25 Sep 2014

Top tips for selling property in cities


The fact that the real estate markets of cities are in doldrums is known to all. Most of the metro markets are suffering from demand supply gap and there is an oversupply in most markets. The oversupply in markets range between 15 to 25 percent almost. Most house buyers are holding on to their money hoping for price correction to hit the market. Most experts have predicted that selling off the inventory that builders have at hand would take around 3 to 4 years. This is one of the reasons why most builders are stalling completion of their newer projects.

What you would be surprised to note is that most builders are not lowering the price of their buildings even though the market is slow. It indicates that builders would rather hold on to their stock rather than reduce their profit margins. If you are in a dire emergency situation and need to sell property, here are a few tips that you can follow for realizing a good amount even in a slow market.

Understanding Market Pulse
As a seller you have to listen to the demands of the market where your property is located in. It would help you understand buyers’ needs and in turn tailor your property to suit the needs of buyers. For example, if your property is located in a plush neighborhood, then you would have to offer properties which have luxury amenities such as modular kitchens, terrace gardens etc. You can think of adding custom designs such as high quality windows and doors, landscaping or even a new roof. It would help attract buyer interest and also fetch a good amount from buyers.

Improved Housekeeping
When you put up your apartment for sale in a city market, it is essential that the place looks neat and tidy. Therefore, it is important that you discard all unnecessary items from the apartment prior to showing it to prospective buyers. If you have personal belongings in the apartment, you should pack them in boxes and move them elsewhere. Try to keep the furniture in the apartment minimalistic as you have to provide space to the buyer to imagine how they want to see their home in your apartment. You could move the furniture in a way to make the apartments seem bigger. Remove pictures especially those of your family from the walls. The apartment should appear completely impersonal to the prospective buyer when s/he comes to see the property.

Creation of Better Value
You can also apply this technique to make your property look more attractive to purchasers. Offer amenities or items which create larger values for buyers. For instance, as a seller you can present the buyer with an offer to pay for the full cost of real estate with some time to spare instead of asking for the complete amount upfront. In this manner, the prospective buyer would have some time to arrange the money and would be more inclined to buy your property. Therefore, it is important that you create value for your property rather than reduce the price of it.

The Correct Price
One of the most important aspects that you have to take care of when you sell property is the price that you ask for it. The correct pricing would allow you to sell property quick and at the earliest. Most properties are sold according to the ongoing price of per square foot in the area. The per square foot of an area depends on a lot of factors such as:

  • ·         Civic Infrastructure (sewerage, drainage, roads etc.)
  • ·         Social Fabric available such as schools, banks, hospitals etc.
  • ·         Ease of connectivity (roads, railway networks, proximity to airport, metro railway or monorail etc.)
  • ·         Proximity to work places etc.
  • ·         Proximity to the main road
  • ·         Design of the house (whether the house receives a lot of air and day light etc.)
  • ·      Location of the apartment in the building (higher placed flats, such as those on the top floor command more price, particularly if the building has an elevator. Ground floor apartments are less expensive compared to flats on other floor).

Some areas in a city command higher per square foot prices compared to others. For instance, in Chennai properties along the Old Mahabalipuram Road are more expensive than others because of their proximity to the IT hub located in the area. Similarly, in Mumbai, South Mumbai localities such as Lower Parel and Mahalaxmi are more expensive than North Mumbai areas because of their proximity to corporate hubs of South Mumbai.

Facilities on Offer
The amenities that you offer in your apartment also influence the price that you can command for it. For instance, if your apartment is located in a residential community, then the buyer is most likely to enjoy facilities such as swimming, pools, community halls, indoor game rooms etc. You would be able to command a higher price for such an apartment. However, if the property is located in a multi-storeyed apartment building which hardly offers any kinds of amenities, then you may have to charge lesser for the property.

Age of the Property
Depending on how old your property is, you need to decide upon the price of the property. If the apartment is located in a brand new building, then you can ask for a high price. However, if your property is located in a building which is older than 10 years, then you may have to ask for a lower amount as the buyer may have to get certain aspects of the property renovated.

In order to sell property without the interference of a broker, you can go online to list your property for free. That way, you would be able to scan the true market price for properties in your area. Prior to listing your property, you would be able to read up articles and tips on selling your apartment better. By listing your property online, you get to deal with the buyer directly and not give a cut of your profits to the broker. 

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