Is It Better to Wait for the Property Prices to Go Down Before Buying A House?

Dev Singhraha

Relocation Expert

Buying a perfect house is everyone’s dream. But the dream also comes with a heavy price that has to be paid in installments to the bank or finance companies. Even after pushing our financial limit a bit, sometimes the house is still a dream and out of reach to buy.

So should a buyer wait for the prices to drop or buy the house at the price offered? The global economy is going through a lot of ups and downs because of China devaluing the currency. The property market is not very much affected by the instability of global market because they are totally different investment area. Buyers and investors are looking for a 50 bps cut in interest rates which could change the market scene in coming days.

Are the property prices going down?
The important point to look at is, can the property market crash the way realty market crashes? As perceived, the price correction in properties does not happen like that. A lot factors are involved in the pricing of the property like the location of the property, neighbourhood, the size of property. It is also imagined that the price of properties changes in a uniformly across all locations, which is not true. Prices do not drop drastically in case of property, making it a safe investment bet.

So should a buyer wait to buy a property?
Buyers should negotiate with the developer or the seller before buying the property. Real estate market has seen a decrease in the demand for property in last three quarters, making developers sell the apartments and properties in negotiated cost. If a buyer finds the right house with suitable location and required amenities, then waiting for the prices to drop maybe fruitless as there won’t be any serious price drops. Prices of properties vary from location to location. The current real estate situation gives buyers a new opportunity to buy the house of their dream while negotiating the right price. A buyer can get a discount of 10 percent to 20 percent depending on the property.

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