Changing trends in Malaysian property market
Property market in Malaysia is floating and stats show that the trend would remain so even in the coming year. The growing interest among foreigners, increasing demand and easier methods for locating dream properties have all contributed to this bubble in the Malaysian property market.
Choosing properties: the search
Public usually wish that when seeking to buy a property they must have access to ways which are easier, convenient and can make the search for that dream property hassle free.
Open Bidding - why this
Open Bidding (OB), is a relatively new concept in Malaysia. After proving its worth and utility in developed markets like the U.S. and Australia this is now gaining popularity in Malaysian market too. A pathway that veils in many benefits is now readily available for both buyers and sellers.
Open Bidding - the pros
Emerging as the first choice method for sale and purchase, OB in property market has transformed trends completely. Offering advantages to both the parties involved, let’s have a quick glimpse of what this has for buyers and sellers independently.
OB - the return to buyers
Determining property prices seem easier.
- Buyers have freedom to purchase property at fair prices.
- Buying property within budget turns easier
- Over expenditure seems history
Choices are ample.
- Regular listings and organized search helps in choosing that ideal property easily.
- Buyers get to see many properties at one time, thus helping them choose from many rather than few options.
- Access to information for buyers with OB is sufficient, thus helping them make the right choice.
Time is money - you get to save it with OB.
- Buyers have easy accessibility for doing research, viewing more number of properties at same time.
- The negotiation process gets eliminated, thus saving significant time to decide.
- The decision buyers get to make through OB is accurate and quicker.
- Buyers also get to know the purchase date, which before OB was kept secret.
OB - the return to sellers
Knowing the potential buyers gets easier.
- Sellers have more control to avoid organizations from participating at the bid.
- Through OB only qualified buyers have the right to bid, thus saving sellers from wasting time on just window shoppers.
Turnaround time gets significantly reduced.
- Sellers with OB have easy access to sell properties at fair prices and within the stipulated marketing period of 60 days.
- The cost of maintenance, carrying and tax gets significantly reduced.
- Sellers have freedom of dealing with unwanted negotiations.
Sales get accelerated.
- As only competitive buyers get to participate, sellers get actual market price for their properties.
- Properties are sold at fair prices.
- Sellers get freedom to set terms of sale, thus offering them an advantage over traditional buying and selling.
OB - the final verdict
The wave of excitement Open Bidding has brought in property market is overwhelmingly accepted by everyone. Emerging as the first choice method, this has enabled both buyers and sellers enjoy easy buying and selling, but without the hassles.
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