Prices are definitely on the way down the housing market.
It is claimed that the price is the best selling point, and in this way it seems that housing sellers are losing a good argument. Because something happens in the housing market, it is said. The price curves are tipping down. Not as strong as during the financial crisis, but prices are no longer in the ceiling. It offers interesting opportunities for those who are planning to buy a home.
– The time may certainly be to buy a home. We have seen a downward trend in the housing market ever since April of this year, “says CEO of the Real Estate Agency Association (Eff), Christian Vammervold Dreyer, to click. no.
However, we do not believe in a very high price drop, primarily because the pace of housing construction is approaching a dramatically low level. If housing construction does not rise again, this could push prices up again next year.
– We see that there is too low growth in the number of new buildings in relation to population growth. Especially this is evident in Oslo, where 4000 are built a year for few homes, CEO of Boligproducenternes Forening, Per Hunter, cites. no.
– Some of those who also explain the deviation are the high labor immigration we have had in the past year, describes the professor of social economics at the Bergen Business School (NHH), Ola Grytten, towards clicks. no.
He explains developments, among other things, with too little access to current sites in the areas where people want to live.
– And so the cost level is too high, partly due to stricter requirements from building authorities.
“The new technical regulations (TEK 10) have now been taken seriously, and several residential builders give feedback that it will be too expensive to build”, writes the association on its website.
– It takes a long time to approve a project so that it is uncertain whether the projects are marketable when they are completed, Grytten expands.
Down one million
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According to statistics for housing portal Boliga. no, which monitors the Norwegian housing market, it was 19. November 103 houses were put down in price, while for only six pieces the price was raised.
The price reductions for these 103 range from 10,000 kroner to 600,000. Of the scarce 17500 homes, almost 3,000 of them are put down in price. The biggest nominal price reduction is just over one million for a residence in Aremark in Østfold.
“This is a beautifully situated property that extends along the banks of the Aremarksjøen with over 100 meters of shoreline. Slightly sloping terrain. West facing and lots of sun. Great sea view “, the real estate agent writes in the prospect of the property.
– Seller bought the property a few years ago and had enough hope to get the same price, but has had to adjust down, says Estate Agent at Estate, Mats Lilledal, to click. no.
However, property has fallen a long way over these years, so there is a need for a comprehensive upgrade. At the same time, the annual installment fee for renting the plot is set up.
Although this is a private residence, Lilledal assumes that the property may also be applicable to those who are looking for a holiday home because there is no residence in Aremark municipality.
The home statistics show that page 1. In November, prices for the majority of sales were down by almost 284 million, while some homes experienced a price increase of a total of 38 million.
– Ok, then I start throwing the paddy boxes on the street
The mood in the brokerage industry is still not depressed.
– We receive feedback from our members that the market is stable. Still, many homes are selling, but not the same prices as before. We find that the players still believe in the market, “Vammervold Dreyer emphasizes in Eff.
– At the same time, we find that sellers are a little more accommodating compared to price adjustments.
Another housing with a downgrade price is this in Stavanger. Original price was 2 290 000 kroner, while the price estimate is 1 990 000. However, there is no large housing. The utility area is 39 m2 and contains hallway, bathroom, living room, kitchen, bedroom. In the prospect, the apartment is described as “A pretty apartment outside the center”.
Most expensive drops most
According to Vammervold Dreyer, the price decline in the housing market is clearest in, among other things, the most attractive areas in Oslo.
– These are the most expensive areas that have had the poorest development. The reason is that it has become so expensive that prices stare in the roof.
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– I think housing prices are too high in a long-term perspective, adds Ola Grytten.
Therefore, it is possible to make sure that the price decline we are seeing can continue for a while.
However, he does not think there will be a significant stool in the housing market with the first.
– Too little, unless there is a macroeconomic shock that will create a broad downturn.
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