If you had been flip-flopping over buying a home in 2008, then your best chance to get one at an attractive price is in the first three months of 2009. Here’s why:
1) Deflation = from a buyers’ market to a sellers’ market.... (?):Firstly, experts feel that residential prices are likely to stabilise from April onwards with fears of deflation looming large over the Indian economy.
Moreover, the persistent decrease in the general price level of goods and services is likely to bring down interest rates to affordable levels, which will mean that the pendulum will shift from a buyers’ market to a sellers’ market, from April.
2) Price cut:With real estate developers expected to further cut prices over the next three months, experts feel that this is the best time to let their indecisiveness work to your advantage.
Price Correction: 15-20% (2008) + 10% (2009)!"2009 will open up opportunities for investment in real estate as property prices have corrected by around 15-20% in 2008. I expect a further correction of 10% over the next three months. Price stability should arrive by March 2009 and will not climb quickly. The first three months of the new year is going to witness a surge in residential sales." says Anuj Puri, chairman and country head of Jones Lang Lasalle Meghraj.
A buyer’s market!
"As a buyer if you have good negotiation skills and can avoid brokers, you might even avail an extra discount," says Arvind Mahajan, executive director of KPMG India."Owing to cash crunch, developers are under immense pressure and are looking for ways of funding their future projects. Prices have already dipped 15-20% and interest rates are also coming down. The amount of real estate inventory that we have now makes it undoubtedly a buyer’s market," he says
To read more, please, visit - Raja Awasthi & Aman Dhall-The Economic Times
Related Stories:1) Urban development ministry calls for additional government measures, including cuts in home loan rates, to revive crumbling real estate sector
2) RBI cuts key rates to stimulate economy
3) Economists see robust growth in FY09
4) Return of animal spirits
5) Overseas funding to boost real estate
6) Indian Real Estate Developers to meet the RBI Governor to demand more sops for the struggling real estate sector
7) Credit flow to developers - RBI's interest rate cuts and the fiscal stimulus package do little to address the realty sector’s main source of trouble
8) Real estate developers expect more people to buy homes now to reduce cost of funds for developers and ease the liquidity pressure!
9) Would prices start rallying again?
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