Property Search Trends & Changing Market Dynamics In 2022
With the Covid pandemic and the subsequent lockdown of the year 2021, the real estate sector in India has been subject to roller coaster rides. In these uncertain times, having a roof over one's head is crucial. The lockdown made people realize the importance of owning a home. During and after the lockdown, people searched more for homes across the country.
A home purchase is an investment option for a bigger magnitude and searching for the right property can be stressful. With the fluctuating rates and the shaking consumer confidence because of the past market situation, it is now hard to find the perfect place. But now you don’t need to settle in less because of the myriad options available when you are hunting online.
Here are top trends witnessed in 2021 that could potentially become new norms for home buying in the future based on extensive research from secondary and primary sources:
- Demand for larger homes dominated by work-from-home
WFH was a boon for the workers in the services sector as it allowed them to continue their work without needing to physically visit their respective offices as Work-From-Home (WFH) gained momentum. WFH also offered online classes, which allowed students to continue their education at home. In addition to this, all other activities - such as dance classes, yoga classes, consultations with doctors, interviews with employers, and team meetings - are now conducted online as well. With almost all family members spending the majority of their time at home, many people are reexamining their housing choices, most importantly upgrading to a bigger house with more space and privacy.
- Search criteria dominated by affordability
Major cities such as Mumbai, Pune, and Bengaluru became the preferred cities for homebuyers due to the availability of ample employment opportunities on the back of the growing commercial, industrial, and information technology industries. In addition, affordability and proximity to occupations played an important role in home purchasing; many buyers chose low-priced areas near major employment centers but far from the city centers.
- Cities of Tier II are becoming more popular
Many people who have moved to metros and Tier-I cities for employment, such as those who have migrated from rural areas, considered buying a home in their hometown when permanent WFH became an option. The top 5 Tier-II cities for property investment in 2020 include Vijayawada, Meerut, Mysuru, Aligarh, and Siliguri.
- Multi-story apartments are becoming more popular
The research conducted by indicates that 57% of buyers are opting for multi-story apartments and gated communities. Several multi-story apartment buildings and large complexes provide medical, recreational, social, and retail facilities on their premises, which is why they are increasingly preferred by homebuyers. It is not just multi-story but you can witness high-rise buildings with over 20 and 30 storeys standing tall in the city.
Without any perplexity, demands are increasing due to many reasons but these demands are getting satisfied with the internet.
Modern home search engines on the internet offer an assortment of styles and can provide a variety of functions to help you find the right house. Search systems all have access to databases of information about individual houses and neighborhoods, and let you specify the search parameters in great detail.
Let's talk about three quick tips for finding your perfect home on the internet!
The #1 tip for finding your dream home online is to write down your wants before you begin your search.
Needs and wants are two separate categories. Needs are things you cannot live without, such as the number of bedrooms or a specific price range, and wants are items that you would like to have but do not necessarily need, such as a pool or 1st-floor master suite.
The needs and wants you write down will be invaluable as a guide when searching for a home, along with helping you fill out the online search forms. When looking at a long list of homes, it's easy to lose sight of what you need from a home. By putting down and prioritizing what you want in a home, you can choose the homes that are the best match for your lifestyle.
The #2 tip is to keep your search for a home as wide as possible in the beginning.
You should keep in mind that an online search tool is only as effective as the database of homes it has access to. Many times, homes will not be listed correctly in the databases or features may be left out of the databases, which will make it harder for you to find the right home for your needs.
When you are beginning your search, I recommend starting broad and picking only the general area, price range, and a minimum number of bedrooms and bathrooms. It is important to ensure the maximum number of possible homes is shown and it is less likely that a home will be overlooked due to an error in the database. By selecting additional parameters, you can narrow your search results as you progress, but start broad.
Tip #3 is to make the most out of automatically saved searches.
Generally speaking, the best houses in a good location in good condition sell very quickly these days. When a buyer finds a home he/she loves, it is reasonably likely that another buyer will have found that same home and will compete with you to make a purchase. As a result, finding your perfect home and having the chance to negotiate for it first is crucial. In addition to the help of your real estate agent, finding your perfect home quickly when it first appears on the market is preferable to having as many options as possible.
It is possible to create an account on most search platforms and set up automatically saved searches, which will email you a list of properties that match your search criteria. You can use these systems to keep up with market trends and to learn what's available on the market. Creating multiple saved searches can also help you find out what's really for sale on the market and categorize homes.