Real Estate

Identifying an Overpriced Home

The home buying process is exhausting, and one has to make sure he has done proper research on the properties he has shortlisted. The research involves examining the location, the neighborhood, infrastructure, crime rates, transport connectivity, etc., and then choose what fits our preferences. While being on this journey to buy your dream home, you are very likely to come across a property which may fulfill all your desired criteria but come off as overpriced. We need to take a step back, analyze the choice and save ourselves from over-investing in a mediocre house.

Higher price compared to neighboring properties

Go through the current and previous advertisements of the house you are planning to and compare it with those of the neighboring houses. Upcoming Project by trusted builder runwal oyt wadala Check if they share similar features and yet your house is pricier in comparison. Even if it differs in configurations, evaluate the area’s price range and conclude if it is worth the price you are being asked to pay.

Too pricey for the location

Location is one of the most important factors to be considered while settling for a property. Homes in quiet, predominantly residential, and well-serviced areas cost more than those located amid bustling road networks, poorly serviced neighborhoods. A better understanding of location can help you evaluate the fair price for your selected property.


On the market for a long time

There can be numerous reasons why a house is sitting on the market for a long time, but it is mostly an indication of overpricing since fair-priced homes get sold off very quickly. We should also keep in mind that most affluent properties sit for a long time for their high price which comes with its high-end amenities. So, correlating the type of house you are seeking and its time on the market can help you make a better decision.

Lesser home viewings

Significantly less traffic flow for a particular property can be an indication that the house, in an otherwise appealing and healthy area, is overpriced. Examine the total number of viewings that have been arranged in the past for the house with the help of an agent or through the website and how often it is bid on.

Unnecessary upgradations or added amenities

Some homeowners add amenities to their house to upgrade its look and make it more appealing but most of the time, they are unnecessary and do not make much difference. Instead, it adds more digits to the actual value of the house. World Class Amenities in runwal oyt Always ask the seller about the modifications made from his side before buying the house and ask for a price breakdown to know if you are being overcharged. Not all home improvements make the home more worthy.

Overall condition of the house

Inspect the house carefully to determine the deserved price since most homeowners might put a higher price on it to match the neighboring houses meanwhile the money invested to prepare the house and its amenities is much lesser than the home price.