Things to do when your home is not selling

There are several instances when despite spending a considerable amount on renovating the house, homeowners fail to bag a good deal for their property. While they can efficiently work upon factors such as overpricing, poor marketing strategy and wrong choice of real estate agents, subdued realty sentiment requires patience until the market regains momentum. But, fortunately, there are many other things to do when the real estate market witnesses a slump and your property is not selling.

Here are a few alternatives:

Find renters

Putting your property on rent will not only ensure monthly income but the presence of tenants would also ensure proper maintenance and safety of the property. However, do all the necessary checks and verifications before finalising the deal. Fetch essential details of the tenant such as a photocopy of identity card, place of work, salary details, and passport size photographs. It is also vital to have a rental agreement in place. Rent agreement is a legal document that serves as an evidence in the event of a dispute and safeguards the rights of both the tenant and the landlord.

Wait for the right time

Waiting for the right time to sell the property might shift the odds in your favour. For instance, the festive season in India is the most auspicious time when people indulge in home buying. Festivals like Gudi Padwa, Onum, Navratri and Diwali witness higher traction than other months of the year. Therefore, if trying to sell off your property during a non-festive season, defer the sale until a favourable time sets in the calendar, shares, Sankey Prasad, Founder Chairman and MD, Synergy Property Development Services

Mortgage

When in dire need of finances, mortgaging the asset to raise adequate funds could be a solution. A market devoid of buyers might fetch lower returns than expected. Thus, mortgaging could be a potential alternative.

Many financial institutions offer loan against the home. However, consult a financial advisor before signing the mortgage papers. Moreover, it is also important to understand that a mortgage is a temporary solution to the problem and involves monthly Equated Monthly Installments (EMI). Thus, continue to scout for a buyer and sell the property as early as possible to settle down the outstanding dues.

Property analysis

Property analysis involves factors affecting the property sale, price of the property, and marketing strategies. Afore putting the property on sale, it is crucial to weigh its strengths and weaknesses. Location, size, age, upkeep and maintenance are the key factors which help in deciding the selling price of the property. For instance, a property in a posh locality will fetch a relatively higher rate than its purchase price as high-end areas witness healthy capital appreciation. Conversely, a property adjacent to a landfill or in the city-outskirt might struggle for a better price.

Besides, realty agents and other marketing strategies devised to sell a property also come to play. An experienced realty agent will analyse the market and put the property on sale in a favourable market condition or will devise a plan that does not keep the seller waiting for long.

On the whole, the real estate market is sure to experience fluctuations. However, the key is to be vigilant and scout for alternative property trends when the market is unfavourable. Talk to people and property experts around to keep a tab on the market and accordingly prep up your property for sale.