Pandemic has created a vital drop down in the real estate sector, so is the impact will be blessed. Anyone who was planning to buy or sell the home will be thinking about how the market is going to change its phase, as we all wanna know what will be the figure after “Normal”. If you were in the middle of sale or just some distance away from closing the deal, then you’ll be wondering to ask for any discount! Well, this cannot be stated what will be an impact but there’s no doubt that prices will go down according to the current economical situation. Investments are considered roadmaps to fulfill future requirements effectively and also to enjoy financial freedom. This is the real-time to opt for traditional investments such as real estate, due to the coronavirus financial sector has brought slowdown of approx 27.31% in dollar terms.
In March 2020, RBI has dropped down the repo rates by 0.75 points that have directly affected real estate due to which interest rates on bank home loans have been reduced to 7.15% – 8.05%. For the first time for potentially interested customers, this is an effective time to invest in the property. This pandemic has resulted in an opportunity to bring in their dream and buy the sheltered homes at such reducing interest rates. Approx 67% interested persons are going in search of properties with the reduced budgets. Hence, we noticed that real-estate is affected by positive behavior during the novel pandemic.
Let’s discuss some key points.
1) How digitalization is becoming a helping hand in bringing real-estate at the top consideration?
Firstly, properties are searched by only the interested customers, thus stimulating their interest also maintaining their respective is the process of digital marketing. During the lockdown, it has been observed that approx 5.3% growth has taken place in buying & selling of the apartments. In the first quarter, only the demand was raised by the audiences, thus to show the right footage of space digital technology is playing a crucial role. With the new projects, interested candidates are eagerly waiting to move in there purchased home apartments or flats. The customer life cycle is proceeding via online from visiting the place to booking, every procedure is targeted without meeting. You require to be cautious before finalizing the deal once checked the past transactions of the company, do not hurry, relax and move your further step.
2) Is there any big confidential reason for people investing in real estate at the time of financial slowdown?
As you all are aware that this is not a time to invest in any mutual funds or business shares thus in the current situation with the reducing interest rates on loan, people are investing their funds in the real estate with the confidence that when everything will go back to normal, the prices will increase in the property.
Let’s glance at what points should be considered while purchasing homes! Some answers should be asked for listed questions before booking the flat.
Whether you are securing your future or upgrading your present while buying the house?
Can you service all the obligations takes place while going through purchasing procedure such as down payments, EMIS, maintenance costs, and many others?
Do you have your job security with COVID-19?
Do you feel, you will get a good return on your investment?
Well, in order to bring the financial condition back real-estate will create a boom in the market after lockdown. As we observed some figures of the growth while lockdown, then this is for sure that buying & selling of shelter will become a buzzword!
Property is the biggest sector that maximum people is considering, there are always two sides for every fact, therefore it’s your understanding of getting effective outcome. Coronavirus has resulted in the decline of the money graph but at the same time has opened an opportunity of getting into a home dream.
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