According to a recent survey, 65% of home buyers say they buy a home because real estate prices are constant for years, interest rates on mortgages are low, and many builders offer significant discounts.
Covid-19's pandemic affects almost every sector and industry in the world, including real estate. But there are several opportunities in every crisis, and many believe that the coronavirus pandemic looks like and is a good time to buy a dream home for a variety of reasons. Is that really the case? According to a recent survey conducted by Nobroker.com, 65% of home buyers said that real estate prices remained constant for several years, mortgage rates were low, and many builders offered excellent service. We believe that the best time to buy a home is at a discount. Most professionals are free to spend their time working from home, so there is a lot of time needed to do a preliminary survey.
The outlook for real estate is unlikely due to the current pandemic, but about 54% of consumers expect a significant drop in home prices due to the current unsold inventory in the market. Consumers believe developers want to get rid of piled up inventory to boost cash flow. The purpose of the study was to identify the impact of Covid-19 on consumer sentiment. Distributed to potential buyers and tenants to understand how their priorities have changed. 11,580 respondents to a survey conducted across the cities of Bangalore, Mumbai, Pune, Hyderabad, and Chennai.
Consumer considerations:
Research shows that budget, safety, and water supply stand out as important considerations for completing a property. About 36% of consumers are thinking of buying a home within 3 months, and almost 28% are looking at a 3-6-month timeframe.
Consumer preferences:
59% of consumers say they prefer living in an apartment society over an independent house, as society offers more comfort. Also, water, food, power backup, and safety are less of a concern in society. 92% of people are thinking of buying residential real estate.
NoBroker's annual survey showed a steady increase in interest in commercial real estate as an investment option, but the current crisis has prioritized housing choices. 86% of consumers prefer homes where they can move quickly because there is some distrust in the project under construction due to uncertain timelines. In some scenarios, the situation is compounded by the unavailability of construction workers. 2BHK is still the most popular choice for about 48% of consumers.
Improvisation during quarantine:
Interestingly, many consumers are quickly adapting their listings of properties via video walkthroughs. Forty-five percent of consumers say the process is fast, economical, and more efficient.
Obstruction:
Job uncertainties and liquidity crises were cited as major obstacles to buying a home. This is probably also the reason for the increased demand for housing within the budget of Rs 60 Lark. This is also why 79% of consumers are trying to buy real estate without using broker services.
With some questions lurking in the current situation, consumers have come to realize the importance of owning a home. As India's unlocking is proceeding slowly, demand for homes is rising due to lower interest rates and bargain deals, and many buyers consider it a great opportunity to buy their dream home.
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