Competitive analysis of real estate sector of Pakistan
Before any investor plans to invest in the any sector, it is imperative to carry out an extensive analysis of that sector. The activities of competitors, their strengths and weakness must be in knowledge of an investor. So, for the sake of facilitating the realty sector investor the steps for competitive analysis of this sector are presented:
Do a thorough property analysis
First of all, there should be carried out a comprehensive research of the property. While carrying out this research, first of all research the area and its neighborhood. Although the real estate sector is at boom in Pakistan, but the volatility varies from place to place. Before considering a property for buying, you have to travel in the area and neighborhood and area of property. Check out the infrastructure, development projects undertaken and quality of neighborhood located in proximity to your property. Other factors to consider, if you are planning to buy a house, are:
- Demand and size of your property
- the number of bedrooms and bathrooms
- condition of house
- Garden area
- Modern amenities and features
- Proximity to commercial zones
- Age of house
Search for the original price
Once you are done with property analysis, next you have to find out about the listing prices. The listing prices of a house will give you a better idea about the real worth of your investment. This will also provide you insights about the potential strengths of weaknesses of your desired property.
Check for price estimates
Competitive analysis Multiple websites such as Zameen.com are available, from where you can get general estimate of property prices. This will help you in negotiation process. Interestingly, for having close price estimates you can:
- Visit online real estate web portals
- Take services of realty agent
- Plan a personal tour with some acquaintance
- Consult with a friend who has recently bought property.
Invest a little time on comparable properties
It is always a good idea to know about the comparable properties. Competitive analysis Once you have selected a house with its specific features, try to visit other housing societies. In those societies, search for houses that equivalent to your chose house and check their prices, features, amenities and quality of life in that society. For this purpose:
- Look up for recently sold properties
- Analyze current listings of relevant houses
- Gather information from real estate analytics.
Decide a price range
Once you have access to all relevant information, now you have to take a practical decision. Decide a price range! Choose the property based upon all factors you have considered. Go for properties with more features, proximity to work and educational places and comparatively newer in design. Furthermore, last but not least compare the prices as per your available budget.
Take tour to your property with an expert
Still property buying is biggest decision of life, Competitive analysis so take the services of expert. Let’s check the house with an expert and see if your investment is really worth it. Along with this, take notice of amenities, modern accessories, renovation areas, exterior and upgrades.
Buy your dream home
Finally, hire an authentic real estate agent and conclude your deal. Competitive analysis the agent will help you in legal matters and related issues that can arise.
This analysis will help you to avoid mistake such as buying at overprice, expired listings, costly renovations or any other legal issues.