Buyers Price Vs Sellers Hikes Vs Fair Market Price

Like any of the other the rates of property in Mumbai are going up with absolutely no limit whatsoever. The rising trend of property price rise in Mumbai is unfortunately going bonkers – not because there is a need to price it that high or that life has just got a lot more costly to justify it. It seems that the price rise is like a game that property sellers are playing. In one of the best locations of the city, a price of Rs. 8000 per square feet is what the optimum rate of and is for this season, day and age – and this is inclusive of other basic facilities. Even if you go higher up for a property on the roof the most that you may go with reason in your price hike is Rs. 1000 more per square feet.

But the hike these days is much beyond this rate or any other probable rate that the seller or agent can explain and there are no reasons available. Now it’s come down to the fight of the seller and the buyer as to which one among the two have the actual ability to change things. The seller can go on increasing his price if the buyer is willing or not to pay or the buyer thinking that he has no choice but to pay the quoted price if he wants the property.

Now the question arises as to, - what is the price that must be quoted? The price that must be quoted is the fair market price. Moreover from the business point of view of the seller and the agent, more than the fair market price is the ‘buyability’ factor – whether the buyer can pay or not. In this context, the price that the buyer can pay is the price that is fair. But since all buyers will not able to pay high prices as not every land buyer is not as high an earner as the last and the sellers can’t be sympathetic to the buyers financial needs, the only fair way to go is to stick to the fair market price per square feet – which is the rule now, which just has to be followed.