Worried if now is the right time to buy, or should you wait? Read more
There is a lot of concern that real estate prices are falling and that one should wait for prices to stabilize before buying a property. Here is our take on the real estate markets.
•The best time to buy is when you can afford it! As a buyer, who does not buy or sell real estate for a living, you will never be fully confident like an expert if now is the right or wrong time to buy. If you are looking for a house for your family to live in, and can afford it, now might be the best time for you to buy. You will never be able to time the markets and buy at the absolute bottom of the real estate cycle!
•There is common perception right now, spread by the mass media, that prices are dropping by 20%-30% across India. It might be true for certain locations, but not for all. Also, this is probably more true of areas that were very overbuilt, like some suburbs of Bangalore, some parts of Mumbai, but this is not true for all markets in India.
•If you are an end user, is it better to wait, or to buy now? Well, that depends upon your time horizon. Chances are that as an end user you will most likely use your home for at least 10 years. So, why bother about short-term price fluctuations right now. Over the long-term, you can reasonably expect your property price to appreciate, so even if you need to buy today at a slight premium, over the next 10 years you will likely still come out with a gain.