Being in real estate for 5 years, especially project selling or selling developer projects, I’ve seen how fast housing trends have changed. The beautiful communities in Daang-hari Road in Cavite, exclusive development in Nuvali in Sta. Rosa, Laguna, emerging buildings near MOA Pasay, world class development in BGC are few of the many developments from real estate innovators and are very good examples on how fast the real estate development is.
Right timing? To answer the question, only buyers themselves would really know if it's the right time to buy properties. Having said this, I listed some notes how buyers could determine the best time to avail properties through developers.
With the number of developers available nowadays, we have to understand how their projects are classified or why they offer their projects at different prices. The most common housing classifications are: socialized, economic, medium-end and high-end housing. Some developers focus on offering affordable prices, others give more priority to quality building structure and excellent property management while others offer world-class amenities and facilities.
Have you been in a house hunt for a year or two? How come you haven’t found the right property yet?
Location, being the most important factor in buying properties, is without question the very same reason why some of us have not availed properties yet.
Where are housing projects located now? In the next few years? I have been focused in Cavite projects and I would say this is where the trend is now particularly General Trias and Dasmarinas and some parts of Imus. As to what classification or prices, there is no way to tell right now. The much talked about LRT Extension and the Cavite-Laguna Expressway project will certainly be big factors. Currently, there are housing inventories of worth 1.1 Million Townhouses in Bacoor so be sure to consider it now before the upcoming government projects mentioned earlier greatly impact pricing of properties in the South.
Most developer housing projects are in the South because this area has more land areas for development yet offers easier access to key cities in Metro Manila. It is also worthy to mention that future developments may head further down south of Metro Manila should it happen that will be no more land areas to develop in Cavite. As observed by one of my clients, housing projects are now “palayo ng palayo”.
Aside from location, budget is always a deciding factor. Going for spot down payment of at least 10% or 20% or whatever is developer standard is always a good start. Home financing is a long term commitment and paying the down payment in full would make the turnover faster plus it will spare from heavy monthly down payments.
Even with the availability of flexible payment terms from Pag-IBIG, bank and In-house Financing and lowest interest rates, one’s qualifications for getting a loan and also family budget are considerations.
Paying monthly down payment along with children’s tuition, everyday family expenses, rent and emergency funds are the common concerns of home buyers.
Agents and brokers are now reachable everywhere, even if you are abroad, thanks to the internet, email, video conferencing and social media. Focused sellers with updated Facebook accounts or websites are very good source of information about certain projects. They could give you excellent assistance for your investments.
Having chosen some developers and locations, it's now time to bookmark or follow seller’s websites or connect with them through Facebook so you can be updated.
Going to the project site yourself and hoping to find dedicated sellers is sometimes risky especially if you are availing financing. Not all agents are familiar and expert in financing process because there are still agents who get deployed for site manning without proper training and seminar. And for OFWs, a competitive seller who specializes in international sales and knows the process would be very helpful.
As most projects are being sold during the pre-selling stage, it's very common for buyers to look for the site development first. Of course, buying at an early stage (pre-selling) is always better to take advantage of lower price. Since there are no developments yet on the land area, developers sell them at lower prices hence allowing buyers to save.
Some developers say for a 50 hectare development, launch inventories first from the back to front and other developers from front moving backward. Your focused seller knows that well.
As to price change, it varies on demand and marketing collaterals of developers that affect the rapid selling of properties. There are developers that increase prices monthly, quarterly, semi-annual or annually. If you buy early, say during preselling, you will benefit most in property appreciation.
If you are still confused, I recommend going back to no. 1 before making decisions. Making a reservation is easy if proper research has been done. Every decision deserves a second thought and only you as buyer could determine if it is the right time to avail.
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