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This is certainly a bad time for someone who has been looking to exit their real estate investment. The Coronavirus pandemic has adversely impacted incomes across the world, severely limiting the number of buyers who might be in a position to buy a property. Those who are in a position to do so, would bargain hard, considering that it is entirely a buyer’s market. Hence, while it may be quite difficult to find a taker for your property in these difficult times, the chances of making a profitable sale may be even less.
In such a scenario, it is best to stay put and wait for things to normalise. However, if you have no option but to sell, some steps must be taken, to increase your chances of making at least some profit.
How to set the right price for your home
Property owners tend to expect huge profits, when they exit their real estate investments. A DDA flat that costs the buyer nearly Rs 20 lakhs at the time of allotment, is often sold for over Rs 1 crore in less than five years. The same is also true of MHADA properties in Mumbai. Sellers often think that they can get at least twice the investment money through the sale. However, as only genuine buyers are present in the present difficult market, only genuine sellers are likely to succeed in making a sale. Do keep an asking price that is reasonable and deserving.
Advertise the sale of the property
The COVID-19 spread and the subsequent lockdowns, may prompt more property seekers to firm-up their purchase plans. With many people working remotely now, those who already own houses may also look for bigger homes. Even while working aggressively towards finding a buyer on online platforms, you should also spread the word about the property among your family members, relatives, friends and neighbours. This will increase your chances of finding a buyer quickly and result in faster completion of the sale process.
Renovating the house before selling it
Some experts are of the opinion that sellers may have to make new additions or implement some changes, to make their homes more saleable in the post-pandemic world. This has to do with the fact the demand for certain amenities is likely to grow, in the aftermath of the virus spread while some amenities might lose their attraction. In the post COVID-19 world, for instance, buyers would more likely pick a house with green spaces than a house that offers a community swimming pool.
While there are merits in this advice, it would become monetarily and physically stressful for a seller, to get involved in this process. More importantly, the seller may end up increasing the property’s value and this could eliminate a large number of existing buyers from making any offers. A good property would sell itself, without any improvements, as long as you price it reasonably.
Tips sellers must follow when buyers come for property visits
How can I sell my house quickly?
Some tips to sell your house quickly: 1) Declutter the house; 2) Price the unit correctly; 3) Advertise the sale of the property; 4) Hire professionals to help you with the sale.
What can I do if my house isn't selling?
Property sellers can do the following if they are unable to sell the house: 1) Postpone the sale or wait for a longer period; 2) Rent out the house; 3) Reduce the price of the house; 4) Change your real estate agent.