Property buyers wait and watch for further drop in prices
Despite the 30% decline in housing prices in March, buyers are still holding back, anticipating further decreases. In the first quarter of this year, demand for all types of properties - apartments, land, townhouses, and villas - dropped by 50-90%, despite falling prices.
According to a survey by Mogin Holdings, an investment consulting company, people are reluctant to borrow due to high credit interest rates. CEO Luong Dinh Thuy Van stated that during a correction cycle, it's challenging to determine the bottom, which increases the desire to wait for prices to decrease even further before purchasing.
Tran Khanh Quang, the general director of real estate investment firm Viet An Hoa, said that the real estate market is experiencing its most significant slump in five years, with an average drop of 25-30% and up to 30-50% in some remote suburban areas in the south. He added that a slowdown in the downtrend might indicate that the market is nearing its bottom, but both developers and buyers are still cautious.
Meanwhile, Nguyen Loc Hanh, the general director of Ngoc Chau A, a property developer, said that potential buyers continue to hold back, and this trend may continue in the second quarter. The fear created by developers who are unable to repay their loans or have gone bankrupt has also affected the market.
Hanh advised potential buyers to consider global factors since events in one country can significantly affect others in an interconnected world. Due to limited resources, investors may hesitate for an extended period.
Unless a buyer has purchased several homes or properties in the past, the chances are that the buyer might not have enough real estate expertise to handle it on their own.
First-time homebuyers or inexperienced homebuyers can utilize the expertise of Real Estate Brokers in the property dealing process.
Although Real Estate Brokers cost a bit of money to employ, they are certainly worth it in the end, thanks to their vast knowledge and years of experience.One of the main reasons why Real Estate Brokers are beneficial is that they are fully educated on the process.
Unless a buyer went to the academy for it, the buyer probably doesn't know much about the process.
An accomplished Real Estate Broker will not only understand the buying and selling processes back & forth, but they will also have a lot of experience in the field that can benefit the buyer.Real Estate Brokers also keep tabs on market conditions in their area.
This information can help future buyers find out the average prices of new homes in Temecula, California, so that they don't end up overpaying for a property.
In case you're a real estate agent, I understand what it resembles requiring some investment to show homebuyers empty homes.
The lone data they can go off is the, "two room, one shower" depiction which isn't a lot.
Consider the possibility that you could make more deals and help homebuyers by utilizing an expert floor plan.
Choices Will Be Made Faster In the event that photographs of rooms were displayed to the homebuyer, that is insufficient for them to decide their way of life needs and capacity.
Home Staging Isn't an Option Home stagers fill an empty home with character and style making it simple for purchasers to envision living there.
A level floor plan with a front room named, "8 by 10" doesn't help purchasers by any stretch of the imagination.
Homes in Charlotte are selling super fast right now, buyers are ready to pay thousands above the asking price.But the competition could slow down in the near future shows the new numbers.It is good news if you have been priced out of the red-hot housing market.
Because experts feel the market may be starting to cool.Right now the houses are selling quickly, buyers are often ready to pay thousands above the asking price.The reason for it is a big increase in demand and record-low mortgage rates.
But says things may be changing says Realtor.com.Fewer Homebuyers are applying for mortgages and price growth is slowing down say the new data.The chief economist for Moody analytics says mortgage rates aren’t going to stay this low forever.And once the prices go up, housing prices will automatically adjust.
As more people are returning to work, the demand for a perfect home office will go down.Even if the home prices drop, experts are not expecting a calamity.
The experts do not believe this is a housing bubble, and they aren’t expecting a crash like in 2008.The prices probably won’t plunge, but you may have less competition when you make a bid.Reference Source: WCNChttps://www.compareclosing.com/mortgagenews/housing-market-predictions/
