The truth is out at last. Home is an essential item. It took a deadly pandemic for us to realize the importance of owning a home, the fragility of our existence and the need to change the status quo in our lives. As lockdown measures have been relaxed and the economy trickles back to normal, homebuyers are flocking to online real estate portals to book a home of their choice, with an intent never seen before.
Some are dusting off their crystal balls to look at how the property market in their local area will stand in the immediate future once the virus outbreak subsides down. There is a palpable seriousness in the air about homebuying which is evident in homebuyers looking for ready-to-move properties and at the same time, showing pertinent interest in under-construction properties too.
The perfect storm for the housing market
According to a recent study, 65% of the homebuyers are shuffling properties online at present while 38% were scouring for homes post lockdown 1.0. The survey also revealed that two out of three homebuyers are mulling the possibility of buying a new home immediately.
Ready-to-move properties are the reigning favourites as 64% of homebuyers have responded for the same. While 77% of the survey participants are looking for a house for end-use, 23% want a house for investment purposes.
Online real estate portals are teeming with millennials, quadragenarians and baby boomers, taking virtual visits and finalizing home deals with a few clicks of the mouse. Real estate developers on the other hand, are optimistic about this sudden buzz in the market. The positive consumer sentiment can rekindle the hopes of the property sector and decide its fate in the months to come, they say.
While the real estate community was apprehensive at first that initial bookings would not translate into concrete transactions due to health concerns and the subsequent lockdown, they were pleasantly surprised at the turnout of homebuyers on their virtual marketplaces.
The lockdown has created a perfect storm for homebuyers who were eagerly waiting to take full advantage of the volatile but somewhat favourable market conditions. Though homebuyers are excited about taking virtual tours of properties, the need for physical visits have remained but only in case of finalizing the deal.
Safety and security utmost priority for homebuyers
Based on the virtual interactions real estate developers are having with homebuyers and the ongoing trends in the real estate community, it can safely be said that a change in homebuying behaviour has dawned of late.
An imminent wish to buy a home has been ringing in the mind of homebuyers’ post lockdown. Owing a home in a housing society from a renowned developer has become an utmost priority now for thousands of homebuyers, keeping in mind the safety and lifetime security that come with a home.
With work from home etiquette becoming a new normal for the next couple of years at least, homebuyers have dropped proximity to workplace as a factor for homebuying. Instead their desire for larger homes with gardens or access to outdoor spaces has become a deal breaker, looking at health and safety of their loved ones. A spare room or a sprawling balcony with 360-degree views have topped wish-lists of homebuyers.
Properties in the price bracket of 50L-1Cr and size of 500-1000 Sq. Ft. have accounted for close to 50% share in the property transactions. 2BHK & 3BHK homes have garnered much interest among homebuyers in the wake of co-living with a virus.
Real Estate developers optimistic
With the invisible spectre tightening its grip on the world and an effective vaccine to counter it, is still in the works, an uptick in real estate transactions have been noticed on digital real estate portals. Homebuyers looking at the ferocity of the virus have matured in their home-buying consciousness and are seriously hunting for ready-to-move homes to keep their families safe. Real estate developers are optimistic of a good property harvest, considering the pace at which property deals are getting signed.
The drop in prices of properties across geographies and low interest rates have chimed well to facilitate the dream of most homebuyers and also pulled fence-sitters to the market.
The availability of attractive payment plans from renowned developers have also given homebuyers abundant time to assess the pandemic situation and save enough for repaying the property cost within the agreed time threshold.
Housing as a community will gain deep significance in the months to come. Consumer sentiments will hinge towards the real estate sector as prospective buyers who have adequate money in the bank and a secure job will see this as an opportune time and seal a property deal with confidence. And for the first time, health and hygiene will play a stellar role in their minds while shortlisting a property.