Should You Buy A Home Now?

For genuine homebuyers who recognise a good thing when they see it and can call it good enough, it has certainly never been a better time, says Anuj Puri, Chairman, ANAROCK Property Consultants

- Anuj Puri

This is, without doubt, a very favorable market for homebuyers looking to purchase properties for their own use. One of the obvious reasons is the abundance of options in all categories of housing to pick from. Also, property rates have reduced considerably across cities. Nevertheless, many fence-sitting buyers are still hoping for further corrections. There may yet be scope for some marginal rate corrections in certain depressed markets – but as we often say in the industry, timing the market is a game only investors should play. There are no guarantees for when, where and even if corrections will occur.

Certainly, a whole country’s real estate market does not witness synchronized corrections like in the stock market, where everyone is affected simultaneously and to the same extent. For genuine homebuyers who recognize a good thing when they see it and can call it good enough, it has certainly never been a better time. The government has also provided several incentives for first-time homebuyers, especially in the budget homes’ category, and developers are rolling out year-round attractions in their keenness to close transactions. Moreover, the plentiful supply of ready-to-move-in properties also benefits homebuyers – the instincts for instant gratification and risk aversion can be satisfied simultaneously.

Guidelines for End-Users

The fact that the current market distinctly favours buyers should not result in rushed purchase decisions. Rather, buyers should:

• Identify the best options in the multitude available on the market

• Investigate their final shortlisted options for complete legal sanctity