As the world wide slump in the real estate market continues, a definite trend in consumer behaviors has emerged which has seen more people interested in selling property rather then buying property.
Pakistan, the stagnation in the market has considerable drop in both the purchase and the selling of property for a variety of reason including:
- The wide gap between the prices demanded by sellers and what buyers are willing to pay.
- The higher collector rates announced in the current budget.
In such a scenario, the question is what should people who wish to sell their property and do still obtain a reasonable price?
Property owners have two options:
1) Hold on to the property until the market picks up, which may be a few more years.
2) Sell the property immediately based on the higher offer made by a legitimate buyer.
One of the drawbacks of adopting the first option is the uncertainty attached to when better times will come and more importantly the fact that prices are unlikely to rise significantly any time in the future for sellers to make sizable profits.
The Second option on the other hand provides the opportunity for seller to not only sell their property at reasonable rates but to further invest the money earned from such sales in low prices property currently available in the market. The point is that in these slow times there are always some desperate property sellers willing to sell their property at bargain price and changing rates from seller to buyer is much easier to do now then under normal market conditions.