Survey Reveals That Over 60% Home Buyers Are Back In Real Estate Market
According to a survey by 99acres.com, two out of every third home buyer is now looking into the real estate market to proceed with their home-buying plans. A little over 30% of them believe that it is the right time to buy a new house, while others are in the final stages of decision making.
Though 65% of buyers are in the market, only 38% are genuinely looking for houses post-lockdown. The number is expected to rise once things become comfortable. Additionally, buyers are still considering real estate as the best investment option for their security.
Meanwhile, the COVID-19 crisis has given rise to the prominence of digital platforms with 55-60% buyers expressing their wish for virtual visits instead of personal meets. The survey has also highlighted the fact that 11% of interested buyers have shelved their plans because of uncertainty in their job and market.
Moving to the tenants’ side, 38% of tenants are in search for a new house as they seek larger spaces. Safety and hygiene needs have obviously been the major factors after the outbreak of COVID-19.
Majority of the interested buyers are looking for a house to live and keep their family safe, a small portion views it an investment opportunity. The ready to move properties continue to rule the market as people are eager to move at the earliest.
Although digital means is the preferred means to take the proceedings forward, the physical visits are still imperative before finalizing the deal. Around 67% of prospects expect the prices to drop and another 20% believe a slight reduction.
The proximity to the workplace, which was a top priority earlier has somewhat reduced currently with the emergence of work from home trend. However, good access to major centres like hospitals, markets and schools are still considered as a major factor while shortlisting a property.