Speaking frankly, there will never be a better time to buy a home than now, or else the present. Land as an investment asset is finite and tangible as most of us know. Even in a pandemic situation that can shake the industries and economies, we need a home to have shelter. But from an end-user or an investor perspective, we don’t look at philosophies – in fact, we need to understand the market statistics and sentiments to make an informed decision.
The real estate sector has presently witnessed a great windfall in its favour. Affordable housing, which has been the key slice of residential properties, has taken a drastic improvement in the real estate sector. As per multiple surveys, the property affordability has been recorded the highest ever in the post covid era due to three reasons mainly – the stagnant real estate prices, higher-income generation and falling home interest rates.
The home loans from the top banks are at rock bottom levels. Many of them are offering home loan interest rates way below 7 percent. Property surveys have further added that the income levels have surged faster than real estate prices. The real estate sector is back in action with a lot of inventories leased and bought faster than ever. The arrival of Covid vaccines has redirected the tide in favour of the real estate sector.
According to a survey finding, except for a few pockets, the property prices have compounded an annual growth rate of just 1-2 percent only, which is significantly below the inflation levels. Adjacently on the other side, the average income growth over the last few years has shown an average growth of 8-10 percent, which means your fellow being is having more money to buy his/her new home. Due to surged financial income, more people are involved in real estate investments and home buying.
The home affordability among the major top seven real estate markets of the country is on a steady rise. Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata are the cities which have increased the home affordability quotient. Homebuyers targeting these cities can get quality affordable homes from trusted real estate builders now. In order to take the advantage of the favourable tide, real estate builders are forced to bring in attractive features for the residential projects they launch. Most of them are offering more amenities and financial options to attract buyers and investors. With affordability on the rise, prospective homebuyers can now think of buying a better property.
Summary
Due to the lower interest rates, better incomes, and increased affordability, a lot of people have started to buy their homes. A lot of first time buyers are looking for bigger homes due to dip in home loans. Financial analysts are stating that a 3 percent dio in the loan interest rates will qualify the borrower to take 28 percent more loan due to higher income rates. The home buyers can also increase their quality of lifestyle by targeting affordable homes with better amenities and specifications.
So if you are having a double mind in pursuing home buying, then probably you need to do it now! Looking for professional advice for buying your home? Look no further – Connect with Red Maple now – Delhi-NCR’s top real estate consultants for proper advice on buying your dream home.
