5 Mistakes You ALWAYS Want To Avoid When Selling Your Home

Currently, India is witnessing a slowdown in the real estate market and some cities such as Mumbai have piled on inventory which could take up to 36 months to clear out, if not more. In such a situation, you need to strategize well in order to get a good deal for the home you are selling.

Here are a few common mistakes that most sellers make which delay the process of disposing of the home. Avoid them and you would be good to go.

Lack of research    

The elementary mistake that one can make is to not research into your neighborhood’s property market. At certain point of time, the price of your home in any upcoming properties in India may have shot through the roof, but this is a different ball game now. Therefore, you need to be sure of how to price your home right. Talk to the local realtors to know the prevailing market rate. Log into any property portals and use the price calculators to find out the valuation of your apartment.

Expecting cosmetic changes to fetch a higher price

Be prepared to acknowledge the fact that any cosmetic change that you have made to your home, such as a terrace garden or modular kitchen, may not fetch a higher price.  You had gotten these changes done according to your design sensibilities. These may not appeal to a prospective buyer and s/he may think of getting these remodeled. Therefore, you need to be realistic and not include the cost or utility derived from design changes in the price of your ready to move in apartment.

Hiring the wrong realtor

A realtor is very important in today’s market to get a home sold. They have the necessary contacts to get your home sold fast. However, hiring the wrong realtor would slow the process rather than expedite it. More often than not, realtors quote prices that are significantly higher than the prevailing market rate in the neighborhood. Do not be trapped by such false promises. It will only waste your time and money.  

Pricing your property more than the market rate

Because the market is leveraged by buyers, there is little you can do in terms of pricing the apartment. If the price that you have quoted for is higher than the prevailing market rate, then buyers would not be interested in enquiring about the resale apartment in India. In fact, sellers nowadays price their properties in residential projects in India slightly lower than the prevailing market rate in order to attract buyers’ interest. If you don’t go with the flow, your property would be in the market for too long and slowly fade from the mind of buyers and realtors.

Also, when prices are further slashed or increased, you cannot make a steep jump to make your property appear attractive as it would arouse suspicion in buyers of foul play.

Holding out for too long

Do not hold on to your property because you have time by your side. When a property is made available, it generates curiosity among buyers for a few weeks. If you do not make a sale or pursue active leads, then your home in any upcoming project in India becomes less interesting to homebuyers.