Over-priced homes in Port Moresby – how to identify them.

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Both rental and sales property prices shot up during the LNG project stage and despite the downturn sellers continue to set their properties high.  But how can you tell whether a property is overpriced?

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Many potential buyers that look around for a property usually aren’t sure whether a particular property that is for sale has a reasonable price attached to it.

Both rental and sales property prices shot up during the LNG project stage and despite the downturn sellers continue to set their properties high.  But how can you tell whether a property is overpriced?

On the market for a while

A property that’s been on the market for a while is an indication that it’s overpriced.  There may be other factors why the seller hasn’t found a buyer but the price is a determinant factor.

In short, the longer the property stays on the market with little or no adjustment to the original price, it’s overpriced.

Compare prices for a suburb

Another way to determine whether a price of a property is overpriced is to pay close attention to the market.  In fact, you’ll need to follow the market for a while before you realise a trend.

Since following the market can be an enormous task, perhaps refining your criteria to only a suburb or two you are interested in buying and further limiting your criteria to a particular type of property and number of bedrooms.

If during your search, a property seems to be a lot higher than the rest in that suburb, that could be an indication that it’s overpriced.

Follow the newspapers, noticeboards, online real estate portals.

Hausples

If you’re ever looking at buying, selling or renting in Port Moresby, www.hausples.com.pg is your go-to website.  We love this site because most of the reputable real estate agents are members of the hausples and by listing their properties in a central website, it’s much easier to find properties that meet your criteria.

And when it comes to comparing prices, Hausples does a good job at it.  This means you can clearly work out what is overpriced and not.  This is much easier then searching through endless newspaper listings or cold calling agent after agent.

But it’s not just the “overpriced” properties you will find, you can score cheaper deals too and if you negotiate well, you could get a property underpriced!

The other helpful feature on Hausples.com.pg is the “Sold Prices” section.  This section tells you which properties have been sold and the price.  Not every sale is listed here but for those that have been sold, they can give you an indication of the current price range for a particular property type in a particular location.

As a final note, remember that prices set on a listing are usually negotiable.  So don’t just take the price as listed, make a counter offer.

Happy hunting!

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