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In India, festivals are seen as lucky occasions, thus people wait and schedule important financial decisions around these occasions. One of the most major financial decisions that a person can make in his or her lifetime is purchasing a property, and from October through January, there is unquestionably a big increase in selling property.
In addition, the season sees the most serious customers searching for and attempting to close on attractive offers despite being abounding with discounts and freebies. Around this period, a number of banks and lending institutions also provide discounted interest rates on home loans, making financing more affordable for buyers. The average time it takes to buy a home decreases as a result of all these factors, which is another benefit for sellers who might see deals close more quickly than typical.
The sales figures for residential real estate easily reflect this level of activity. The festive season is a great time for you to think about listing your house for sale because it accounts for between 30 and 40 percent of all property sales in different areas across India each year.
What can the Market be Expected to do?
During this time, the average annual growth rate of property transactions is between 20 and 25 percent. As a result of a large number of real estate transactions, you have a greater possibility of receiving answers for your property.
So, if your motivation for selling and your comprehension of the local market as a result of speaking with brokers point to this time as the ideal one for you to sell, go for it. Due to the abundance of potential buyers, there has never been a better moment to advertise your property.
Is there a Drawback to Selling Property at Festivals?
The only significant difficulty you might have when trying to sell your house in India during a festival is the intense competition you’d have to contend with. Not only from other sellers but also from developers of real estate, many of whom view this time as their key season for making cash.
You’ll have to deal with their discount programs, which include advantages on stamp duty and registration fees, cash discounts, free club membership, free parking, and discounts on goods like smartphones, washing machines, and air conditioners, as well as travel gift cards and other items.
Around this time, a lot of residential developments are being started. While there may have been fewer new launches during the festive season in recent years due to other specific considerations, such as high levels of existing unsold housing stock, financial concerns, etc., generally speaking, these represent 25 to 30 percent of all launches made throughout the year in India.
In the face of such competition, other vendors like you might also lower their pricing in an effort to draw in more clients and make sales.
Additionally, younger purchasers have a different perspective on buying a house than their older counterparts, in terms of the types of buyers in the market.
Some qualities of younger homebuyers include:
What can you do to improve your property’s chances of selling?
You should step up the advertising of your property at this time. You might do this by requesting your broker to hunt for clients more frequently, optimizing your online listing for properties, setting a more reasonable asking price for your home, and being willing to negotiate the price, if necessary. Here, Deal Acres Offer Free Property Listing with many benefits like Genuine leads, no spam calls, Absolutely Free, Maximum Visibility, More Buyer Exposure, and many more.