Homebuyers can currently get home loans for as low as 6.65 percent annual interest. In January 2020, the average home loan interest rate was 8%, which is significantly different. Thanks to the effects on consumption, the housing sector's price growth has also been slowed in the last year.
In a competitive housing market, such as the one we currently see in the post-Covid case, most homeowners who desire to sell their property at this moment believe it would be difficult to do so. So, rather than trying harder to sell their homes, they postpone the procedure and bear the consequences. Let me assure you that accepting your destiny would not help you sell your house – now or in the future. You should pursue an optimistic and constructive approach, which is the greatest asset in a highly competitive environment like the one we are currently witnessing. Any readers of this article may think that having a good outlook does not always work in their favor. Maybe, but one thing is sure: pessimistic thoughts and an unfavorable mentality would never work for you. So, the best way to sell your property in this market is to be calm and put forward your efforts on doing whatever you can to sell it.
History of Real Estate cycles
If the housing market is poor and has shifted from a sellers’ to a buyer's market, and you are anxious to sell your home, you must seriously consider the following question:
How can I sell quickly in a slow market?
Well, through our widely read real estate blog, I plan to assist you with relevant answers to the same, but first, let me give you some background on the housing market in general. In most big urban real estate markets, real estate prices double every ten years on average. What's fascinating is that real estate prices must correct every ten years before beginning the next doubling period. Historically, the real estate trend has been three steps forward and one step backward. As a result, with a 100 percent rise resulting in three stages of about 33 percent each. We are now in that normal course of a correction – or a stage slowdown. This transition is necessary and helpful, as it allows the economy to represent and recover traction and strength in preparation for the next doubling period, which will begin in 2030. It has occurred on a regular basis since India's long-term housing demand is increasing rapidly. As the population grows and migration to India's urban centers continues to increase, prices will also rise.
If we look back in history, we can see that virtually all real estate rates will double again, but it is not a case of "whether" rather "when" the house will sell.
What are your top priorities?
While selling your home, the first question you can ask yourself is, what is more important to you? Which is more valuable: your home or your time?" If you cannot wait or your financial resources do not support waiting three to five years to sell your home to get a better selling price, you should know the answer to the following question: What is more important to you? Which is more valuable: your time or the amount of money you get for your home?
It is pointless to wait for a long time to get top dollar for your home. You need to consider the factors such as your biological age, the present state of the environment, your family needs, your work or company, and your way of life. Finally, the common factor for all home sellers worldwide is that the quality of their lives still triumphs over the need to get the absolute best price for their property. In other words, it might be better for you to consider a lower price for your home now and move into the home that you and your family want rather than hold out for a higher price. It is always better not to stay in the house that you and your family no longer desire for another year or more!
Even though the pandemic has a significant effect on the industry in 2020, happier days will come in 2021. The demand for residential real estate will be strong in the coming year, owing to the increasing value of homeownership among buyers and developers. It would be best for you not to worry about the current trend of your real estate property's low price.
If you want to sell property in Kharghar or Navi Mumbai, get in touch with us at +919820610870 or mail us at email@example.com.