This question perpetually haunts a home buyer, particularly when property prices are very high. The time is always right when you are buying a house for your own residential purpose.
So are you looking forward to buying your own dream home? You should take into account certain factors before concretising your purchase decision.
As a rule, no prospective home buyer can or should try to time the market and base his/her purchase decision on that. But there is a major exception to this rule.
You can take the first step by making a long-term commitment to a particular city, besides accumulating the necessary down payment amount (at least 20 -25 % of the home value) saved up as well as the earning necessary to pay the home loan EMIs.
The amount of down payment you have and the loan you are eligible for (which in turn is based on prevailing interest rates) will determine the value of the house that you can buy. Interest rates are on a floating basis (even in teaser rates they become floating after 1-5 years) and will go through many changes during a long-term loan product like home loans. Hence, while they can determine what house you can buy they definitely cannot determine the timing for such a purchase.
The Exception:
Those of our readers who have been following us will remember the exception that we publicly spoke about from the second half of 2007 till the Diwali of 2008 when property prices had climbed to stratospheric levels and sales had dropped to a trickle, making a price correction imminent
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