The unforeseen outcomes of the Coronavirus pandemic have dealt a serious blow on everyone's plans for the year, be it financial or personal, around the world. Although, on the contrary, the current market conditions in the real estate sector, makes it the best time to buy a new home.For people who had been considering upgrading their home or buying their new home, it may seem like a bad idea now amid the ongoing pandemic. But it is far from the truth, in factthe current market conditions in the real estate sector, makes it the best time for homebuyers to buy a new home.Reasons such as low home loan interest rates, relaxed payment plans, low property rates, and high unsold inventory make the real estate market ideal for entry. However, at a time when travelling and doing thorough research is difficult, it is useful if you take the help of a real estate consultancy firm that provides end-to-end assistance. Starting from properties as per your requirements, to paperwork everything becomes a lot easier with a helping hand by your side as buying a home is a no easy feat. Apart from the paperwork, these firms also have a lot of knowledge about the regulatory changes in the market, pricing options among developers, best payment schemes and offers, thus ensuring that you get a good value.

COVID 19 makes buying a home more affordable

The Real estate industry had just begun regaining its footing from the after-effects of demonetisation, implementation of the Goods and Service Taxes and the Real Estate Regulation and Development Act. Even though demand was sluggish, it had started picking pace, however with the complete lockdown of the city due to the coronavirus pandemic, like all other activities, the real estate sector also came to a standstill. But this is not at all a bad thing for a homebuyer, this in turn provides an opportunity to buy a home at a much lower price. Low demand and a high inventory has resulted in prices being bottomed out- i.e the prices of real estate properties in Mumbai are at the lowest. Real estate developers are also compelled to engage in further negotiations on the back of rising inventory. For eg: If the price of the property was 1 crore in the pre-COVID 19 period, developers are willing to sell it in 95 lakhs now. This coupled with low-interest rates makes home-buying more affordable amid the pandemic.

Worried about property visits?

Samresh Hegde's goal for 2020 was to buy his own flat, he had been saving money for investing in a house for a long time now. He had just started exploring his options when the pandemic hit the country. However, he intended to keep up with his goal because no one knows when the entire world will come out of this situation, so keeping a lid on his home-buying plans wasn't an option.

Utilising the prevailing low-interest rates and offers put up by developers, he bought his house within a week's time all from the safety and comfort of his house. Samresh with the help of video calling and 360's virtual technology was able to fulfill his goal even during the pandemic.

In the 21st century, technology has made a lot of things easier. Experts believe that due to the help of technology, a lot of industries are able to survive this pandemic, which otherwise would have ceased . Real estate is one such industry. So, if you are worried about the lockdown not enabling you to go for property visits, worry no more, technology will make your life easier.

New offers and relaxed payment options

A lot has changed after the pandemic has brought the world economy to a standstill, piling inventory is a cause for concern for developers. Homebuyers, therefore, are now being offered attractive discounts and offers by developers in order to boost demand. This is a great opportunity for homebuyers, as these offers can too an extent bring down your investment cost. For eg: earlier a developer used to offer very limited relaxed payment schemes, but now there are several. Also, before the pandemic booking amount of property were higher with partial or no refund options, but now the booking amount is much lower and comes with an option for a refund. These options along with the government's further extension of benefits under section 80EE will certainly make home-buying further affordable especially for first-time homebuyers.

2020 will certainly be different for homebuyers particularly in the Mumbai residential market. Prices of real estate have always been high, however the coronavirus has done what other things couldn't for the real estate prices in India i.e lower the property prices. Homebuyers will be thrown deals from developers and banks like never seen earlier. So, if you have been contemplating buying a home for some time? 2020 is your year.