Spring is the time when the real estate market is all bustling; it is traditionally the time of the greatest amount of activity. So if you have been looking to buy one of those 2 bhk flats in Pune then now is the time. All across the world, it is believed that now is the time when the real estate market will finally start recovering. However, while recovery might have started, it is still nowhere near complete.
Every year there is a debate about whether the real estate market is going to be a buyers market with many options and low prices or whether it will be a sellers’ market with highly inflated prices and bid wars. However, here are a few insights into the 2014 real estate market for those looking to sell their property.
- Now is the perfect time to sell what with historically low rates of mortgages. This means more buyers are looking to whip up a house. The winter selling season was hampered by certain factors in the US like the polar vortex. So the bottled up demand is looking to be spent now.
- From now, and all the way up to August early fall, around sixty percent of the houses on the real estate market will be bought up. If you are looking to put your house on the market, then now is the time to do it, at the very beginning of the selling season. Put it up now and you are likely to get a great offer before the school time starts in September.
- Last year, property prices increased drastically all across, especially in the major cities. This year has seen a slowdown in the prices. So, if you want your house to be sold, make sure that you have priced it right. To get an idea, look at the similar houses in your location and then narrow it down to the ones that have sold recently within the last two months. The prices of these houses will give you a good idea of how much you should price your house. You can even look at the prices of houses that have been recently put on the market and are yet to be sold.
- In 2013, bidding wars were pretty commonplace. 2014, not so much. Don’t think that you will be getting two to three offers and have to choose between them. But if all goes well, you can still get a good offer from buyers looking to buy 2 bhk flats in Pune.
- If you want to stay on top of the game, then list your house now and get on top of the game. The main flood of houses will be put on the market in May or June. Put it on now and you might get an offer before the market gets flooded. With fewer choices now, buyers are likely to snap up your house faster. Once the inventory increases, selling will become a challenge.
- Go the smartphone way to reach buyers who have started their house search online using apps. While a major group of buyers has started doing that, the percentage will increase steeply as the heat of buying and selling season increases. Take advantage of this trend and make sure that your house appears on the smartphone screens of home searchers. Make sure that your agent takes the effort to give you a high-quality online listing so that your house gets the attention it deserves.
About the author
Sandy Wright works as a finance journalist for a reputed newspaper for the last five years. Sandy specializes in real estate markets, especially residential properties like 2 bhk flats in Pune. She loves to spend her free time with her family and dogs.