sales report.

Street sales reports provide the sales history of your chosen street. Along with the street address, you get information on the sale price and sale dates of properties in that particular lane. You also receive the types of property and the land sizes, which may give you an insight as to the sort of houses being put on the market and which ones are selling pretty fast. In acquiring such data, you will be able to determine whether the investment you are making towards, for instance, the 200 square metre, two-level house at 216 Brunswick Road will be a sensible choice. Whether you plan to resell or live in that property, it is important to be sure that you are paying the right price for it.

The report may also be used as a kind of leverage when you are negotiating the asking price, be it as a buyer or a seller. You can point to significant items on the report such as the length of time it took for the property to sell or that other similar properties on that street sold for much lower prices. As a buyer, you will have the confidence to ask for a much lower price if the historical sales of the street indicate a less-than-stellar sales activity. As a seller, you will have the power to deny lower offers or accurately price your property if the historical sales reveal that the street is a sought-after address.

Sometimes, finding your ideal property or finding buyers for your house will be the easy part. And negotiating to acquire or sell that property can be the troublesome experience. By arming yourself with sufficient property data through street sales reports, you may turn that troublesome experience into a sound and profitable investment. So look into getting one today.

About the author: Oliver Finney is a real estate enthusiast and a part-time writer. He shares his knowledge about the real estate industry through writing. He actually writes in behalf of www.myrp.com.au 

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