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Why is this the right time to buy a house?

Why is this the right time to buy a house?

It’s a dream come true to live in your own home. Surprisingly, real estate has gradually shifted from a seller’s market to a buyer’s market. Since the epidemic struck, residential housing prices have declined significantly in key cities, with government-led sops encouraging a further reduction.

The Central Government recently enabled builders to sell property for up to 20% (formerly 10%) less than the prevailing rate without having to pay taxes on the difference. Home loan rates are holding steady at 10-year lows. Should one take advantage of the current market to purchase a home and make an investment in real estate? Let’s look at a few reasons why real estate investment can be a good idea right now:

#1. Price drop due to construction delays

Even before the epidemic, property values had fallen by 1% in the first quarter of 2020, according to RBI projections. Furthermore, according to several polls, housing prices are expected to fall by 6 percentage points this year and 3 percentage points next year. Due to the recent sales slump and increase in outstanding inventories, real estate experts believe that now is the best time for homebuyers to receive the best pricing bargains on ready-to-move-in residences, rather than just under-construction buildings.

#2. Millennials’ increasing interest in real estate

Working from home is become the norm, therefore possessing a tangible asset is more important than ever. It’s also about obtaining a safe and secure place to live in the future. Other variables include an increase in disposable income and easier access to home financing services. HITECH city is a hub for IT professionals that has new and rising residential properties in Hyderabad which provides so many housing options.

#3. Low lending rates

The most essential factor in deciding how simple or difficult it will be to repay a loan is the interest rate. A higher interest rate may make it impossible for you to take out a larger loan or force you to choose a longer repayment period. A lower rate, on the other hand, gives the lender more money and may also result in faster prepayments. Interest rates offered by financial institutions and housing finance firms vary.

#4. Safe long term investment

Buyers are willing for assets that are reliable and generate fair returns, if not large returns (which are considered “high risk” categories) in the current economic uncertainty and hardship. In contrast to the stock market’s ongoing instability, real estate, or the property market, has recently acquired favor among investors as a safe, dependable, and long-term asset.

These elements, as well as the country’s economic recovery and rising job stability, offer stable rental market returns, making now an excellent time to invest in real estate. Kohinoor Project by Aurobindo Realty is one of the new residential projects in Hyderabad that can be a best buying option.

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