dear real estate pundits,
i have been hearing that there no "serious" buyers in the market but plot prices are still not moving down. any reasons? even if there is a serious and reasonable offer from potential buyer, seller wont accept. let me give you an example, i was offered a plot at 39 lacs (if i remember correctly) in dha-7 and i offered 36 lacs and it was declined. not even a counter offer :)
whats going on? in this depressed markets, seller are still asking alot more. any trending etc.?
ali11 replied on Wednesday, January 5, 2011 04:26 PM
prices in real estate are already low. b/w 36 & 39 is huge difference when market is depressed. I guess the little sale & purchase thats going on is based on low margins. Sellers generally are selling on loss and don't expect them to sell at even further 3 lacs below their asking price. |
Khan. replied on Wednesday, January 5, 2011 04:35 PM
Thanks ali11. few days back I saw CMY giving rate update on DHA-6 file, no buyer and still at 36 lacs :), with 9 lacs it comes down to 45 lacs for the plot you dont know where you will get. if seller bought at peak and desperate to sell, you take the losses and move on (infact i did that). when you say already low, what benchmark are you using? comparing to high times is not right. |
Jameel replied on Wednesday, January 5, 2011 08:01 PM
At present market is having thin trading only few deals this shows gap between sellers and buyers. At this time you need quite a good time and work to get a deal on correct price,
I bought a house at a reasonably good price but it took 9 months and 3 visits to Pakistan. But you need patience and good dealer. |
Experiance replied on Thursday, January 6, 2011 03:28 AM
When you are a Purchaser-Market is on the High Side, and when you are Seller-Market is Down. Dear Custmer you are always on the looser side |
Right replied on Thursday, January 6, 2011 10:09 AM
Experience is very right. They will say the rates are still same as 3 years before. Especially of the very block and lane in which you are holding a plot. |
Onlooker replied on Friday, January 7, 2011 06:00 PM
A good debate after a very long time. Perhaps CMY would like to clarify what is the real situation. What kind of people are buying these days? are these investors looking for bargains/margin and will sell on a slight profit? or are these genuine home buyers. My guess is that currently whatever small buying/selling being done is by investors. Due to bad economy, the demand from people who wish to construct a house should be very little. But yes, people with Agri-based incomes and beneficiaries of corruption can also be present. Until and unless there is interest in property at global level, it is hard to believe that big money will flow to this sector. |
Jameel replied on Friday, January 7, 2011 08:53 PM
Dear khan would you tell approximate location f plot which you could not get in 36 Lac, may be CMY would tell you correct worth |
