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The Dubai statistics center claims that the population has reached over 3 million, with more than 1,00,000 expats moving their base. At this rate, the city’s population is estimated to surpass 7 million by 2040. The real estate sector is benefiting greatly from this population growth. More and more people are chasing the luxurious lifestyle and moving to buy branded homes.
The market is highly competitive and challenging for sellers, with big-time developers taking the hot spot. One has to try very hard if they want to sell their property in Dubai. The demand for old buildings and properties is steadily decreasing, making the process tedious. Below we have discussed some tips to assist with your selling process.
Top Tips To Sell Your Home Fast in a Competitive Market
If you want to sell your home in a declining market or a buyer’s market, the following suggestions will be helpful.
Pricing Your Home Correctly
Sellers need to set realistic pricing in accordance with today’s market standards, not what it was a decade ago. You can use the most recent comparable and ignore the ones from three or four months ago. Psychology says people are very emotional. They see what their neighbor got a few years ago as what they must get.
Some even have a fantasy number and are rigid about seeing the reality. Given the number of new luxurious residential projects coming up in Dubai, the market is going down for your house. For example, you think your home is worth over a million dollars. But similar houses in the market are priced at AED 850,000 and still have no activity on them.
This way, you can figure out how to price your home correctly. Look at where homes are selling well, what kind of buyers will be interested, concessions you can provide, and so on.
Hire a Good Real Estate Agent
In most cases, it is very tricky to set up a realistic price for your home and market it. And this is where getting an experienced and licensed real estate agent comes in handy. Agents are good at networking and know other agents they can reach out to in the marketplace. Real estate agents also know what’s picking up in the market, prices, and potential buyers and assist with the pricing.
Real estate broker Oana Miller believes in first reaching out to her fellow brokers before listing a property. They work together and discuss various properties and listings and understand what buyers in Dubai are currently looking for. Another real estate broker shared that a survey revealed that 36% of homes still get multiple offers when priced correctly.
Patience Is Key
As cliched as it may sound, being patient with the house-selling process is essential. Homes tend to sit in the market longer in winter than in summer. According to agent Todd Miller, there is a pattern in the rate of buying homes throughout the year. It slows down during the winters and picks up pace in the warmer months. Thus, you must keep enough time by your side as a seller.
Once you have priced your house competitively and have not received any offer in the first few weeks, don’t despair. However, if your property did not get any viewings, you must have a conversation with your agent and reposition it.
Staging Your House Smartly
Miller says that staging could mean two different things. The first one is when you have a vacant house and hire a professional stager to make it look attractive with furnishings. The second one is more common with people already living in the house. In the case of the latter, a professional stager will decorate it appropriately, declutter your home, put personal things in storage, or eliminate them altogether.
However, sellers can stage their houses themselves by packing excessive things away, tidying and organizing homes, and putting furniture in place. The goal is to make it look like a model home. Buyers are only interested in looking at the house, not your daily living. They envision themselves in the home. Additionally, you must remove religious items, family pictures, and all personal things.
Do Necessary Repairs
Before listing your house, it should be as good as you can move into it immediately. That is the ideal scenario. However, if your buyer walks into your house and feels you have not taken good care of it, it will all go downhill. Certain things like a wall where you could do a touch-up painting, add a doorknob to a door that did not have it, or a toilet with a leaky pipe could be fixed.
We are not talking about renovating or remodeling your house but broken stuff that can put any buyer off. To start, you need to do the cleanup. Clean the grout, baseboards, and anything that has not been cleaned for a long time. Additionally, take care of broken things, like replacing the flappers of your toilet that run.
Other important things include replacing the air filters, fixing dripping faucets, replacing burnt-out light bulbs, and deep cleaning your carpets. You can also decorate the floor with a fashionable area rug to grab the buyer’s eyeballs.
Invest in a Professional Photoshoot
When marketing your house for sale, the first impression often counts the most. Since most buyers will see your property online on a listing site, they will look at your home’s photographs. The brighter, more spacious, and more beautiful it looks in those photos, the more the chances of the buyer approaching your doorstep. Therefore, hire a professional photographer and get an excellent photo shoot of your house done before listing.
List Your House on Top Luxury Property Today!
Competition is at an all time high in Dubai’s real estate market at the moment, and will continue to be like this for the next 4-5 years. Thus, you’re bound to meet a lot of real estate agents that will mislead you by giving an inflated price for your property. Most of these agents have little experience and will leave your house sitting on the market for months with no visitors. You can list your home on Top Luxury Property , which has been in the business for a long time. The agents are professional and can help you set a competitive price so you can sell off your house quickly.
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