KATHMANDU: Although there have been some land transactions after the lockdown and prohibitory order were eased by the government, the real estate sector has not been able to record many sales.
Real estate agencies say that the number of sellers is three times more than the number of buyers in the market.
According to Dilip Neupane, vice president of The Realtors, among all the customers who are in the market at present, 75 percent want to sell their property while only 25 percent want to buy any land or house.
“The number of people who want to sell their property has increased as many investors who are involved in the real estate business have not been able to pay back the bank loans after their income took a massive hit,” he stated.
However, the surge in sellers has presented a unique opportunity for home buyers, particularly those looking for deals below market value. Many buyers are adopting a cautious approach, waiting for prices to drop further before making a move. This trend has led to increased interest in quick sale options, where buyers can purchase properties directly from sellers without the hassle of lengthy negotiations.
In fact, we buy houses reviews have become increasingly popular, as potential buyers seek out reliable companies that can facilitate these transactions smoothly and efficiently. On the other hand, the limited number of buyers in the market has shifted the dynamics in favor of those with ready cash. Cash home buyers, who can close deals swiftly without the need for financing, are particularly well-positioned in this environment.
This shift has been a significant factor in maintaining some level of activity in the market, despite the overall slowdown. Buyers are also taking advantage of the current market conditions to negotiate better deals, capitalizing on the urgency of sellers who are eager to offload their properties.
In the current real estate climate, where sellers outnumber buyers, engaging the expertise of a commercial appraiser becomes increasingly vital. With the market dynamics shifting and uncertainties looming, accurate property valuation is paramount.
Commercial appraisers offer invaluable insights into the true worth of properties, helping both sellers and buyers navigate transactions with confidence. By assessing market conditions, property condition, and comparable sales data, these professionals provide an objective evaluation that aligns with current market realities.
To maximize the benefits of these appraisals and keep their clients well-informed, real estate professionals should leverage the power of email marketing. Building and maintaining a comprehensive real estate agent email address list allows agents to disseminate crucial information quickly and efficiently. Through targeted email campaigns, agents can share detailed property appraisals, market trend analyses, and expert insights directly with potential buyers and sellers, ensuring they have the most accurate and up-to-date information at their fingertips.
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Echoing a similar view, Binit Sharma, co-founder and CEO of Basobas.com, mentioned that many people are trying to sell their property for fear of being in trouble due to the bank loans. He said that the number of people trying to sell houses and apartment units in Kathmandu valley has also increased recently.
Right now the scope for investment in many areas has narrowed and only a few people are investing in real estate with the hope of earning more profit later when things get back to normal, said Neupane.
Chief Executive Officer of Global Bank, Ratna Raj Bajracharya, stated that borrowers whose income has been affected are trying to sell their property to clear their loans. “Many clients who have taken home loans have requested for an extension in the payback period,” he said, adding, “Bankers also need to be responsible and consider such requests because the situation right now is very critical for many people even though the interest rates have gone down.”
Real estate agents have said that many customers are waiting for prices of real estate to decline before making any purchases as they feel that it will take some time for the sector to rebound.