How to Sell Your Home in a Slow Market

Selling home at a time when the real estate market is showing downward trend or at consolidating mode is a painful decision. Those who buy home for investment purposes will not do this mistake as it will incur them huge loss in profit margin or increase the losses when the current prices were lower than the purchasing price.

For those genuinely want to sell their property to meet some urgent personal needs like medical emergency or family functions will have no option but to choose the best possible offer in the slow moving market. This is also the time when buyers will have the say and try to dominate buyers by offering lowest possible price than the prevailing market price.

If one has time, say one month or two months, to sell the property to raise funds, he or she should carefully collect basic information about the property such as prevailing market price in the area, brokerage charge (if one goes through a broker), guideline value, stamp duty and registration charges, etc.  One should also understand the nuances of preparing agreement papers and for that an advocate should be kept for reference.

Now-a-days online property websites are the most popular option to advertise about the property on sale or rent. One should upload the photos or videos of the property, whether it is flat/independent house/land, and provide vital information such as amenities, facilities, proximity to markets, educational institutions, medical centres and banks. One can save on brokerage if the deal is through from these websites.

One should not give any fictitious or false information about the property as there is a chance that he may lose out genuine home seekers or buyer can sue him in the court of law against the seller if he had provided false information in the net, which can go against him in the court.

If one wants to sell the property in shortest possible time, relying on genuine brokers in the respective area will not be a bad idea. But since the market is filled with unscrupulous people and fly-by-night brokers, it is essential to check the antecedents of the brokers. As the real estate regulation bill is still a distant dream, which once implemented, would make the brokers accountable, it is mandatory for a seller to check the past records of the broker/s before handing over the copies of the document to him.

“I had a property in Vasundara in Ghaziabad. Since I was transferred to Mumbai, I wanted to sell the property. I did not know anyone in the locality nor am I a net savvy to advertise about the property on net. I knew one sub-broker, who was doing real estate business as a part time job in my complex. I told him about my requirement and expected value of my flat.

“Within a month, he brought five people to me and ultimately, I got a good deal. Though I sold it at a marginally lesser value compared to the existing market value, I could raise money for my urgent family need at a shortest possible time. Since I knew the broker, I did not have any apprehension about cheating or malpractice,” says Kumar Gaurav, an engineer from a PSU in Kurla. So, are you ready?