The decision to buy a home or land from Land promoters in Chennai doesn’t and must not be taken overnight. Though one can never make certain of the proper time to buy property because of the complexities involved, being informed of the market dynamics can prove helpful. Multiple factors impact the timing of your home purchase such as credit history, career, life stage, current liabilities and future responsibilities. You should time your purchase in such a way that it doesn’t overburden you financially, incorporates any future changes you’re expecting in the family (marriage, childbirth) and empowers you in the long run.
Is It a Good Time to Buy A House?
As we head into 2021, home buyers are probably wondering what the New Year will look like for those entering the DTCP Approved plots in the Chennai market.
A big piece of this puzzle involves what mortgage rates will do in 2021. Though this may be hard to predict, there are a few various clues we will use to forecast what’s likely to happen.
For starters, the federal reserve has indicated that it expects interest rates to stay near zero through 2023. While Fed rate decisions don’t directly affect current mortgage rates, they will create economic trends that result in mortgage rate trends.
Recently, mortgage rates have remained low. Experts think this will continue into 2021. However, keep an eye fixed on the trade war and therefore the state of the economy.
If trade negotiations go south, it could find yourself lowering interest rates. Unfortunately, this would result in a weakened economy, which could affect other factors like your buying power or financial security.
It’s important to consider the economic factors that affect the costs of buying (and borrowing to buy) a home, along with your financial situation.
When is a good time to buy a house from land promoters in Chennai? The right time to buy a home is when you know your finances can handle the responsibility of owning a home. It’s right when you feel personally able to buy a brand new home and are comfortable with the current market conditions.
When is that the best month to buy a house from Land promoters in Chennai?
Late summer is the best season to buy a house from Land promoters in Chennai if you would like a shopping experience with enough inventory to find a home you love while profiting from sellers lowering prices before the autumn. Therefore, the best month to buy a house is August.
Generally speaking, buyers within the fall and winter will have fewer options yet more flexibility in price, and spring and summer buyers will have more options, but less negotiating power.
Buy in November for a better price
Since more buyers are shopping in the spring, a home you purchase between March and September should cost you more than a similar home bought in November or December. According to a Zillow analysis of 2020 listing and sales data, 26% of buyers paid above asking price in April while in November, just 15% of homes sold above the selling price. The window between late fall and early winter is the best time for buyers on a budget.
Is It Cheaper To Buy In The Fall?
Outside of winter, a fall purchase is often ideal for cash-strapped home buyers. Once summer ends, sellers get more motivated. They usually lower their prices and provide a chance to get a deal. Similar to winter, there’s also less inventory during the autumn. Many sellers want to avoid moving during the vacation season. This gives you more room to negotiate once you do propose.
There are also fewer buyers during the fall. People who looked during the spring and summer typically want to be settled into a home before school starts. Once fall kicks in, they tend to place home-shopping on hold until subsequent spring. If you wait until around October, you’ll be able to get the most bang for your buck. Desperation can start to line certain sellers around that time. This is particularly true of sellers who want to sell their home and get a tax deduction before the end of the year.
You also get more attention from your property agent during the fall. Real estate agents have more free time to spend with you due to a decline in the number of sellers of land for sale on GST road.