Property selling in Hyderabad is a mountain to climb these days

Real estate and housing market in Hyderabad shows signs of being in trouble waters as there is a subdued sentiment among home buyers in the city. The trend gathered pace after the general elections and has been the same story thereafter. It has drastically dropped by a margin of 25 percent post the general elections held last year.

The Housing Sentiment Index Report or briefly HSI report of the fiscal period January-March 2015 clearly indicates this. The survey was conducted by expert two expert organizations-IIM Bangalore and Magic bricks. The HSI survey indicates the sentiment of prospective home buyers. The seller survey indicates the seller’s interests or preferences from the previous quarter.
The latest edition of this survey reveals that there is a steady decline by 25 percent and the HSI at present is 89.

Home buyer’s sentiment is determined with respect to the HSI. Basically an HSI of 100 is taken as a reference point. When above 100, it means that there is a consensus amongst the general public that home prices will go up. If it lies below the 100 mark, there is an expectancy of home prices to fall down. Therefore, the present HSI of 89 clearly reveals that people of Hyderabad are in no mood to buy homes or property as they expect the prices to go down. Thus quite naturally there is an increase in the number of unsold homes and properties around the city.

What about the active buyers?

Active age groups (30-39 and 40-49) or the age group which records as the maximum buyers of homes are also pessimistic about the market. They too have no confidence about home prices going up soon. This age groups formed a large share of the respondents of the survey conducted (about 50%) and the HSI of this two age groups are 85 and 81 respectively.

Besides these active groups almost 70 percent of the respondents were found to live in rented accommodations. They recorded even lower HSI than the ones who are residing with their parents in their ancestral establishments. Hence, it can be easily conferred that prospective home buyers do not intend to buy new establishments, unless the prices are corrected.

Is it the desirable time for business with the property?

An important outcome of the survey also revealed that about 65% people are looking for a property. However none of them are seeking it for an investment. They want it for residential purpose.
The low confidence of buyers and such prices hints at one common thing-this is not the ideal time for a property sell.

Most of the respondents, almost about 31%, were interested in properties in the range of Rs20-40 lakhs. This trend has faced a steady decline as the percentage fell by 3% and is 28% now-a record low HSI. Around 17% of the respondents were seeking property below Rs20 lakh.

South Hyderabad had been that part of the city always preferred by prospective buyers. Here, a steep decline is indicated with the percentage falling by 34%. This is indeed a matter of concern and real estate experts must find out some ways to make gate away from this scenario.

The low index and poor confidence in the market establishes a negative phase amongst developers or sellers. Needless to say, every seller wants to have a prospective buyer of his property. However, with such indexes and prices not going up it is never a good sign. Those in search of a prospective buyer need to wait for long as the scenario changes and there is a turn of table. Unless there is an indication of the home prices going up significantly, selling property is not desirable.

How to buy a home in 8 simple steps

Buying a home involves lot of things to do. It is a very complex process and if you are doing it for the first time then you should find a helping hand for it. People who start the process of buying a house for them often fail in the midway and hence it is always advisable to hire a real estate agent who can guide you through the whole process. It should be noted that buying a house involves many steps and you should follow those steps to succeed in it. It is everybody’s dream to buy a good house for them in which there will be a serene environment and peaceful atmosphere. The steps for a buying a proper house can be explained in details. The first step is to hire a good real estate agent who will help you in each step. This is important because if you have an agent with you then you will get the idea about the price of the neighboring houses also. The real estate agent will also help you in negotiating with the price of the house. If you hire a good real estate agent then there will be lot of benefits for you. The real estate agent can help you to search the exact type of house which you want.

Finding a proper home:

The second step for buying a home is to decide which type of house to buy. It is again a very important step in the whole buying process. If you do not have any target then how will you explain it to your agent? Hence if you want to buy a home then you should imagine about your requirements and based on that the search will be done. There can be various types of requirements. People can have requirement of large number of bedrooms with a scenic landscape outside. There can be requirements of good bathrooms as well. Hence different people have different kind of requirements and based on that your agent will search the house. The latest trend is to live in a duplex which means inside the house there will be stairs for reaching the second floor. Basically a duplex is of two floors and very luxurious. The third step for buying a home is to begin the search for the desired home. In this thing your real estate agent will be of great help. They can give you the exact location where you can get the type of house you want. Hence this is also an important step in buying a house.

The financial aspect:

The fourth step in buying a house is getting the loan. If you have ample amount of money then obviously you don’t have to take a loan but it is always advisable to take a home loan before you buy a house. Home loans give you lot of benefits and hence it should be used properly. It is actually not easy to get a home loan but if you have a good financial advisor then you will get the loan easily. The fifth step is to make a good offer from your side to the seller. The best thing if that offer is accepted by the seller. Then the step of negotiating is completely eliminated. But if the offer is not acceptable by the seller for the first time then you have initiate the sixth step that is negotiating with the seller. It is actually a very hard step to do. Then comes the seventh step in making the final deal of buying the house from the seller and finally the 8th step that is the close of the deal.