Is there a favourable time of the year for buying a house? To answer it briefly, yes and no.
Change of seasons usually has an impact on the inventory or the number of homes put on sale as well as the purchase price. During the spring season, we see that the inventory is full. When the inventory is full, you will also notice a sharp rise in the price. The exact opposite happens in the winter season. There is a lesser number of houses on sale and people are at times reluctant to move.
You also need to understand that the best purchases are not made when a lot of houses are on sale or when the prices dip to the lowest. It is true that these factors are important and need careful consideration, but the buyer’s personal needs also tend to play a significant role.
The truth is, you can find apartments in Chennai for sale all year round. However, the amalgamation of a number of factors leads to the purchase of a house which most goes beyond the seasons.
Read on to know more about it.
The winter season is mostly the cheapest time of the year for purchasing a house. Sellers are very motivated and that gives you the advantage of putting forth a bargain. Many sellers refrain from putting up their property for sale because they assume that there won’t be many buyers. Those sellers who want to sell, are very eager to close a deal.
Since people are also busy with celebrations during the holiday season, it might take you longer to find your dream house.
More favourable than the winter season, the spring season is a great time for the real estate market. So if you are looking for apartments in Chennai, this is a good time. You might want to inquire about that Mannivakkam land price sign! Since the weather is warm, there is a healthy marketplace both for buyers and sellers. As the choices are plenty, expect a lot of competition.
Expect a lot of demand in the market since the previous season didn’t make many sales. Although the prices tend to go up during this season, many people want to buy their homes during this season. It allows them plenty of time to make any necessary renovations before moving in. Buyers also want to close deals quickly because the school year is to begin in the next couple of months.
In case you are considering a spring purchase, be prepared to make quick moves.
Although summer is still considered the buying season, the sub-tropical climate of this country restricts too much movement in the real estate market. The inventory is still available in the summers but the prospective buyers hardly want to move around and look for houses or apartments in Chennai owing to the summer heat.
But don’t fret! You can still find a good deal for yourself if you are willing to wait till the end of summer. The month of August usually brings in great opportunities and deals on property. So you can expect to find Mannivakkam house for sale posters in the neighbourhood.
The months of September, October, and November are the best when it comes to buying a house. Everything is in the favour of the buyer. The weather becomes significantly pleasant, which makes house hunting a positive experience.
Sellers who have been waiting since the beginning of summer want to close a deal now. Moreover, the festive season comes along with amazing discounts provided by real estate agencies. Banks and lending institutions also lower their rates of interest at this time.
Many people also want to invest in houses and apartments during this time of the year because it is considered to be auspicious and lucky.
While seasons play a crucial role in buying a house, there are some more important factors that dictate a buyer’s decision to close a house deal.
Condition of the housing market
Just like any other market, the real estate market experiences fluctuations which again have an influence on the prices, inventory, and rates of interest. The present market is witnessing record low rates of interest due to the global pandemic.
However, consider the total expenditure to be made as you pay the loan through its term. It will show you whether you are paying more in the form of interest while you thought you bagged a great deal.
Above everything, you need to be personally ready to purchase a house which doesn’t only include saving money. In order to avail of a home loan, you need to ensure that your credit scores are good and you don’t have any major debts. These factors can make or break your case while applying for a loan.
Buying a house or an apartment is an immense responsibility. You must be prepared for the commitment and secure your employment and source of income in order to avoid missing any EMIs.
Be ready to live in one place for the next few years at least and calculate the miscellaneous costs of homeownership to avoid being blindsided.
Timing your purchase of a house is crucial. While every season has its own positive aspects and challenges, your financial status and readiness also determine the perfect time to purchase a home for yourself. Hence, make sure to weigh in all the factors before making the final decision.