Ask The Agent with CW Real Estate

What is off-market listing?

Off-market listing is when a property is not listed on any property listing platforms and is therefore not visible to the vast majority of people. There are different reasons why sellers/buyers choose off-market listings which include the following:

High profile sellers: To create better value with a sense of anonymity and to stand apart from the general real estate market.
Disputed listings
Cultural reasons: In a society like ours, there’s an air to home ownership and some sellers won’t want the general public to know they’re selling.

To sell off-market listings, we work with a network of clients and investors that best suit the listed property. Off-market listings make up about 40% of our closings as our customers usually have a preferred choice for off-market listings which have made us the trusted agent for such listings. Also, they’re gems on the market that are not known to an average buyer which is one of the reasons you need to work with an agent to help you get the properties that are not listed on the market because of the impressive database of HNI’s, deep network of agents and knowledge of the market.

How do you spot an upcoming neighbourhood?

This is a very important question for people looking to invest in the sector. Most places are tagged the next big thing just to create a buzz, however, there are a few tested and trusted principles that have guided this theory to help spot an upcoming neighbourhood:

Price trend: To spot an upcoming neighbourhood, first look at the price growth trend of houses in the area over a period of time.
Closeness to other great neighbourhoods.
Communal facilities improvement.
Notable landmarks and so much more.

Is it advisable to invest in off-plan sales?

Buying an off-plan property is arguably one of the best ways to invest in real estate. You not only buy at 25-35% below market value, you get to make specifications to suit your needs. However, like every other investment, you need to do your due diligence and work with a trusted agent with market and property knowledge to help find reputable and trustworthy developers, and also inspect their past projects to have an idea of what to expect.

To learn more about buying a property off-plan, whether it is your first time buying an off-plan or not, get in touch with CWRE Lagos.

Do you think it is wise to buy land in Ibeju-Lekki as an investment?

Taking a cue from one of the questions answered earlier, Ibeju-Lekki is the next big thing and developments coming up in the area point to that. It’s definitely a great choice to own a piece of Lagos and Ibeju-Lekki has everything going for it right now. The demand drivers: Lekki Free Trade Zone, Lekki sea port, International (cargo) Airport, Dangote refinery & petrochemical industry, Dangote fertilizer plant, Rendoval housing project and so much more, all show that buying a land here is a wise decision.

However, like every other investment, buying right is the most important factor and should help inform your decision. Either you are buying land as an investment for residential or industrial purpose, you should be well informed on what part of Ibeju-Lekki is best to buy from.

When is the perfect season to buy a home?

Rainy season is just perfect. Lagos is a coastal city, buying a home during the rainy season offers you a peek into life in where you choose to live in. Home scouting and inspection during rainy season is a good idea. For home buyers, an inspection can help discover leaks and other problems that stay hidden. Also, it offers an opportunity to check and verify the functionality of the drainage system in the area. Most buyers are not buying then and that gives you a pricing edge.

Why should I contact an agent to buy a house instead of a developer?

Buying a home is one of the biggest purchases you’ll probably make and not something you can go back on once a decision is made. While working with a developer cuts the chain of process, what you won’t get is the option of having varieties of options to make a selection from. It’s like asking a manufacturer if his product is the best in the market, of course you’ll get a YES, but that doesn’t mean it is.

A developer will only sell you what he/she has, an agent on the other hand has access to an array of developers/builders so you are guaranteed an opportunity to at least view the options available on the market before you make a choice on what you most prefer.

Can real estate ever loose value?

Every real estate quotes out there probably will tell you no but if you followed the recession period, real estate does lose value. One of the most frustrating reasons for a decrease in home value is a depressed economy. However, in an emerging economy like ours with housing deficit gap, the probability of that happening is very low. Like every real estate mantra says, “location is the be all of real estate.” If you invest in the right location, chances are that won’t happen.

Why are listings more expensive on the left hand side compared to the right hand side in the Lekki axis?

Generally, listings are more expensive on the left hand side compared to the right hand side in the Lekki axis because of the public perception about the Atlantic ocean which is located to the right hand side. Most people see it as slightly unsafe when compared to the left side. Lagos being a coastal city has seen its fair share of heavy downpours and developed derelict infrastructure, there used to be a cause for concern. With the development of the Great Wall of Lagos and ongoing sea barriers, it’s safe to say the best opportunities lie in the right hand side as you can purchase slightly lower in some gated estates (U3 Estate, Elf) and get better return on investment. The perceptions in my opinion is mostly in the inner ring of the city. On the outer ring towards Lagos Business School and Sangotedo, the right hand side commands a better premium visibly because of better infrastructure and more drivers such as the mall, lakowe etc.

Looking to buy/sell/rent a property?
Contact CW Real Estate Lagos for property sales, rentals, advisory, valuation and so much more.
Instagram: @cwrelagos
Twitter: @cwrelagos
Facebook: @cwrelagos
LinkedIn: @cwrelagos
Adeyemi: 09093272572, Freke: 09062511345