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Quiz: Are Your Property Expectations Realistic?

By: Beth Morrisey MLIS - Updated: 18 Feb 2011 | comments*Discuss
Property Expectations Realistic

Searching for a property to match both your expectations and your budget can be a frustrating experience. Very often the hope of an exceptional bargain causes a property search to carry on only for the potential buyer to feel less and less successful. Taking this quiz should help you determine if your search is spot on or if you have unrealistic property expectations.

1. You check local property listings:

a. Every day.
b. Every week.
c. Every month.
d. Never.

2. You tour open properties:

a. Whenever you can find them.
b. Occasionally, just to see what they are like.
c. Maybe if someone else mentions it to you.
d. Only if you are interested in the property.

3. You watch property-related television programmes:

a. Every day, and you have favourites.
b. Now and then, if you can remember when they are showing.
c. If there is nothing else to watch.
d. Almost never, they have nothing to do with you or your property search.

4. When you discussed your expectations and budget with an estate agent, (s)he:

a. Immediately thought of a few properties for you to consider.
b. Said (s)he might have a hard time finding all of your desired features.
c. Cautioned that the search might be extended and/or unsuccessful.
d. Advised you to rethink your expectations or the price you will pay for them.

5. When you speak to property sellers, they most often:

a. Seem positive and enthusiastic about your questions.
b. Appear willing to negotiate about certain items for the asking price.
c. Respond negatively about your ideas on what the price should be.
d. Advise you that your expectations do not match the property and/or area.

Mostly “A” Answers

If you answered mostly “A” then your property expectations are likely realistic. You seem to keep up with property sales on a regular basis, listen to advice from experts and do enough research that you understand the going price for properties with specific features or in specific locations. If you still feel uncertain about what you can expect of a given property in your area then consider checking in with a few more estate agents or ask around of friends and relatives who have recently sold or bought a home until you feel more confident.

Mostly “B” Answers

If you answered mostly “B” then your property expectations may be realistic. It seems like you do make an effort to stay current on property markets in your target areas, but your own inconsistency may be letting you down. While it may be overkill to check in on properties daily, you should at least set aside time for a weekly perusal of what is on the market, what the asking prices are and what the properties entail for that asking price. Remember too that prices will differ according to location, so searching a wide range of properties and areas on a regular basis may better help you find a selection which meet your expectations.

Mostly “C” Answers

If you answered mostly “C” then your property expectations may not be realistic. You likely remember to research properties only occasionally, and even then you may be blinded by what you want to see rather than taking in what is actually available. Discussing your expectations and budget frankly with an expert like an estate agent could help you better understand why your dream property has not materialised at your dream price. Deciding which features are as absolute musts and which you are willing to compromise on in order to stay within your budget should also help you better adjust your property expectations as needed.

Mostly “D” Answers

If you answered mostly “D” then your property expectations are most likely unrealistic. It may be that you are expecting too much of a property at your current budget, that you will be unable to find your expected property in your target locations or that you really have no idea what is on the market at specific asking prices so you have no way to judge what a property will offer at different price points. Before you do anything else, log on to a few local property websites and compare asking prices and property features. Make a habit of checking listings regularly and attending open property viewings so that you can get a good idea of what is on offer in certain areas. Also consider enlisting the aid of an estate agent if you are not working with one already as these professionals can explain properties and asking prices as well as guide you toward more realistic expectations of the properties in your price range.

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