Feb 20, 2020

How to determine the best time to buy a home

Are you a first time home buyer planning to buy a property when the market is right? Everyone wants to get the best house possible for the best possible price. Searching for easy ways of savings is a good idea as homes are assets for a lifetime and it will be one of the biggest financial transactions you'll ever make.

The Indian real estate sector is seeing a gradual resurgence after the implementation of key policy reforms. Several positive developments have ushered in with various schemes, affordable loans, realty-centric announcements in the Interim Budget, implementation of the Real Estate Act and subsidy schemes for first-time buyers etc. The factors that need to be considered before buying a home fall into two categories: market factors and personal life factors.

Buyer’s market and Seller’s market:

Buyer’s market occurs when the availability of properties for sale exceeds the number of buyers seeking to purchase the property. If you’re buying a new home, a buyer’s market is the ideal time to make your move and vice versa. If you are buying a home in sellers’ market, where the demand is higher than the availability, the seller has the advantage to sell the property at a higher price. Seller’s market often leads to multiple buyers interested in a single property, resulting in bidding wars. But how to determine if it’s a buyer’s market or seller’s market?

There are usually a lot more homes for sale in the summer months than at any other time of year. So, we can say a seller’s market is in the winter but a buyer’s market in the summer. The market also depends on the area. Check inventory or the number of homes for sale to find whether it’s a buyers or seller’s market. If inventory is low, it is most likely a seller’s market.

Do your research:

Quarterly market reports that most brokerages offer, reflect the larger state of the market in terms of what's selling, for how much and how fast. Homebuyers should do thorough research on everything real estate in that particular demographic like top performing agents in that area, richest employers within close proximity, how long properties tend to sit on the market before being sold. Take help from the internet to check out the prices offered by different real estate developers. Comparing the prices according to your needs will be easy then. You just need to be specific with your search items. For example, when you search for Luxury Apartments in Rajarhat, you will get a long list of residential projects in Rajarhat. You may add specifications like 2/3 BHK premium apartments in Newtown to get a more proper result to meet your needs.

Scan the results and get started. You can compare the prices along with the amenities on offer before deciding on your purchase.

Personal life factors:

Your personal life factors can impact the timing of your home buying process. Firstly, your financial stability and secondly, your desired lifestyle. Do you have the down payment ready in your hand? Will your income and credit score support you to qualify for the home loan you want? Can you afford the other expenses that come with ownership? Home buying is a crucial financial involvement and you must consider all these aspects before buying. You may have some preferences regarding your neighborhood or the lifestyle. Do you plan to live in that home for a lifetime or you may move again soon? If the size of your family changing in the near future, it will also be a factor to consider. All of these variables, will impact the timing of your home purchase.


Choosing the right home for your family is a big decision. But choosing the right time to invest in probably the most expensive buy of your life is tougher. Here’s our guide to help you make your decision.

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