What factors determine the purchase price of the property I am buying?
While a number of factors come into play when determining the purchase price of the property you are buying, the end result is judged by only one figure - how much someone is prepared to pay for it at the time.
The most significant considerations for pricing a property are recent sales and current competition. Your Real Estate agent can provide you with information and advice regarding both of these aspects of the house-hunting process through competitive market analysis.
It is also important to take note of the prevailing market conditions, as these can generate a genuine insight into short-term trends and help prospective homebuyers gain a feel for what they will need to pay to achieve their goals.
'Seller motivation' - the reason the current owner is attempting to offload the property. This concept might also play a major role in determining the final purchase price. If a quick sale is required, vendors have little choice but to accept the best offer at the time without the luxury of waiting for a better deal.