The COVID-19 has a detrimental impact on all aspects of social and economic life, including the real estate business, especially when it comes to sell a property in Berlin during this period. It is no big surprise that currently selling a property can be very challenging due to numerous repercussions of COVID-19. The general uncertainty about the future imperils the selling process, naturally narrowing down the number of potential buyers that can purchase the property. That is why it is so important to make the utmost to maximize your chances to sell your property on good conditions and in a short period of time. Professionals of the real estate market provide you with useful tips that facilitate the selling process during this complicated period.
Plan your property sale in Berlin in advance
With the COVID disturbing economic and social equilibrium, The property selling process in Berlin requires more time to find the most suitable buyer. For that reason you should contact your local real estate agents before the desired selling date. If you start searching for potential buyers very late, it will inevitable lead to scramble process with a possibility to choose a wrong buyer with financial issues. This is especially important amid COVID-19 since banks are more reluctant to give a mortgage while buyers with substantial savings are hard to find.
Find the right real estate agent to sell your property
Selling property on you own can be troublesome, leading to a slow and cumbersome process. This is more than even the case since COVID negatively impacted the liquidity of the real estate market in Germany. The right thing to doin this context is to find a real estate agent with a good reputation who has an expertise in your local real estate market and that has the capability to manage the house sale during these difficult times . It’s easy to check reviews in internet or in a local paper to select the best estate agents in your Berlin area. Not only does the estate agent simplify the process of selling the property, but it also has a possibility to find the most suitable buyer with the help of advanced marketing tools. That is extremely important when it comes to sell a property in a large city like Berlin, Munich Paris, Berlin or London since many of potential clients reside abroad. It’s always recommended to work with a sole agency to sell your house. However, if you find two well-qualified real estate agencies, you might find a buyer for your apartment in Berlin with the right sale faster.
Decide on the right sale price
The right sale price is extremely important for successful transaction; very high price will impede the selling process, leading to months of waiting before selling your home. Low price, on the contrary, can deprive a seller of proper income. The best way to determine the right price for your property is to take into considerations the peculiar conditions in your local area. Price formation varies from city to city and can be driven by district, area of the city, the building condition, availability of the balcony or terrace, etc. Local real estate agents are usually very knowledgeable; their expertise is based on years of experience and detailed understanding of the property market in the city. To make things less complicated, one should ask for professional real estate valuation in Berlin from an established market expert who have experience in buying and selling properties in the same city district. Many real estate agents offer a free valuation service or offer a fixed fee if the property appraisal is not linked to the apartment sale process.
Home staging is a key to sell your property fast
Details matter, especially when it comes to sell a property. The COVID-19 pandemic demonstrated the importance of home comfort. Selling a property now implies making a strong impression on potential buyers. The property should be desirable, and decorations as well as renovations can play a crucial role in attracting a right buyer. That is especially important for furnished apartments as buyers expect to move in as soon as possible. The charming decoration can definitely lurk the prospective buyers.
Be flexible on the property sale price & conditions
The COVID situation increased the economic uncertainty and hit the buyers confidence in the future. Buying a property goes often with a mortgage loan in Germany that would be paid over a long period that could be up to 25 or even 30 years. In the view, it represents a strong engagement and buyers who are less confident in the job market might be reluctant to go ahead with a concrete offer. Being flexible on the price, open to negotiate the purchase offer conditions and ready to accept an offer below the asked sale price, would definitely be a big plus to sell your property within a short period. In order to comfort your opinion on the real estate market and last property price trends in Berlin, you might have a look on real estate listings that are similar to your property and the same area. For example, if you plan to sell a bedroom apartments in the center of the German capital, you can search for recent listings of one bedroom flats for sale in Berlin Mitte to get an idea on recent prices. However, you should take the information with cautiousness as listed properties are sold ones. Listing a property for sale at the right price would allow to generate more interest, offers and to successfully close the sale during this period characterized by its uncertainty.
The bottom line about your property sale
Those are the most important tips to keep in mind to sell your property in Berlin despite COVID-19 challenging times. Your success will inevitably depend on well-managed timing, the choice of the right real estate agent, the right listing price, the flexibility in sale price and conditions and the neat presentation of the property. If you have any questions or require further information about property sale process in Berlin, First Citiz team is at your disposal!