All these experiences are anecdotal and may not be useful at all for you. However it could be illustrative of what happens in the RE market..and could become some kind of a learning. However it may or may not work for you, so that is the caveat.
I have been looking to buy a house in Nerul, a suburb of Navi Mumbai. This would be about 40 km from the central business district called Nariman Point. For most people in So Bo (South Bombay – many of them still have not reconciled to Mumbai). So it could be an unwanted, eastern suburb of Mumbai, but if you saw the RE prices you would think you are in Manhattan.
1. Brokers are the only ones chasing you. Literally unemployed from dawn to dusk they chase you with houses which could be much beyond your budget, or much smaller in size, or at a location which you have specifically said NO to.
2. We wanted to buy in one colony called Army Colony, Nerul. That experience should be a separate post! We met people asking for Rs. 1.55 crores to people asking for Rs. 2.1 crores for SIMILAR house, with same level of interior work done. Amazing, but no deals have happened there in the past 6 months, so pricing is just a number in the sky.
3. We saw a 2500 sft house priced at Rs. 7 crores, and a 2000 s ft house about 700 mts away NOT SELLING for Rs. 1.8 crores. I believe he has now UPPED THE offer to Rs. 2.1 (my broker was laughing). But hey if he wants to sell, he wants to. If he does not want to sell, he does not want to!!
4. One lady is trying to sell a 3 bhk for Rs. 1.56 crores and buy a 1 bhk. Her best offer is Rs. 1.46 for the flat she wants to sell and she cannot get a 1bhk for anything less than Rs. 77 lakhs! amusing. Demand and Supply I guess.
5. There are people in the market who come regularly to feel ratified that their house is quoting at a particular rate. No intentions of selling, aise hi, time pass kar liya..
6. If you think selling a house is difficult, it is so damn true. Hey buying WITH a budget in a particular LOCATION of a particular SIZE is a good damn pain in the wrong places.
7. All the RE websites are infested with brokers offers.
8. Brokers lie. One broker said the deal is closed, but the SELLER had not even heard of this broker.
…can go on…instead I want YOU to add YOUR home buying / selling nightmare…
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