As a real estate Broker, I get asked several questions from clients wanting to invest.I am going to go through some of the frequently asked questions ( FAQs) in real estate with you.

 

1)::: Is now a good time to buy or sell?

When it comes to real estate investing, the reality is no one has a crystal ball. We only know what the right time was to buy or sell by looking at history, hindsight being 20/20. The answer to this question is “Yes” all you have to do is find a house or property you love that makes sense, that you would own for a long time, it’s in a good location and in a decent shape, lock in a long-term mortgage and sleep well.‎


2):::How is the housing market now in my area?

In Lagos, there is a huge demand for affordable housing opportunities. In defiance of global economic changes or meltdown, the property market in Lagos  continually witnesses a sharp increase in prices.  For example, houses that are being sold for 150million naira in Lekki or Ikeja GRA  areas this year, will witness an increment of about 25% next year. This is because the Nigerian economy, in general, does not depend entirely on banking.


3):::What are the steps involved in selling my house?

Selling your house is a big task and your house is likely your biggest asset. The key steps to selling your house are first you assess the condition of your house, secondly, you get a price for it, thirdly, you list it and market it, fourthly, you negotiate and accept an offer, Lastly, you prepare paper works and close the transaction


4):::How do you determine how much my home is worth?

An accurate appraisal of a home’s worth can make or save you tens of thousands of Naira on a prospective deal. Determining how much a house is worth begins with an assessment of the prevailing domestic economy as it relates to local real estate prices. You must learn to monitor the price action of the comparable real estate, or comps, which are groups of homes in your neighborhood with similar qualities.


5):::What price can I expect to get in the current market?

Real estate prices in a current market situation are determined by the market price and the market value. The Market price is what a willing, ready and bank-qualified buyer will pay for a property and what the seller will accept for it. While the Market value is an opinion of what a property would sell for in a competitive market based on the features and benefits of that property (the value), the overall real estate market, supply and demand, and what other similar properties have sold for in the same condition. The major difference between market value and market price is that the market value, in the eyes of the seller, might be much more than what a buyer will pay for the property or it’s true market price. Value can create demand, which can influence price. But, without the demand function, value alone cannot influence price. As supply increases and demand decreases, price goes down, and value is not influential. As supply decreases and demand increases, the price will rise, and value will influence price. Market value and market price can be equal in a balanced market.


6):::Does choosing the right agent really make a difference?

Choosing the right agent can make a difference in how quickly and efficiently you can find or sell your house, the price you pay or receive and the smooth completion of the transaction. Finding the right pays off in the long run. You should go for a professional real estate agent who has experience. then you can also get referrals from friends, neighbors and co-workers. Interviewing a few real estate agents will also help.


At the time of writing, Devine Obi Ezewuiro , is a Real Estate Broker and CEO at Loo-Cent Services ( Real Estate Consultants) in Lagos , Nigeria.



Cc: lalasticlala, Mynd44, obinoscopy, Seun,. ‎

Lalasticlala

Mynd44

Don't wait to buy real estate, buy real estate and wait.

All these real estate people asking you to buy a land and get a goat or Christmas chicken are fraudulent. By the time they milk you dry, you'll regret patronising them

∆ Alright... Insightful ∆

E

Okay

I personally think Real estate in Lagos is over saturated and over priced. Especially on the island where some houses are over priced and consequentially overrated.

Nigerian properties as a whole have a low investment yield. Investment yield is calculated by working out the percentage as per the income a property would generate every year against the price at which the property was bought. I am yet to see a Lagos property with an investment yield of more than 10 percent

My opinion is anyone willing to invest in real estate and has more than 100 m as capital should look outside Nigeria in other countries like Uk, UAE, Caribbean islands and others.
100 million naira is (200,000 pounds) it will get you decent properties outside London with an impressive investment yield. Besides pounds is triple the value of the naira so why won't you take these investments outside

interesting..

Please how many persons have houses to for sale on Nairaland.

Good morning peeps , so many diverse opportunities. Abound Real Estate Business depending on our foresight . Land flipping is the best part of the business to me ... however , I want to use this opportunity to advertise to you a Land I got for sale in Ikate Elegushi Area, Lekki .. it’s close to Lekki gardens, House on the Rock Cathedral and spa at an affordable price ..titles are C of O and Survey .. call for more details : 08153997510 and 09064404524.

