There is a strong case to be made that now is the best time to buy a property for your own stay, not later and here are some reasons why.
There is a view that people should be cautious with the property market now. There are a few reasons for this and chief among them is that people should rethink sinking so much money into another asset as we have just come out of a pandemic. There is also some uncertainty about how the property market will respond to the almost three-year-long pandemic and whether people should wait to see how it turns out.
While the points above are valid, there is also a case to be made that this is an opportune time to invest in your forever home given the uncertainty. Here are some reasons why.
1. It remains a buyer’s market.
The general hesitancy of purchasing big assets during the pandemic has created a market that is flushed with developments that have been ongoing in the last few years. It means that you, as the buyer, still have all the power because the well-supplied market is vying for people who are looking to invest now. It also means that the developers are looking for different and creative ways to sweeten the deal for buyers. This may not always be the case when the market returns to normalcy.
2. A lot of options to choose from
A well-supplied market also means that you have tonnes of options on where you can spend your money. From different areas and locations to various configurations, sizes, and levels of luxury and affordability, you would be spoilt for choice during the surveying process.
3. Better facilities than ever
To set their developments apart from competitors, developers have also been getting more creative in the kind of facilities they offer. From massive green lungs to herb gardens and green building features to pools, potential buyers can rub their hands in glee to see the interesting facilities offered to them and how they enhance the lifestyle they plan to have at home.
4. Property prices are unlikely to fall dramatically (In fact, they may go up!)
While the first quarter of 2022 saw one of the largest quarter-to-quarter drops in house prices since the start of the pandemic, decreasing by 1.2% as indicated by the Malaysian House Price Index (MHPI), this trend is probably unlikely to continue. If you compare the numbers on an annual basis, the MHPI has increased by 2.4% in Q1 2022. This indicates that it is on a growth trajectory, albeit a slow one. It means there is a chance that you never have a softer market to sink your money into for your dream home.
5. Attractive campaigns by property developers
For example, property developer LBS Bina Group Berhad is currently running a rerun of their successful 2021 campaign LBS Fabulous, titled LBS Fabulous Extra 2022-23. This time around, the campaign offers an impressive RM1.5 million worth of lucky draw prizes that will be up for grabs when you purchase an LBS property.
To encourage and attract potential buyers, a lot of property developers are also running campaigns to provide added incentives when you buy a property today.
The prizes include 22 units of Perodua Axias, 41 units of SM Sports 110R motorcycles, home appliances, entertainment systems and more. To participate in the campaign lucky draw, you will need to purchase a participating LBS property with a price point of RM300,001 and above between July 1, 2022, to December 31, 2023.
On top of this campaign, LBS is also providing some added incentives for their development SkyLake Residences in Puchong through the Extra Huat CNY 2023 promo.
Want to know more about LBS Fabulous Extra 2022-23? Visit their website for more details.