When is the best time to sell your property? Part 2.

When is the best time to sell your property? Part 2.

However too much development can also be a bad thing and have a negative impact on the market, therefore causing an oversupply,  causing the property prices to fall and if this is beginning to  happen you may want to consider getting your property sold as fast as possible, before prices fall even further.

Few cities in Thailand have experienced a fall in property prices since 2008 and therefore one can assume that if they intend to keep their properties for more than one year, will see some increase in value.

Should you have a property that is older than let’s say ten years, you may want to do some minor renovations and refurbishments so it doesn’t look too dated. This is merely a suggestion, however it is advisable, as quality of materials used in newer properties are of much higher standards than before. Developers now import a lot of their materials and appliances from Europe, therefore if you are wanting to make a decent profit on your property you will need to upgrade a bit in order to remain competitive. Prior to this it was difficult to get your hands on a diverse range of materials and properties generally looked very similar, whereas these days’ people are spoilt with many choices. Your upgrading costs need not be too dear as there are now stores like IKEA around offering economical options for owners who would like to do their own DIY.

It is a common fact that anything positioned close to or right on the beach will naturally be in demand and always be popular, therefore if you are in a city and your property is in a beach location, you can be assured that time lines as to when to sell will are not as important. You can pretty much choose to sell at any time you like and still make a profit. Properties in cities that are positioned close to public transport such as metro rails and sky trains will of course have an advantage and be in constant demand. If you consider that a city such as Bangkok is now the most visited city in the world, then you can understand why public transport be such a major factor. None the less as the city becomes more and more popular so does its demand for investment properties. People can now see the advantages of investing in such a lucrative market.

Of course the type of property you have will also determine as to how soon it can be sold. As the markets have changed over the last few years and also taking into the consideration the fall of certain currencies such as the British Pound and the Russian Ruble, we are seeing the high end property market struggling to sell properties with ease as before. Properties that are considered entry level, usually from three- six million baht are at an advantage, as this seems to be what most international buyers can afford. The upside is when selling smaller properties which can be anything from small studio apartments to smaller two bedroom apartments, one tends to see a stronger appreciation than if trying to sell a high end villa for example. Currently the luxury high end market is a bit of a buyers’ market, as people simply do not have the kind of money to spend as they did before. At least this seems to be the general consensus from past research and current statistics. If wanting to sell a high end property you will need to be patient.

Sellers also tend to forget that in a country such as Thailand privatized sales are very rare. You almost always need a real estate agent to assist you selling the property. It is important who you choose to work with. Make sure you choose a credible real estate agency that has a long standing reputation. Marketing is key and those who choose to work with independent agents or unknown agencies can expect to wait a while to have their properties sold, as these will most certainly have a limited database of clients and do minimal advertising channels in place, often leaving sellers feeling frustrated and forgotten about. There are agencies in Thailand that do specifically specialize in the resale market. These agencies may ask slightly higher commissions than other companies, however it is worth considering, so as to avoid your property being listed with an abundance of agencies that request lower commission, but in turn you experience little movement and have to wait a long time to get your property sold.

 These are all genuine reasons that will influence an owner’s decision on when to move forward and start the resale process or when to be patient and allow their properties to gain more value. If you are wise about how you proceed then you will start to avoid the pitfalls of the process and see how there can be less to loose and more to gain.

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