Is selling your property in festive season a good idea?

India is known for its diverse culture and festivals. Many people associate festivals with auspiciousness and consider it to be a favourable time to undertake any new venture, including property deals. Typically, sale of properties pick up around this time, which is why many developers and sellers come up with attractive schemes and offers to entice home buyers. Should homeowners then choose the festive season to sell their property? Or, will it be more difficult, given the competition? In this guide, we discuss the pros and cons of selling a property during the festive season and some useful tips for property owners.

Why should you sell your property during the festive season?   

#1. Increased buyer interest

Every year, the Indian real estate market witnesses heightened buyer interest across several key markets, including the top eight cities. Thus, it is the time when developers and sellers look forward to a spike in their sales. Festive time is usually associated with celebrations and a potential rise in income through salary hikes or bonuses, which encourages people to focus on their personal goals and plan for huge investments like property purchases. Hence, this time could be suitable for property sellers to find buyers.

#2. Elevated market activities

The real estate sector sees a significant increase in sales during festivals like Ganesh Chaturthi, Navaratri, Dussehra, Diwali, Christmas and New Year. Developers launch new projects and come with special discounts and payment schemes to attract buyers. Usually, property exhibitions, sale enquiries, site visits and property deal finalisation peak during this time. The demand for properties is high and buyers also have ample options to choose. Not only end users, people also look for properties for investment purposes and long-term returns. Thus, a seller can capitalise on this increased demand and try to sell their property at an attractive price.

#3. Cultural aspects

The decisions to invest in property during festive time is not only based on financial considerations but also cultural and religious beliefs. In India, many people widely believe that purchasing a property during festivals like Akshaya Tritiya, Diwali, etc. brings prosperity and good fortune to their new homes. Not only new house purchases but activities such as property registrations, Griha Pravesh puja, etc. are also done on auspicious days, including certain festivals. This positive sentiment could be an advantage for property sellers as they can expect to successfully close deals during the festive time.

#4. Lower interest on home loans

To attract customers, many banks and financial institutions provide lower interest rates on home loans and other loans during the festive season. They may also come with special home loan schemes to encourage home buyers. These could include discounts on processing fees, lower initial EMIs, flexible repayment, etc. Such offers significantly benefit property buyers as they can expect to reduce their financial burden. Hence, it is easy for property sellers to find buyers who are financially ready for property purchase.

#5. High chances of closing deals

During the festive season, buyers are usually in the frame of mind to engage in fruitful negotiations. The positive sentiment among buyers increases the chances of successful deal closure around festivals. This is also beneficial for a property seller as they can plan for their next investments.

Disadvantages of selling property during the festive season

• Intense market competition: Independent property sellers may face stiff competition from other sellers and established players in the market, including prominent developers, during festivals.
• Discounts and special offers from developers: Real estate developers also entice buyers with attractive discount schemes like cash discounts, free club membership, car parking, benefits on stamp duty and registration payment, etc. They may offer travel vouchers and appliances like smartphones, washing machines and air conditioners, etc. on home purchase.
• New project launches: Developers usually launch residential projects during the festive season. These new-age projects come with attractive lifestyle amenities. Hence, buyers may opt to invest in new properties instead of resale properties during festive times.

Tips for property sellers to make the most of festive time

Prepare the property to attract buyers

Make sure you have done all the necessary preparations before you list your property for sale. This includes setting the right price and undertaking necessary repairs. One of the key things property sellers must focus is decluttering, cleaning and staging to make the house look appealing. You may consider adding some interesting features like installing new light fixtures, adding a fresh coat of paint or decorating the lawn or balcony to increase the property value. One may also consider making their house Vastu-friendly as buyers may emphasise on these aspects when buying a property during the festive time.

Offer festive discounts for buyers

Since developers try to entice buyers with attractive schemes and discounts, property sellers can also come with similar offers like flexible payment options, attractive pricing, free add-ons such as appliances or furnishings, etc. This can be done after considering their budget.

Focus on advertising your property

Many home buyers start their home search online. Hence, it is essential for property sellers to consider listing their properties on real estate portals to increase their visibility and find relevant buyers. Make sure to take attractive pictures and videos of the property. Add a good description and highlight key features of your property. This will help increase the buyer’s confidence. Sellers can also advertise their listings on social media to attract buyers.

Address buyer concerns

When meeting prospective buyers during property visits, sellers should focus on addressing some of the key concerns buyers may have. These could be related to financing and home loans. They may also have queries about the returns on the investment or future appreciation. Hence, the property seller should have a fair understanding of the market. They should be ready with the required documentation to ensure a hassle-free negotiation and successful transaction.

Housing.com News Viewpoint

A property owner may decide to sell the property at any time of the year, depending on their needs. However, if one is looking for the best time to sell a property, one can consider the festive season, as the demand for properties is at its peak during this time. It is also essential for the sellers to understand the downsides of trying to sell a property during the festive time to make an informed decision. One can take the help of a broker to understand the market better and find suitable buyers.

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