Why 2021 is the most opportune year to buy a home, despite the pandemic?

Looking to buy a new home in 2021? Congratulations! You have chosen the most opportune time if we may say. The property market is booming, interest rates are at their lowest and property prices are stable. On the other hand, real estate developers are enticing buyers with discounted prices, pre-payment plans and even waived miscellaneous costs. Covid-19 has definitely created such rosy opportunities for homebuyers, that buying a home seems like the best bet now.

 Suffice it is to say that the real estate market in 2021 will affect aspiring millennials and first-time homebuyers, tired of staying in rented accommodations and looking to buy their own dream pad. Millennials are expected to be major players in the housing market, while Gen Z are also keen in making full use of the attractive housing opportunities at play.

For most homebuyers, increased square footage and spacious gated accommodations with health-centric amenities have been the basic criteria when looking out for homes. Real estate developers are also pulling up their socks to cater to this demand and are bringing properties that sync with the expectations of homebuyers.

So, if you are still mulling over your decision to buy a home in 2021, here are some reasons why you shouldn’t miss the boat.

More homes for sale than buyers

Finding a home that ticks all the boxes and is within your budget won’t require any amount of elbow grease, since it’s a buyer’s market in just about every part of the country. With the huge stock of unsold inventory in the hands of developers and new launches in tow, there are more ready-to-move homes for sale to cater to prospective homebuyers. For buyers, the ball is in their court since they can bargain with developers and get a god deal on their homes. Real estate developers on the other hand won’t mind clearing off unsold inventory at prices that suit the expectations of the consumers.

Home Prices expected to stay stable

With home sales going steady in 2021, buoyed by low interest rates, stamp duty cuts and stable property prices, it is unlikely that real estate developers will disturb this momentum by increasing property prices. They will continue with cost-saving incentives and offers to ensure that the demand is sustained. In this scenario, booking a home is a great idea, since you never know when property prices will zoom upwards.

Interest rates expected to stay low

According to economists, interest rates are expected to remain low in 2021. These low rates can help lower your monthly payment and save you lakhs of rupees over the life of your home loan. For first-time homebuyers, the rock-bottom interest rates are a sign of readiness. With bottomed out property prices and additional discounts and offers by developers, millennials can get a good bang for their buck while buying a home.

Digital tools make home buying easier

With Virtual home tours, e-closures and digital communication mediums superseding analogue homebuying process, home buying during the pandemic has become flawless, transparent and easier. Homebuyers can take virtual walkthroughs through multiple properties sitting at home, book a property of their choice and complete the transaction via secured digital transaction modules. Today homebuying has become as easy as shopping for essentials online.

So, here’s the question! Should you still buy homes in 2021 amidst the pandemic? Yes, if you have the money in the bank and are financially secure, then why not! With rock-bottom rates, stable home prices and a raft of incentives from developers, it is the right time to buy your dream home. If you are really thinking of making a solid investment, purchasing a tangible item as real estate is the best route to take as long as you are smart about your finances.

Sumit Mondal Content Analyst at Square Yards
Sumit Mondal Content Analyst at Square Yards