(TN&MT) - From the end of 2022 until now, real estate prices in the real estate market in the Southern region in general and Ho Chi Minh City in particular have tended to decrease sharply. However, the general situation of the market is still that there are very few buyers.
Not in a hurry to "pay"
Recently, there has been a lot of information about buying and selling real estate. In particular, the amount of "want to buy" information is very little but the amount of "want to sell" information is a lot. There are even many real estates that have been advertised for sale for a long time and have been posted many times with decreasing prices but few customers are interested. Those are small investors and landowners. However, for real estate businesses, the situation is not much better. In the context of capital congestion and slow liquidity, in order to sell products, many investors have introduced huge discount policies of up to 30 - 50% but customers are still "slowly" not rushing to pay.
According to experts' forecasts, the real estate market in the first half of 2023 will still face many difficulties, but will gradually recover by the end of the year. Therefore, the mentality of waiting for real estate prices to decrease further or "buying the bottom" will easily miss the opportunity when the market passes the bottom and starts to rise. Therefore, if you find a suitable product at a reasonable price, buyers should realize it to seize the opportunity to own a house at this time.
From December 2022 to now, Mr. Nguyen Van Thanh (living in District 12, Ho Chi Minh City) has a need to buy an apartment, so he has researched a number of projects. He was advised by a broker to buy an apartment in a project in Thu Duc City (Ho Chi Minh City), because the investor is having a discount policy of up to 43% when the buyer pays 98% ahead of schedule. However, Mr. Thanh is still hesitant and does not want to pay. Mr. Thanh said; "At this time, the investor is reducing the price of the house, but I am worried, if I pay such a large amount of money at once and the project is not completed on time, it will be like burying money."
According to Batdongsan.com.vn, the real estate market in Ho Chi Minh City is currently seeing many advertisements for sale of real estate at a loss with deeply reduced prices. Areas that used to be hot for real estate are District 9, District 2 (old), Thu Duc City or District 7 and districts that were proposed to become districts such as Binh Chanh, Nha Be, Can Gio, Cu Chi, many real estates have reduced prices by 20-30% compared to the beginning of 2023, some large plots of land have reduced prices by billions of VND compared to the beginning of the year. Secondary apartment products have a reduction of 300-500 million VND/unit, but the closing rate is low because buyers are still haggling to squeeze prices.
Waiting for the "bottom"
According to experts, the reason why many customers are not in a hurry to put down money is because they think that real estate prices will continue to decrease. Currently, the products offered for sale mostly come from customers buying real estate for investment. The cash flow of this group mainly depends on banks, so when interest rates increase, when the payment deadline comes, they will accept a reduction in real estate prices to quickly sell their products and relieve financial pressure. Buyers now no longer worry about real estate prices increasing "hotly", having to compete for a place to buy, instead, they are afraid that if they put down money early and the price continues to decrease in the future, they will be "misled". Therefore, many people still choose to observe rather than put down money to buy at this time.
According to experts, if you find a suitable product at a reasonable price, buyers should realize it to seize the opportunity to own a house at this time.
Mr. Dinh Minh Tuan - Director of Batdongsan.com.vn Southern Region said that the group of customers with real needs are still waiting, but there are also those who want to have a house immediately and have started looking for buying opportunities. Real estate that meets real needs is considered a "bright spot" to overcome difficulties, so investors are restructuring debts, sales policies, focusing all activities to serve this need of customers. However, in order for capital flow to be truly unblocked, there will need to be a large enough purchasing power. To activate the cash flow from real buyers, real estate prices need to continue to decrease.
According to some real estate brokerage floors in Ho Chi Minh City, from the third quarter of 2022 to now, the number of real estate orders in Ho Chi Minh City and neighboring provinces and cities consigned for transfer has continuously increased. If in the past, sellers often offered a profit of at least 10 - 20%, now most of them only hope to recover the original capital, and many products even accept a discount of 150 - 500 million VND depending on the total value to quickly sell the goods.
However, the credit lending is being tightened, interest rates are still high, so there are not many customers willing to buy at this time. In addition, the psychology of waiting for the market to "hit bottom" to buy at the best price makes trading activities always in a tug of war, negotiating, but not many people are willing to close. The psychology of waiting to "buy the bottom" is causing real transactions in the market to be few and the cash flow is still waiting for opportunities.
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