Is It A Good Idea To Sell Your Home?
Selling your home is a major decision that calls for adequate market research in the preparation stage. The real estate market keeps changing virtues, and sometimes the decision to delay listing, or even bringing it forward, by a week can lead to losses to the tune of lakhs or crores of rupees. These fluctuations in trends can baffle experienced property dealers; so, it is a good idea to do the necessary homework and consult a professional to figure out the right time to sell. In fact, getting second and third opinions before making a decision would be a wise way to proceed.
Informed decisions lead to a better sale
The first half of 2014 saw a dip in the real estate market due to inflation and the downfall of the rupee, but the latter half saw things bouncing back to normal. According to the National Housing Bank (NHB) Residex Index, 2015 has seen the upward curve continue in the positive direction. The Ministry of Statistics and Programme Implementation and PwC Analysis have also predicted a growth of 8-9% in investments this year. These factors make it a good year to sell your home. As you can imagine, it is important to stand by your decision after you have done proper research about the situation of the market.
Real estate is important to the government
A dip in the real estate business adversely affects the government because after agriculture, real estate accounts for generating the most employment opportunities, apart from directly contributing to the GDP of country. It, therefore, is a priority for the government to get real estate business back to normal and hence it is taking the required steps.
Role of the Reserve Bank of India (RBI) and Real Estate Investment Trusts (REITs)
RBI will most likely cut interest rates on apartments in India to persuade more people to invest in residential real estate. Apart from that, the Real Estate Investment Trusts (REITs) is a major step forward in making real estate bigger. REITs will have a major influence in 2015, as predicted. Already proven to be successful in countries like USA, Taiwan, South Korea, Singapore and Australia, a REIT is a trust that buys, sells, develops and controls real estate property such as malls, office spaces, and other income-generating ventures. The plan is to attract investors who can manage investments of this large scale. There is something for everyone -- the corporate investors are lured with offers of tax exemptions; small level investors are lured by the interesting prospects of heavy returns which ongoing projects in India offer, unlike investing in stocks which is more of a gamble. They also get excited by learning about the potpourri of real estate types they can invest in. Companies like Blackstone, Xander, Brookfield are working on launching REITs in India. Major groups like DLF, Phoenix and Prestige have also shown an interest and are likely to be a part in this venture.
Ever increasing rent turns tenants into prospective home owners
Another noteworthy trend is that the rent for new apartments in India is increasing each year, much to the frustration of the people. This makes investing in a residential project in India and paying off home loan a more economical sense than paying a hefty rent. Reasons like this, coupled with the booming market, makes it easy for you to generate more traffic of prospective buyers towards your home. The time is right, it is all up to you now to sell your home at a profit.