Best Time Of Year To Real Estate Investment
If you are going to buy your dream home then timing is not the only thing to consider. But, you cannot ignore the timing.
Even though it is true that timing plays a very important role when you are buying a home, the best time to buy a home is only when you are ready both economically and mentally. Other factors can help you decide when to buy a dream home.
If you will check the last few trends then you find that spring/summer and winter are the best season for housing sales in Delhi NCR, Pune, and Bangalore, etc., and in monsoon, real estate markets slow down. But on the other hand, in the last spring when you’d generally hope to see a rise in real estate activity, the Covid19 forced every home buyer and seller to the neutral mode.
Many real estate investment portals in India, saw a 20 - 24% drop in residential property sales in April-May 2020, which is generally full of activity time of the year.
Anyway, here we are talking about general trends of home buying throughout the year.
Winter (November to January)
As more & more home seekers are buying their dream home in the spring, a residential property you purchase during the summer season could cost you more in comparison to the same property bought in winter. According to the different Data & Statistics, only 25 - 30% of buyers paid above list price in summer while in winter, just 20% of residential properties sold above the asking price.
Spring (February & March)
This is the time when new residential properties start to rise in the market. More units will be listed by real estate developers and you will have countless options to choose from.
According to data from reputed real estate listing websites, these two months tend to present lots of options. At this time the weather is pleasant ( not too cold or hot), so you can visit as many sites as you can, get the best home and negotiate well.
Summer (April To July)
This season starts with many festivals in South and West India which leads to an uptick in home buying. But in North India, there is hardly any big festival except Holi. So for the North Indians, this is the time to wait for a few months for the festive season, as they expect the best deals and discounts. During summers many prospective home buyers might avail the advantage of summer vacation and go on holiday with their families but only a few home buyers go for site visits.
However, there is scorching heat, which works as a discouragement for property visits, and overall, there is very little home buying activity in the summer season as compared to the festive/winter season. So, there are only a few home buyers in the market. If we take this situation positively then as a home buyer you can negotiate well with the seller and get a better discount.
Autumn (September end to November)
This is the best season for both home buyers & sellers, this period is aplenty with big Indian festivals and is considered to be a fortunate time in our country to make a big investment.
This is largely seen as the most favorable time in the year for property selling owing to the positivity and high amounts of buyer activity in the market. Many real estate developers also present festive discounts during this season which are very high, that way increasing the purchasing power of the prospective home buyers.
Even so, many new-age home buyers may not care for the need for auspiciousness to purchase their dream home. But still, this season witnessed numerous real estate deals thanks to the huge number of Indians who are still valuing these traditions.
Conclusion
In the last few words, we want to be clear that home buyers’ activity in every season is still influenced by the overall economic condition and any area’s real estate situation. This blog is intended to give you a basic idea of how residential property purchasing patterns in India works so that you know better what to expect across different seasons as a home buyer.
What is the future of the real estate market in India?
The Indian real estate market is anticipated to grow from US$ 200 billion in 2021 to US$ 1 trillion by 2030. By then, it will contribute 13% of the nation's GDP. The growth in retail, hospitality and commercial real estate will also provide the infrastructure India needs to meet its growing needs.
Will real estate prices go up in India?
It has been predicted that Indian real estate prices will go up in the coming year at a faster pace because of the multiple developments taking place. The prospering infrastructure and the developments taking place at a rapid pace clear the increasing prices of real estate in India.