When purchasing a property, homebuyers consider several factors, such as budget preferences, market conditions, location, etc. Moreover, different seasons of the year also influence real estate activities. Several homebuyers wait for the festive season or the tax season to purchase their dream home. While homebuying during summer offer ease and convenience in some ways, the winter season also proves to be favourable for potential property buyers. In this article, we discuss the pros and cons of homebuying in winter.
How do seasons impact real estate activities?
The demand for properties and real estate activities is, to a significant extent, seasonal. The onset of the monsoon can imply disruption in construction activities owing to the rains and flooding. This can delay projects and impact the supply of new properties in the market. The reduced demand allows more scope for buyers to negotiate lower prices with property sellers.
Similarly, the autumn and winter months in India coincide with the festive season, resulting in a spike in property demand. During this time, developers and home loan lenders tend to provide attractive offers to entice buyers.
The local weather conditions and economic activities, including tourism, are some seasonal factors influencing the real estate market. Thus, it is crucial for prospective buyers to understand the impact of different seasons on the property market, which will enable them to make informed decisions.
Why is winter the best time to buy a house?
Increased real estate activities around festivals
The start of winter also coincides with several important festivals in India, such as Navratri, Dhanteras and Diwali. Festivals hold special significance among Indians, owing to the auspiciousness associated with these days and the popular belief that they bring good fortune and prosperity to the owner. Moreover, the time around the new year also witnesses a significant surge in property demand as home seekers look forward to new beginnings in their new homes.
Moreover, developers are aware of the market sentiment, which is why they prefer to launch new projects around this time. Homebuyers can find attractive festive discounts and exclusive offers from developers.
Festive time and financial benefits for buyers
Usually, festive time for salaried professionals is accompanied by perks and bonuses, which increases their disposable income. Besides, home loan lenders also entice buyers by offering interest rates around this time. This puts prospective homebuyers in a financially stronger position to go for property investments.
Scope for better deals in a slower market
After the festive season ends, the market may tend to get slower. Due to less competition from other buyers, prospective buyers can look forward to getting favourable deals from sellers. Some sellers may be willing to close deals at the start of the new year, giving an advantage to buyers. Sellers are likely to reduce their asking price due to the low demand.
More options as projects see completion
With construction activities picking up after the rainy months, more projects witness completion. This implies increased availability of property options, including ready-to-move-in units, for prospective buyers. Hence, winter tends to be a preferred time when people move into their new homes.
Convenient time for shifting or relocating
Some home seekers consider winter as an ideal time to shift to new homes, especially when the weather is dry and pleasant. Many families also prefer to relocate during winter owing to school vacations and holidays. During the less busy phase, buyers can also expect more personalised and affordable services from brokers, movers and packers, etc.
Downsides of home buying in winters
- Challenges in home inspections: Extreme weather conditions and environmental factors like high pollution may pose challenges for potential home seekers when undertaking site visits and property inspections. Even otherwise, damp walls, snow-or mud-covered roof, etc. can impact a property’s overall appeal.
- Decreased activities from sellers: Sellers tend to be less active when it comes to preparing the house for sale. They prefer to wait for the temperature to rise before initiating repair and renovation work on their properties. This could mean fewer listings or delays in property visits and the finalisation of deals.
Housing.com News Viewpoint
The property market in India witnesses seasonal fluctuations. When determining the best time to buy or sell a house, it is essential to study the market trends during different seasons. The winter months in India presents newer opportunities for potential buyers as many projects get completed. It is also crucial to look out for announcements from developers and interest rate offers from lenders. Buyers will benefit if they start their financial planning and house-hunting journey early on.
Furthermore, financial planning is a crucial step in the homebuying journey. Understanding the price trends during this time will help potential buyers set the right budget for their new home. If you are a first-time buyer and find it difficult to assess the situation, you can approach an experienced real estate agent.
FAQs
Why is winter the best time to buy a house?
Winter season tends to see more project completion, giving potential buyers more property options to choose. Besides, the new year and other festivals are widely considered an auspicious time to buy properties.
Is winter an excellent time to sell a property?
Most sellers usually wait for the summer to undertake home renovation and list their properties for sale. However, property owners can consider selling their properties around festive time, when the demand is high, and get the price they prefer.
Are properties more affordable to purchase in winter?
Property prices tend to be more affordable during this time owing to factors such as attractive offers from developers and home loan lenders, sellers willing to close deals faster and lesser demand from buyers.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
