Festival Season Fails to Revive Real Estate Market

Festival season forgot its nature to boost the real estate market. Usually festival season is considered as the harvesting time of real estate market.

Festival season 2012 gave lots of hopes to the real estate builders. Real estate builders expected to overcome the sluggishness in the festival season. The figures clearly states that their hopes went in vain as real estate market remained static .

The offered freebies or discounts could not help the real estate builders. The sale in the festival season remained stagnant and static without any improvement. In fact comparing to the previous years this year the sales have fallen deeply. festival season failed to revive the sluggish real estate market. It could, in no way, enhance the real estate market which has been highly sluggish in 2012.

Festival season, normally considered as some of the best times to own a home, in fact remained incapable to attract the home buyers. What happened or what hindered the festival season? Real estate experts have one- word answer “unaffordability.”

The real estate experts point to the higher and unaffordable rates which made the sales of residential units static and unimpressive. The impact of unaffordability is more than the impact of festival season. There was no rise in the demand residential units during the festival season.

Increased interest rate, higher prices, etc. had already left the home buyers with no interest. For them all this made impossible to purchase a home.

As per the latest real estate reports, the residential sale has fallen down by 8.5 % in October.  There has been a slight fall in the previous months as well. The real estate expected this fall as a lull before the storm. In fact normally the month of September witness the least demand for housing units.

Home buyers prefer to own homes during the festival season. Thus they postpone their purchase. This is the reason why the property sales fall in this month. Generally there is a hike in the sales after these months with the arrival of festival season. However this phenomenon was not visible as there was no increased demand for any residential units.