Keeping the mentality of waiting for real estate to fall deeply to catch the bottom, many customers and investors have missed the opportunity to buy real estate at bargain prices and hold regrets.
The real estate market (real estate) is facing a situation of "cold" transactions from the beginning of 2020 until now. In addition to the limited supply factor, the economy affected by the Covid-19 epidemic forced many investors to sell and cut losses in order to relieve financial pressure. This makes it easier for real home buyers and well-to-do financial people to own real estate at a cheaper price. However, by keeping the mentality of holding on to the hope that the price will still bottom, many people lost the opportunity to make a profit in regret.
Mr. Nguyen Tran Manh Dung, director of a packaging processing company in District 12, shared that he himself is regretting his stomach because he wants to wait for the price to drop further but to lose a good piece of land at a good price. In May 2020, he was introduced to a 360m2 land lot in Tang Nhon Phu A ward, District 9 with the selling price of 10 billion VND (equivalent to only about 28 million/m2). The land lot has perfect legal status, beautiful location, located in a residential area with reasonable price, Mr. Dung is very satisfied. However, because he knew that the landowner was in need of cash flow to sell quickly, Mr. Dung calculated that he might be able to force the price to increase, so he hesitated to put down the money.
Investors buying and selling real estate
Besides the mentality of "no need to rush", Mr. Dung also hopes to find a better plot of land at a good price. “According to initial calculations, I think the market will be difficult until the end of the year, the number of real estate buyers is decreasing while the demand for secondary goods of investors is financially overwhelmed. It will not be difficult to find real estate products to cut losses in the coming months,” Dung shared.
After more than a month of waiting for the price to drop further, last August, when there was information that the East city development project was approved, Mr. Dung asked again that the land plot had been sold from the beginning of the month to another customer. The current price has increased to 30 million/m2, nearly a billion dong compared to before. Not only this land lot, but also many real estate products with good location, with books being sold in the same area, are also moving to push the price up to about 1-2 million/m2 higher than the selling price in the second quarter of 2020. Dung's bottom-fishing business failed when he missed an attractive profit opportunity.
In the same situation of waiting for a deep discount, Mr. Nghi (Tran Dien, District 5), a customer who wants to buy an apartment in the inner city, also lost the opportunity. It is known that at the beginning of June, sales introduced him to a 63m2 apartment in a mid-range project that has just been handed over not long in the area of District 8. This project has a convenient location, diverse utilities, sold by the owner of the household. at the price of 2.2 billion VND (about 200 million different from the purchase price of the household head). According to advice from the broker, this is a very reasonable price because the project has only been in use for 2 years, the quality is still new. The owner is in urgent need of money, so this is a suitable difference when most of the apartments here sell at least 300 million different from the original price. With the northeast direction as introduced to Mr. Nghi, the price difference is nearly 400-500 million.
The project also meets the requirements of settlement, but because the price is quite high compared to a series of apartments in the area, Mr. Nghi reconsidered. Contacted many other brokers, realized that the number of apartments for sale on the market was very high, the information about selling at a loss, selling off rampant made him think that there was no hurry and decided to consider more. other projects before making the final selection.
At the beginning of August, when researching many other apartments, realizing that the previous project was the best, Mr. Nghi decided to go back to buy it, but the sales said the owner had sold it. With the above price, the broker still found him other apartments with the same area in the project, but none of them had the same location and good view as the original one. Intending to buy an apartment with a similar view, the salesman said that he had to add 100-150 million compared to the previous price to buy it.
The bottom-fishing psychology made many investors miss the opportunity to own real estate, the move to wait for the price to fall deeply made many people who wanted to buy a house still did not decide to put money down but just stood by and watched. However, the market movements since the beginning of the year have recorded the general trend that real estate prices have not decreased. The report of the Ministry of Construction showed that housing prices in the market still increased in the second quarter of 2020. In Hanoi, apartment prices increased by about 0.16% compared to the first quarter of 2020, while in Ho Chi Minh City, apartment prices increased by about 0.25% compared to the first quarter of 2020.