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Real estate is a huge industry and has lots of scope for development. The development in this industry denotes an economic development ...

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Real Estate Industry – A Bird`s Eye View

The future of real estate industry is very bright and the scope of employment in this field is also bright. We come across information and news about this industry every day and it comes with changes, improvements, and developments. With demonetisation process spread over the economy, people have now started realizing the real value for money and the importance of following this system in everyday life.

Real estate industry is one that has faced a major change with this process of demonetisation and this has come as a good news to those who wish to own a house. Such changes and reformations in the society are for the society and its people and hence it is in the hands of the people to make it a success. Nothing comes without a struggle and so was this reformation in reshaping the economy. But such changes definitely bring some unexpected changes to the society. Real estate industry has always been in the limelight and has never missed from being the talk of the town. Every now and then we hear people talking about their plans of buying and owning a house. This fluctuation was highly a worried one but this money cleaning process of demonetisation helped in bringing a drastic change in many sectors of the society and get more details at https://southerncaliforniahomebuyers.com/san-bernardino/.

There are many challenges in the development way of this real estate industry and only on satisfying and clearing all these will the industry be able to reach the height of improvements. Some of the most common ones that need an immediate attention are:

  • Acceptance of changes – the highly fluctuating real estate industry is prone to regular changes. When there is a demand from a buyer`s side for a purchase of a house or a piece of land, the dealer or the broker is required to spend some money in renovation and remodeling process. But by the time this gets over, the overall prices go high and there are all possibilities for the buyer to change his mind about purchasing the same. In such cases, the broker is under a huge loss and by the time the next demand comes, the property might call for a similar spending.
  • Qualifications for loans – the dreams of buying or owning a house by many are possible through loans since disbursing hot cash for the purchase of the same is a highly questionable and impossible one. It was a time when this was possible but now with increasing rates, this hot cash transfer has become difficult. The present day situation is such that we have to avail loans from either banks or some private properties for living the dreams of owning a house. But this is not an open option for all since people who are self-employed or do not have a permanent job mostly become unqualified for availing home loans and this is one great hit to the development of this industry.
  • Unexpected fluctuations – this is one uncontrollable situation and is a definite happening to any type of industry that involves huge money transactions. Some properties that were at peak demand sometimes get sold for pennies due to changes in money values drastically. This is something that nobody can predict and if there is a crash it is the dealers or the sellers who take the hard hit and finally the economy suffers.
  • Since the number of people who get qualified for a home loan has gone down, the numbers of properties that get sold has also gone down. Because of this, the entire industry is under threat and there can be a hit or a crash at any time. Because of this many aspiring homeowners continue to stay in rented apartments and the sellers become owners of all the sold properties. They might have property worth crores but these might get sold for just thousands and lakhs due to unexpected fluctuations in the money value.

These are some of the risks and challenges that stand as a barricade to the development of this industry. There are ways in which all these can be eradicated but the society and the governments will have to bring in changes in the laws and regulations. Demonetisation is one such successful step that has started bringing about a big change in the society.

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About page

Real estate is a huge industry and has lots of scope for development. The development in this industry denotes an economic development and it is one of the important components that represent the overall development of a country.

Learn More