Home-buying opportunities come once in a blue moon. And when they come our way, we ought to make the best use of them. However, times are looking grim these days. The pandemic is still at its peak, economies have tumbled, unemployment is bearing its fangs and the future looks shaky to the naked mindset.
Mulling the prospect of buying a home during this crunch time when all the cards are stacked against us is akin to tomfoolery; at least a layman would quip that.
Property sector bruised not fractured
But according to real estate experts, the effect of the pandemic on real estate isn’t that severe as initially forecasted. While global business sectors were thrown into turmoil with the unfurling of the pandemic, the real estate sector coped up with the battering to some extent with its transition to digital.
Though construction sites across the globe have been shuttered by the pandemic and new property launches looking bleak as of now due to cash flows drying up fast, the demand for ready-to-move properties and near-finished projects haven’t tanked.
What’s important to note is a sudden behavioural change in the mindset of homebuyers who are now looking at real estate through a different kaleidoscope in the midst of this pandemic.
Digital shopping rings well with homebuyers
The willingness to buy a home has graduated to a new level in these catastrophic times as homebuyers have realized the sense of security linked with physical assets. Millennials and quadragenarians are now more interested in putting their hard-earned cash in limited assets.
With home loan rates sliding to its lowest mark, the chorus for homebuying has gone louder. Planned residences in societies have evoked a special interest in homebuyers as they come with a good ROI due to booming infrastructure in the vicinity.
The new fad of buying homes digitally has hit home hard with homebuyers. Real estate developers are dishing out attractive payment plans to homebuyers. This has reinforced their intention of putting down a token amount on their property of choice and cash in on a good deal.
Since work-from-home etiquettes have become a new normal and this trend is going to stay for a couple of years at least, homebuyers are not shying away from buying homes in peri-urban areas at low cost. The option of getting larger living spaces with all amenities at a budgeted price has augmented the interest of people towards this decision.
Property investment a sound decision
After being holed up in their homes for months, homebuyers’ discretionary expenses have reduced and financially they are better off than they were a few months ago.
Potential homebuyers are now thinking about using the surplus cash as a deposit and kick off their homeownership dream. Many serious investors have gone off the homebuying radar owing to heavy losses in stocks and equities. This has lessened the competition in the property market to a good extent. For first-time homebuyers, this is a golden chance to man up and own a home.
Previously young buyers used to spend most of their income on lifestyle, lavish parties and food. Now, suddenly these millennials are finding themselves in a good position to make an initial deposit for a home.
Indian real estate market is still a buyers’ market and will remain so in the coming months as homebuyers are looking for homes they can use immediately. With most multi-national companies looking to make work-from-home etiquette a permanent fixture, the rush for bigger homes will stay. Seasons won’t matter to home buyers now. Staying healthy and coming out of this crisis unscathed will play in the minds of most homebuyers.
