Here are the factors for selling a property after the economic recovery as the COVID-19 pandemic has had a range of effects on Indian residential real estate. Property demand had kind of decreased throughout major cities as a result of the economy’s slowdown and restrictions on both domestic and international travel.
The Central Government, the Reserve Bank of India (RBI), and the various State Governments responded by offering a variety of financial reliefs. From lowering stamp duty fees to lowering the policy repo rate to one of the lowermost levels ever seen. You as a seller should consider a few factors that can offer you an advantage over others when selling your house when the economy starts to recover.
Factors for Selling a Property After the Economic Recovery
Make Some Remodeling Improvements
Spend some time and money undertaking interior remodeling work on your home. It would be beneficial for you to provide something additional, such as a modular kitchen or other upgrades like painting the home. Spend some time improving the exterior and interior of your house before putting it out for a test run. From increasing visual appeal to making repairs and replacing the hardware.
Use Technology to Promote
The usage of technology for purchasing and selling real estate has significantly increased as a result of the lockdown. Buyers are much more likely than before to start their property search online. then compare specifications, and shortlist potential properties before scheduling a site visit. Since these websites offer a variety of options to describe a property and receive a significant number of buyer inquiries. You will discover that selling your home there is advisable.
On websites like Deal Acres, where purchasers can see a property, in reality, you can also upload images and videos of your property. These help purchasers in taking into account the proportions of all the rooms in a property. Click here for more information on how to make your online listing more attractive.
Technology should be used to connect
Once you’ve found a buyer for your house, you might need to have a few conversations with them about it, its features and facilities, and the price. Multiple group sessions shouldn’t be held in public or at either party’s residence at this time when the pandemic is still spreading. Using video conferencing applications like Zoom or Google Hangouts might be a good idea. Invite your brokers to the video call as well, and have your conversations there.
While the buyer would want to see your house personally throughout the middle and later phases of a deal. You can always give a video tour of your property using WhatsApp video call or any other app of a like nature during the early stages.
Wear a mask and gloves when the buyer comes to see your property, and fully sanitize it both before and after the visit.
Be open to Negotiation, but up to point only
After the COVID-19 pandemic outbreak, the economy took a hit, and it take some time for things to return to normal. It is wise for you to be willing to offer a discount of up to 4 to 8 percent of the property price. In order to close a deal since financial uncertainty is reducing the number of buyers on the market. And making many potential buyers wary of closing high-ticket transactions. Even if it is not required to offer a discount, you should be ready to bargain and flexible enough to close a deal successfully.
however, You didn’t want to lose money on the sale of your house, unless it is a distressed sale and you need the money urgently. As such, it is best to avoid lowball bids from buyers who are simply looking to take advantage of the current circumstance.
All in all, conduct some interior work, add value through such work, make the most of technology, and be ready and open to negotiating with buyers. For advice on the best approaches to take in such situations, you can also speak with your broker.
Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.