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babaskool:
I personally think Real estate in Lagos is over saturated and over priced. Especially on the island where some houses are over priced and consequentially overrated.

Nigerian properties as a whole have a low investment yield. Investment yield is calculated by working out the percentage as per the income a property would generate every year against the price at which the property was bought. I am yet to see a Lagos property with an investment yield of more than 10 percent

My opinion is anyone willing to invest in real estate and has more than 100 m as capital should look outside Nigeria in other countries like Uk, UAE, Caribbean islands and others.
100 million naira is (200,000 pounds) it will get you decent properties outside London with an impressive investment yield. Besides pounds is triple the value of the naira so why won't you take these investments outside

Are you serious?

babaskool:
I personally think Real estate in Lagos is over saturated and over priced. Especially on the island where some houses are over priced and consequentially overrated.

Nigerian properties as a whole have a low investment yield. Investment yield is calculated by working out the percentage as per the income a property would generate every year against the price at which the property was bought. I am yet to see a Lagos property with an investment yield of more than 10 percent

My opinion is anyone willing to invest in real estate and has more than 100 m as capital should look outside Nigeria in other countries like Uk, UAE, Caribbean islands and others.
100 million naira is (200,000 pounds) it will get you decent properties outside London with an impressive investment yield. Besides pounds is triple the value of the naira so why won't you take these investments outside

Why would you advice NIGERIANs to take their investments outside the country. I really don't encourage capital flight.

babaskool:
I personally think Real estate in Lagos is over saturated and over priced. Especially on the island where some houses are over priced and consequentially overrated.

Nigerian properties as a whole have a low investment yield. Investment yield is calculated by working out the percentage as per the income a property would generate every year against the price at which the property was bought. I am yet to see a Lagos property with an investment yield of more than 10 percent

My opinion is anyone willing to invest in real estate and has more than 100 m as capital should look outside Nigeria in other countries like Uk, UAE, Caribbean islands and others.
100 million naira is (200,000 pounds) it will get you decent properties outside London with an impressive investment yield. Besides pounds is triple the value of the naira so why won't you take these investments outside

God bless you.....

Your post is an eye opener.


Exposure is always ahead of cash. You may squander your life savings due to lack of exposure.

#My personal belief though.

nairavsdollars:
All these real estate people asking you to buy a land and get a goat or Christmas chicken are fraudulent. By the time they milk you dry, you'll regret patronising them

throw more light

babaskool:
I personally think Real estate in Lagos is over saturated and over priced. Especially on the island where some houses are over priced and consequentially overrated.

Nigerian properties as a whole have a low investment yield. Investment yield is calculated by working out the percentage as per the income a property would generate every year against the price at which the property was bought. I am yet to see a Lagos property with an investment yield of more than 10 percent

My opinion is anyone willing to invest in real estate and has more than 100 m as capital should look outside Nigeria in other countries like Uk, UAE, Caribbean islands and others.
100 million naira is (200,000 pounds) it will get you decent properties outside London with an impressive investment yield. Besides pounds is triple the value of the naira so why won't you take these investments outside

Even the UK, UAE, Caribbean Islands are expensive. Eastern Europe, Southern Africa, North Africa, South America, South East Asia (except Singapore) all have properties with better investment yield.

You go to Abuja, Lagos, PH and see $1-2m houses; and you begin to wonder if these real estate agents are on crack. Overpriced is an overly nice way to put it.

There's a reason why SA houses make it to Mansion Global, but NG houses are missing.

-Lord

babaskool:
I personally think Real estate in Lagos is over saturated and over priced. Especially on the island where some houses are over priced and consequentially overrated.

Nigerian properties as a whole have a low investment yield. Investment yield is calculated by working out the percentage as per the income a property would generate every year against the price at which the property was bought. I am yet to see a Lagos property with an investment yield of more than 10 percent

My opinion is anyone willing to invest in real estate and has more than 100 m as capital should look outside Nigeria in other countries like Uk, UAE, Caribbean islands and others.
100 million naira is (200,000 pounds) it will get you decent properties outside London with an impressive investment yield. Besides pounds is triple the value of the naira so why won't you take these investments outside

take that money to ibeju lekki nd buy lands. And get 50% ROI yearly. No time

obidevine:


Why would you advice NIGERIANs to take their investments outside the country. I really don't encourage capital flight.

