65% home buyers back in real estate market: Survey
- 78% of tenants seek for legal safeguards in rent agreements
- When people are trying to co-live with the pandemic virus, owning a home is becoming a necessity for safety, according to the survey
Two out of every third home buyer is now back in the real estate market, reveals consumer sentiment surveys conducted by 99acres. Out of them, 33% have think that it is a good time to buy a new house while 32% others are in the finalization stage.
Maneesh Upadhayaya, Chief Business Officer, 99acres, said 65% buyers are in the market now while only 38% were actively searching for houses post-lockdown 1.0. “In addition, buyers are still looking at real estate as the best asset to invest in. COVID-19 has further assisted in increasing the adoption of digital platforms with 55-60% buyers/tenants expressing preference for virtual visits and meets,” he said.
According to the report, 11% have completely dropped the idea of buying a property due to job and market uncertainty.
“On the tenants side, 38% of tenants are looking out for a new house for larger spaces. While looking for a new rental place, the need for safety and hygiene has taken a leap due to the spreading virus. 78% of the tenants said that they will add legal safeguards in the rental agreement regarding future uncertainties and further, 76% agreed that COVID-19 free property is an extremely important factor for them,” the survey said.
77% of the home buyers agreed that they are looking for a house for end-use whereas only 23% are willing to purchase for investment purposes. Further, ready to move property continues to be favorite as 64% of the homebuyers preferring ready to move house.
While the preference has shifted towards digital means to buy or rent homes, the need for physical visits still persists but only for finalizing the deal, confirms 55% of the homebuyers and 60% of the tenants.
When it comes to prices, 67% of homebuyers expect rates to go down significantly and another 20% are foreseeing a slight reduction.
With work from home becoming the new reality, proximity to the workplace, which was once a major concern, has dropped down in the list. However, proximity to key areas like market, hospital, and school, as well as safety were a couple of aspects that have taken over the minds of buyers and tenants while shortlisting a property.