Property Sales During Festivals
Property Sales During Festivals : Have you been attempting to determine the best time to market and sell your property? Many people believe that the best time to sell a home is during a festival. This, however, is not a rule of thumb. You will not attract any buyer visits in Mumbai, for example, around Ganesh Chaturthi. navimumbaihouses.com discusses the benefits and drawbacks of selling a property near a festival!
Festivals are considered auspicious in India. People tend to postpone and time major financial decisions around these times. Purchasing a home, which requires a large sum of money and is one of the most important transactions a person can make in his or her lifetime, checks this box. And, without a doubt, housing sales increase significantly from October to January.
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Furthermore, with plenty of discounts and freebies, the season sees more serious buyers looking for and attempting to close on lucrative deals. Various banks and lending institutions also offer reduced interest rates on home loans around this time, making financing more affordable for buyers. All of these factors contribute to a shorter average property buying period. Which benefits sellers by allowing deals to close faster than usual.
This level of activity is easily reflected in residential real estate sales figures. During the festive season in India, between 30 and 40% of total property sales in a year occur in many markets across India. As a result, now is an excellent time to consider listing your property for sale.
Property Sales During Festivals : What can we anticipate from the market?
During this time, property transactions typically increase by 20 to 25 percent year on year (YoY). As a result of the high volume of property transactions, you have a better chance of receiving responses for your property.
As a result, if your reason for selling. as well as your understanding of the local market after speaking with brokers. Indicate that this is the right time to sell, then go for it. Because of the large number of buyers available, there has never been a better time to list your property.
Are there any disadvantages to selling at festivals?
The only significant challenge you may face while selling your home during festivals in India is the intense competition. Not only from other sellers, but also from real estate developers. Many of whom see this as a critical revenue-generating period.
You will have to deal with their discount schemes. Which include benefits on stamp duty and registration payment, cash discounts, free club membership, car parking, and appliances such as smartphones, washing machines, and air conditioners, among other things, travel vouchers, and so on. While a flat discount is generally not seen as significant, various incentives and freebies can, in some cases, amount to a net discount of 10-15% of the total property cost. According to Liases Foras, a real estate ratings and research company.
Around this time, many residential projects are also launch. While new launches during the festive season may have been lower in recent years due to other specific factors such as high levels of existing unsold stock of housing units, funding issues, and so on. They still account for 25-30% of total launches in India. Furthermore, in the face of such competition, other sellers. Such as yourself, may lower their prices in order to attract more buyers and close deals.
Furthermore, when it comes to the different types of buyers in the market. Younger buyers have a different mindset when it comes to purchasing a home than their older counterparts. According to a recent report, nearly 20% of serious home buyers are between the ages of 25 and 35. Compared to the predominance of buyers between the ages of 35 and 45 a decade ago.
Property Sales During Festivals : Characteristics of younger home buyers
- They are more concerned with bargaining opportunities and lower-priced deals than with auspicious days.
- Place a premium on modern amenities such as a gym. A swimming pool, and a clubhouse, in addition to basic necessities such as a well-designed property, power, and water.
- They are more likely to conduct online research on a property and neighbourhood before shortlisting it.
These buyers may be willing to wait longer if necessary to get the deal they want and will not be concerned with closing deals quickly.
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