Key Steps :
• Research Neighbourhood Trends : Look at the area ’ s historical price trends . If the area is steadily growing in value , then you may be more inclined to accept a higher price for the property .
• Look for Planned Developments : Check with the local municipality to see if any infrastructure or development projects are planned for the area . New schools , shopping centers , or public transportation options can make an area more desirable , potentially boosting property values .
But , by the same token , projects such as homeless shelters or developments for other social causes may devalue the property over time .
7 . Consider Market Conditions ( Buyer ’ s vs . Seller ’ s Market )
Market conditions play a huge role in determining a fair price for a property . In a seller ’ s market , where demand outstrips supply , prices tend to be higher , and there is less room for negotiation . Conversely , in a buyer ’ s market , buyers have more leverage , and prices are generally more negotiable .
52 REI MAGAZINE FEBRUARY 2025