Buyers usually ask this question out of curiosity, but more often that not in the hope that they will discover a desperate seller who is willing to accept a really low offer.
How much did the seller originally pay for the property?
This price may be irrelevant as the seller may have invested a lot of money on improvements to the property. We also have to consider the current market value of the property. Potential buyers like to know this so they know how much room there is for negotiation.
How was the asking price decided upon?
Over-pricing a property is a bad idea from the perspective of the seller as this will often put off any potential viewers. If the property has some unique qualities it will often have an irrational price as the value of the property is difficult to estimate. A fair price will be based on comparative prices of other properties recently sold in the area. This is a more realistic basis for pricing a property and the property will usually sell for close to the asking price.
What developments are planned for the area around the property?
A potential buyer may ask about potential rezoning of land around the property. You don't want to end up living next to a rubbish dump.
What are the neighbours like?
A nasty neighbour may be the undisclosed reason why the vendor is selling.
Have there been any problems with the property in the past?
For example, flooding in the area.
What are the schools like in the area?
If you have good schools in the area, this helps homes appreciate in value. So this is an important factor to consider even if you don't have school-going children.
