subject: Post Recession House Sale [print this page] The recession has scarred many individual's lives and homes. Many have undergone mortgage woes and had their homes repossessed at the height of the crisis. While the crisis seems far from over, there are many markets already on the road to recovery. Primary among them is the property market as many view this as the seller's market, with the great supply and few investors with cash to purchase the properties.
Many think that this current situation would not be the best time to sell their home, especially when the home is burdened with arrears on their mortgage. This is one dilemma that many Indians have with their purchased properties overseas. This misconception is so very untrue as here are some tips on how to sell your property even these trying financial times.
Pricing. You need to be realistic as to the value of your property. Since the market is still reeling from the financial crisis, you need to lower your standards a bit. Seeking to be fully reimbursed for all your investments in your property would not be a good move as the market is very much depressed. You thus need to find the current market values of properties similar to yours in order to make a fair selling price. Keeping your price competitive, especially with all the amenities you have made would be your advantage in eventually being able to sell your property at the soonest possible time.
Improvements. In order to be able to sell your property, you need to make improvements to make your property sellable. These include covering up cracks and making minor paint jobs to cover up some eyesores on your property. You would also need to "stage" your property. This means decorating your property to create a good impression on the prospective purchaser. Also, it would be best to avoid any religious issues with your property, thus removing icons and other cultural symbolisms that may turn off viewers is key to make your property good for the market.
Agents. Engaging agents may also help to make your property visible in the open market. While there may be some issue as to additional cost on top of the selling price, this is a worthwhile cost as it saves you the time and effort in contacting a buyer and going through the tedious motion of viewing as well as selling the property. A property agent would be able to find the right purchaser for your property and have the whole process easier for you. Paperwork and legwork can be managed by the property agents leaving you waiting in the wings to sign papers and receive the money once the sale pushes through.
As can be seen, a property owner need not wait for the market recovery to be able to sell off their property in these financially difficult times. Pegging the property at the proper price, making a few improvements and adjustments as well as engaging the services of a property agent can help you unload yourself of the cost of owning the property. In the long run, you can unburden yourself of the property so long as the right moves are made despite the depressed state of the market due to the recession.
