While the real estate market is still adjusting to the new era and its new normal, homeowners need to understand the new trends and demands of buyers to sell property in Dubai at the maximum possible price. Partly driven by a rise in remote working and social distancing, home buyers are now focusing on bigger lot sizes while prioritizing outdoor spaces to spread out and enjoy areas that they may not have previously. According to experts, these changes are likely to affect the property market and possibly influence the priorities of landlords as they prepare themselves for getting the best deal in property rentals and sales.
So, as you are pondering on the decision to “sell my property in Dubai” or “rent my property in Dubai”, it is important to focus on every little detail that might help to make your property stand out in the market.
In this article, we will walk you through 5 tips on “how to sell my home or rent my home in Dubai at the best possible value?”
1 Choose the right realtor to meet your requirements
With all the changes happening much faster than normal, leasing, or selling your property as a regular homeowner in Dubai can be financially, emotionally, and time-consuming. Unless you are an expert in the field; hiring an experienced and trustworthy realtor who has his finger on the pulse of the local real estate market and regulations is likely going to help you get top dollar offers on your property rentals or sales. Choose an agent who not only has good negotiation skills and referrals but who will also look after your interests and share the same vision. Ultimately, keep in mind that various skills distinguish a good agent from a bad one, but the qualities of the right real estate agent as valued by you will vary according to your own needs and requirements.
2 Have a good understanding of the local market
A good way to gauge whether you are currently in a buyer’s market (low prices due to the supply of houses exceeding the demand of buyers) or seller’s market (high prices as the demand for houses is higher than the supply) is to explore the market trends in your neighborhood before putting your property on the market. This can be done by having a look at the average Days on Market (DOM) of similar properties in your area. Gaining a good knowledge of these trends will help in setting the right pricing strategy for your home, hence influencing your negotiation power.
3 Set the right price
In today’s world, buyers are more educated than ever with access to information at their fingertips. Once you have selected the right agent and acquired a good knowledge of the local market trends, the next most important step is to establish the right pricing strategy. The best way to start is to have your realtor conduct a Comparative Market Analysis (CMA) to compare with the prices of similar properties recently sold in your area. This will avoid overpricing your property which might take a longer time to sell or having to drop the price hence limiting your power of negotiation. Additionally, if set too low, there is the risk of you leaving money on the table.
4 Curb appeal and sprucing matters
Selling or leasing a house is an emotional feeling and as a landlord, you only get one chance to make the right first impression. Therefore, make sure to present your property at its finest to give the wow factor to the potential buyers or leaseholders. A spot-on curb appeal followed by a good vibe in the house will give you the chance to sell faster and maximize your property value. A simple retouch such as a fresh coat of paint, new light fixtures, additional storage options, potting a few plants, and making some necessary repairs can add more value to your house and give you an edge to negotiate in terms of price. If you are unsure about your house's appearance, speak to your real estate agent to get the top home staging tips for the best results.
5 Decide on the best time to sell
Timing is another factor that can impact the price of your property or the timeframe you are likely to wait to sell or rent at your desired price. The demand for properties varies with the seasons as most families prefer to move when their kids are out of school or before the beginning of the new academic year. Yet, this is not the only factor to consider when thinking about the right time to sell. As a homeowner, it can be beneficial to sell once you have built enough equity in your home to offset the buying, closing, and moving costs. However, finding the right time to sell may often coincide with multiple other life events such as moving for a new job, further studies, or starting a family.
To conclude, learning how to sell a house is crucial. If you are still wondering how to get the highest possible price for your property, talk to a real estate specialist and obtain as much information as possible. And remember, while improving the appearance of your home matters; pricing your property correctly will attract multiple good offers.
Do you need some help selling or leasing your property at the highest possible price? Contact our Real Estate Agents in Dubai now for a free consultation.