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Wait for a home purchase

If you are a first-time buyer, you can safely delay your property purchase next year. Housing prices will continue to fall in 2009.

Wait for a home purchase

Awaiting Residential Property: First-time buyers should only buy housing if they know they will live there for the next five years, says Hans Petter Skogstad, general manager and analyst at MacroSight..

House price developments

  • Housing prices fell 2.4 percent in November.
  • There were 2 826 homes sold in November this year, compared to 5234 in November last year.
  • Prices of single-family homes decreased by 5.1 per cent from September to October, and were 6.6 per cent lower than in October 2007.
  • Prices of shared housing decreased by 5.3 per cent from September to October, and were 7.4 per cent lower than in October 2007.
  • Prices for apartments dropped by 3.7 per cent from September to October, and were 8.3 per cent lower than in October 2007.

Source: Norges Eiendomsforbund (NEF) and the Association of Real Estate Agents (EFF)

Housing prices in November were 9 per cent lower than in the same period last year, the real estate industry’s housing price statistics presented yesterday.

Also read: The house price falls

The number of homes sold decreased by 46 per cent, from 5234 in November last year to 2826 sold homes in November this year. From October to November this year, the price decline on housing is 2.4 per cent.

Increases in 2010

CEO and analyst at MacroSikt, Hans Petter Skogstad, believe we have now experienced half of the price drop. The rest of the price decline is coming this year, as well as the first half of 2009, he believes.

– Once upon a time during 2009, we reach the bottom. Just when I do not know, Skogstad says.

He believes prices start rising once in the first half of 2010.

Forestry’s assumptions are in line with Nordea’s new forecasts that came last week.

Nordea’s economists say that the strongest case will come from now until autumn next year.

The fall in prices will stop in the third quarter of next year. So housing prices will stabilize before we see an increase of about five percent in 2010, according to economists.

Pending further decline

Skogstad discourages first-time buyers as not quite what they want with the future, about buying housing now.

– Young people who do not have their own homes today and who do not know what they want in the next five years should wait for the home purchase. Everyone who has followed in the media knows there is no need to run out and buy housing tomorrow.

– Now I expect people to see that there is a dwelling to live in and not to earn money, adding Skogstad, who has followed the housing market for several years.

The bottom is reached in a year

Wait for a home purchase

CONTINUED PRICE FALL: The base will be reached in a year, according to Peter Batta, Managing Director of the Homeowners’ Association.

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– About this time in a year we will reach the bottom. From spring 2010 turn the trend, believes CEO of the Homeowners’ Association, Peter Batta.

Last week, he met about 150 real estate agents at a meeting in Asker. Most people believed a further price decline in 2009.

Although positive as I am, we expect prices to decline further by 5 to 10 percent in 2009, says Batta to click. no.

Overhang in the Market

In recent years, thousands of more homes have been built than before. These have now risen in the market. Many places in the country are now experiencing almost full stops in the new building.

– But when interest rates fall into four, five percent in the first half of 2010, the offer will level out and demand will rise again , says Batta, who was right in his assumptions for almost two years since.

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– I said in January 2007 that prices would fall by up to 20 percent over the next two, three years. We are in a good position in relation to that claim. Yet December remains, which is always a bad month, says Batta.

He points out that there is an overhang in the market, which will make 2009 start on the minus page. Many sellers fail to sell the property for a cheaper money, withdraw it from the market when they are not sold after having advertised several times and then put it back for sale.

– They are not comfortable with prices falling, says Batta.

Partner in the Prognosis Center, Bjørn Erik Øye, said to click. No in October that house prices will increase already in 2. quarter 2009.

– Banks must start functioning

Information manager Åge Pettersen in the housing company OBOS says the price decline from October to November was as expected.

Wait for a home purchase

AS AVAILABLE: Information Manager Åge Pettersen in the housing company OBOS says the price decline from October to November was as expected. Photo: Marianne Otterdahl Jensen / EMOS

– Banks have to start functioning again. The mid-term financing must be done so that home buyers can get loans. It is a prerequisite for the housing market to start again, “says Pettersen. no.

If you need housing and have the financing in order, Pettersen sees no reason to wait for the housing purchase.

– If you need housing, there is no reason not to buy housing now. Most people buy housing to live in and do not make money, says Pettersen.

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