Top Challenges For Consumers To Buy Their Dream Property

By Investoxpert | 12 Feb 2024 | Real Estate

Top Challenges For Consumers To Buy Their Dream Property

Purchasing a house is a big life milestone, and the process has always been fraught with decisions and difficulties. Since buying a home is frequently one of the biggest financial decisions people make in their lives, it needs to be carefully considered.

Prospective homeowners must traverse a complicated maze of options when purchasing a house , from choosing the ideal location to determining the kind of property that best meets their needs. A number of factors come into play, including family size, requested amenities, budgetary restrictions, and accessibility to jobs or schools.

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Let’s Know The Challenges Holding Back Buyers

Our consumer mood study for the next six months indicates that a significant proportion of potential homeowners are finding it difficult to find a house that fits both their budget and their preferred location.

A startling 52% of respondents in the top eight cities said they couldn't find a home that met all of their criteria, including geographical preferences, financial limits, and amenity needs.

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Many prospective homeowners have found themselves in a difficult situation as a result of this obstacle, which has forced them to carefully "wait and watch" while they navigate the challenging real estate market.

Preference For RTMI Properties Creating A Paradox

The end-user market, which prioritizes instant possession above the worry and uncertainty that come with waiting for a project to be completed, is the main focus of the real estate industry today. This preference for houses with no extra waiting or construction time seems counterintuitive given the dearth of properties of this type in the real estate market, despite the high demand for them.

Only twenty percent of the 9.44 lakh unsold units in the primary market are ready-to-move-in (RTMI) flats, according to our data.

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Developers are taking advantage of the mismatch between the restricted supply of RTMI homes and the immediacy of owning by charging a premium, which has caused a notable yearly increase in property values for this category. The difficulty of locating the ideal house within one's budget is made worse by this price increase.

The Urban Enticement: Convenience And Connectivity

Although there are more reasonably priced houses at the periphery, they frequently have problems with amenities, accessibility, shopping opportunities, and general infrastructure. Because of these benefits, prospective homeowners are gravitating more and more toward residences close to the city. In spite of possible concessions in terms of space or expense, many people are finding it impossible to resist the draw of a well-connected location with a variety of facilities within arm's reach.

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Critical Need to Meet Diverse Homebuyer Demands

Consumer insights and post-pandemic sales trends have revealed a discernible pent-up demand in the real estate market. The notable 15 percent year-over-year rise in home sales in the first half of 2023 is evidence of this demand boom. But in order to fully capitalize on this demand and persuade those who have been on the fence to become homeowners, a more varied supply of homes that closely match customer preferences in terms of price, location, and amenities is desperately needed.

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Therefore, even if the process of buying a home is changing, locating the ideal property in the ideal location continues to provide difficulties for potential purchasers. It is clear that there is a need, but the supply must change to accommodate customer preferences. Together, industry stakeholders, legislators, and developers can close this gap and offer additional alternatives that meet the varied demands of today's purchasers. We think that by settling this issue, everyone would still be able to achieve their dream of buying a home.

What Are The Benefits Of Homeownership?

There are still a lot of advantages to being a homeowner, even with the difficulties and reality of living in the modern world. A sense of security, stability, and community may be obtained by house ownership.

Additionally, it may be a long-term investment that enables homeowners to gradually accumulate money and equity. Being a homeowner may bring you a sense of satisfaction and achievement in addition to giving you the flexibility to furnish and alter your living area as you see fit.

Conclusion

A key obstacle that keeps many potential homeowners away from the market is the absence of the right product in the right place. Thus, understanding and better knowledge with the perfect real estate advisor is a must have in your home buying journey.

Top Challenges For Consumers To Buy Their Dream Property