Festive season brings cheer in real estate market: Survey
Homebuyers have come back in the market and property searches have surpassed pre-Covid numbers, said the Magicbricks Property Buyer’s Sentiment Survey. Here are some findings from the survey. A quarter of respondents are searching for property as an investment. Various offers and discounts during the festive season have attracted investors into the market. More than 1/3rd of the buyers will buy in case there is a discount available.
Buying for investment pattern
Wave 1 April: 19%
Wave 2 July: 13%
Wave 3 October: 25%
People responding to festive discounts on property:
Interest rates have gone down and stamp duties have been reduced. Developers have brought innovative marketing techniques and various attractive discount plans to sell inventory.
Different kind of deals and discounts on offer
Cash deals and discounts
Freebies and accessories
Innovative schemes
Deferred payment plans
Most don’t expect further fall in prices: In terms of price expectations, there is growing maturity. However, discounts can act as a buying trigger.
Price perception
43% speculate prices will decrease
21% think there will be no change in price
14% think prices will see a raise
22% don’t say
Tech playing a larger role in the real estate market: The desire for increased involvement of technology has been constantly rising in the last 6 months.
Digital marketing and engagement tools
Online documentation
Virtual tours
Personalized ads
Online documentation
Virtual tours
Personalized ads
Online portals
Healthy recovery very likely in 2021: Various factors like price stability, cheaper home loans, pent-up demand, and improving economic indicators likely to trigger property demand in the market.
