In a housing market that is difficult like the one we are currently seeing in the post-Covid scenario, most property sellers who want to sell their property at this time are convinced that it will be tough to sell your property at this time. So instead of working harder to try and sell their properties they delay the process and sit back and suffer. Let me inform you that resigning yourself to your fate will not help you to sell your property – not now and not in the future. What you instead need to do is to adopt a positive and proactive attitude which is your best advantage in a highly competitive market as the one that we are seeing right now. Some people who are reading this article may sigh and say that a positive attitude doesn’t always work in their favour. Well maybe but one thing is certain – negative thinking and a negative attitude is guaranteed to never work! So the only option that you have to successfully sell your property in this market is to stay positive and focus your energy on doing everything that you possibly can to sell your property.
History of Real Estate Cycles
If the housing market is bad and has turned into a buyer’s market from a seller’s market and you are desperate to sell your property then you will have to seriously address the main question here: “How do I sell fast in a slow market?”
Well I intend to help you out with relevant answers to the same through our widely read real estate blog but first let me give you some insight on the housing market in general. Every ten years on an average, real estate values tend to double in most major urban real estate markets. What is interesting is that every ten years real estate values must correct before entering the next doubling cycle. The real estate cycle historically is usually three steps forward and one step backwards – a 100 % increase happens in around 3 phases of roughly 33 % each. We are right now in the natural phase of a correction – or a downturn in the cycle. This adjustment is essential and beneficial and gives the market some time to reflect and regain momentum and strength for the next doubling cycle which will again reflect in the year 2030. This has happened periodically because the long term demand for housing is growing exponentially across India. Population is growing, migration is continuing unabated to the urban centers of India which in turn will continue to drive prices upwards as it has over the last 75 years or so.
Looking back on history when we see that practically all real estate prices will double again, it is not a matter of “if” your house will sell it is a matter of “when”.
What is your Priority
When you are in the market to sell your property you should first of all ask yourself, “What is more important to you? The value of your house or the value of your time?” Assuming that you don’t have the time nor the financial bandwidth to wait for three to five years from now to sell your house in order to sell your house for more asking price, you should have the answer to the question – What is more valuable to you? Your time or the amount of money you get for your house? In a down market such as the one we are seeing currently, most property sellers who are fixated on a high asking price that is not realistic in the current market conditions forget that though they may be selling their house for a 10 – 20 % discount over the price that they could have received a year or two ago, the same discount will also apply to the next home that they buy. The money that they received from a sale will also be worth a whole lot more.
I have said it in the past in previous articles and I will say it again:
Holding out for a long period of time to get top dollar for your house is futile. You have to factor in things like your growing biological age, the current conditions the world is living in right now, the needs of your family and children, your job or business and your lifestyle. Ultimately for every seller of property all over the world the common denominator is that the quality of their life always wins over the desire to get the absolute highest price for their property. In other words it may be best for you to accept a little less for your house now and move into the house that you and your family really want rather than hold out for a higher unrealistic price and stay for another year or more in the current house which you and your family no longer want anymore!
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