- Real Estate
5 Reasons to Look Up a Property Sales History Before Purchasing
Real estate appraisal can be nitty-gritty business. The safest and fastest way to get most of it done is to turn to the property sales history. There, you’ll find information that gets you what you need, quick and simple.
1. Hints at the People
Let’s say you were in the seller’s shoes. One possible tenant has just told you that he is getting a divorce from his wife. Call it cruel, but knowing that he’s motivated to move out may make him more willing to accept a lower price. As a buyer, you can find out things such as when each seller occupied the home and for how long they occupied it.
2. Hints at the Conditions
Property sales history provides lots of information, a most valuable piece of information being the condition of the home. Granted the labels “old and rusty” or “like a shiny new penny” aren’t going to appear. However, you can infer from the dates of purchases how old and used the property is.
3. Understand the Value
This fits perfectly with the other two considerations explained above. To fully understand the value, gauging how much previous tenants paid for it and its age as a home for residents is important. The price and the value are not always aligned in parallel.
4. Save Yourself the Time
Let’s face it, you want to spend most of your time looking through the various properties, not doing all the back-end work. Luckily, there are people who consolidate all the data for you. All you need to do is flip through the sales history which can save you from hours of researching and investigating.
5. Convenient and Free
As a soon to be property owner, you want to divert most of your money to the home, not the back-end work. Analyzing these records are convenient as most can be accessed online, and not to mention, free. It’s like unlocking a library full of insightful information.
Save yourself the time and money and turn to these insightful data records. You might find yourself surprised at how detailed some of the information is. Having the data and statistics will push you to making the right property choice.