The proceeds is coming back in manifold into the country latter-on.

The advice is priceless if we see it from positive perspective.

MTN and other investors from abroad are shifting huge sum of money out of our country everyday.

.

Real estate in Nigeria is Goldmine. You buy and wait. Not buy to wait. Good thread op.

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obidevine:


Why would you advice NIGERIANs to take their investments outside the country. I really don't encourage capital flight.

As things stand, an investor only wants to make more money from his capital investments so If he does this in another jurisdiction, it really doesn't matter

Ok

babaskool:


As things stand, an investor only wants to make more money from his capital investments so If he does this in another jurisdiction, it really doesn't matter

No doubt, you have a very solid point here.

obidevine:
As a real estate Broker, I get asked several questions from clients wanting to invest.I am going to go through some of the frequently asked questions ( FAQs) in real estate with you.

 

1)::: Is now a good time to buy or sell?

When it comes to real estate investing, the reality is no one has a crystal ball. We only know what the right time was to buy or sell by looking at history, hindsight being 20/20. The answer to this question is “Yes” all you have to do is find a house or property you love that makes sense, that you would own for a long time, it’s in a good location and in a decent shape, lock in a long-term mortgage and sleep well.‎


2):::How is the housing market now in my area?

In Lagos, there is a huge demand for affordable housing opportunities. In defiance of global economic changes or meltdown, the property market in Lagos  continually witnesses a sharp increase in prices.  For example, houses that are being sold for 150million naira in Lekki or Ikeja GRA  areas this year, will witness an increment of about 25% next year. This is because the Nigerian economy, in general, does not depend entirely on banking.


3):::What are the steps involved in selling my house?

Selling your house is a big task and your house is likely your biggest asset. The key steps to selling your house are first you assess the condition of your house, secondly, you get a price for it, thirdly, you list it and market it, fourthly, you negotiate and accept an offer, Lastly, you prepare paper works and close the transaction


4):::How do you determine how much my home is worth?

An accurate appraisal of a home’s worth can make or save you tens of thousands of Naira on a prospective deal. Determining how much a house is worth begins with an assessment of the prevailing domestic economy as it relates to local real estate prices. You must learn to monitor the price action of the comparable real estate, or comps, which are groups of homes in your neighborhood with similar qualities.


5):::What price can I expect to get in the current market?

Real estate prices in a current market situation are determined by the market price and the market value. The Market price is what a willing, ready and bank-qualified buyer will pay for a property and what the seller will accept for it. While the Market value is an opinion of what a property would sell for in a competitive market based on the features and benefits of that property (the value), the overall real estate market, supply and demand, and what other similar properties have sold for in the same condition. The major difference between market value and market price is that the market value, in the eyes of the seller, might be much more than what a buyer will pay for the property or it’s true market price. Value can create demand, which can influence price. But, without the demand function, value alone cannot influence price. As supply increases and demand decreases, price goes down, and value is not influential. As supply decreases and demand increases, the price will rise, and value will influence price. Market value and market price can be equal in a balanced market.


6):::Does choosing the right agent really make a difference?

Choosing the right agent can make a difference in how quickly and efficiently you can find or sell your house, the price you pay or receive and the smooth completion of the transaction. Finding the right pays off in the long run. You should go for a professional real estate agent who has experience. then you can also get referrals from friends, neighbors and co-workers. Interviewing a few real estate agents will also help.


At the time of writing, Devine Obi Ezewuiro , is a Real Estate Broker and CEO at Loo-Cent Services ( Real Estate Consultants) in Lagos , Nigeria.



Cc: lalasticlala, Mynd44, obinoscopy, Seun,. ‎

Follow these real estate rules and you'll have mad bread to bake up.

Achorise:
Please how many persons have houses to for sale on Nairaland.

Do u mind any in Festac?

Achorise:
Please how many persons have houses to for sale on Nairaland.

Depends on what Location you want

Achorise:
Please how many persons have houses to for sale on Nairaland.

I do

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