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Sigismund Mauricas, chief economist at Luminor Bank, said residents are already beginning to lose their sanity when buying a home.
“The expectations of the population are surprisingly good. During the pandemic, Lithuanian sentiment was one of the best in the entire European Union (EU).
While there is a strong desire to go with the pack, one must stop. It is already a bad sign that neighbors buy a home without being interested in it. Later, it turns out that the apartment without parking or with a view through the window to the wall, ”said the economist.
According to him, the same real estate phenomenon existed before the 2008-2009 crisis.
“So people bought real estate not as an object, but as square meters. People did not look at other advantages or disadvantages of the house.
The current situation is also taken advantage of by real estate developers, who see that people buy anything from drawings. So good luck to those buyers who buy from developers who care about their reputation and the quality of the object under construction. However, there will be others who will save and the apartments will be of poor quality, ”said Ž. Mauricas.
The housing market belongs to sellers
Arnoldas Antanavičius, a real estate expert and director of the Real Data company, noted that currently residents do not have the opportunity to spend enough time delving into the purchased home.
“Often, people who buy a house have to participate in auctions. Several buyers want to buy the same house, so they have to compete, raise the price.
Currently, the real estate market belongs to sellers, which means that now buying a home is not favorable. And the winner is the buyer who is faster, more willing to take risks. Of course, after buying, it may turn out that the person did not find out everything about the future home. Therefore, additional problems can arise ”, commented the real estate specialist.
According to him, it is difficult to expect a different scenario in today’s market.
“If people wait too long, another buyer will get over it. Still, residents themselves must take responsibility for their actions. Buyers decide for themselves whether they want to take the risk or not. However, various notices in public space Posted by sellers and real estate developers encourage residents not to wait, but to buy as soon as possible.
The developers are talking about an ultra-fast offer, of changes in the law (the draft amendments to the Land Law, which provides for the introduction of a new tax on real estate projects – aut. However, such intimidations are not entirely fair and honest. A message is formulated that you should hurry to buy while there is still a possibility. And some buyers succumb to this pressure, “explained A. Antanavičius.
According to him, after buying a house, it can be replaced later.
However, keep in mind that buying and selling a home also involves considerable financial costs: transaction processing, notary fees if there is a bank loan, credit agreement fees, mortgage (mortgage) fees, brokerage fees, etc.
So changing your home can cost up to 5 percent. your prices. Therefore, it is possible to change housing, but it costs money, ”explained A. Antanavičius.
In negotiations, the price is not lowered, it is raised.
Real estate broker Ignas Zabarauskas agreed that currently the market really belongs to sellers.
“And buyers are affected by herd sentiment. People are in a rush to buy because they have already lost several desired home options. Auctions are currently underway. We do not sell homes to the first person to visit.
We usually spend a week or two inspecting the house, which is when all the neighbors who want to buy it come. After that, if more than one buyer agrees to pay the asking price, we choose the best buyer. And the one who agrees to pay more is better, ”said the broker.
According to him, the supply is currently decreasing, so the sellers are dictating their conditions. According to I. Zabarauskas, therefore, the negotiations are different today: the price rises and is allowed to fall.
“The pandemic has also changed the expectations of home buyers. People began to appreciate individual rooms. Looking for housing where a studio can be installed. This was not the case before.
Neighbors also want to have a terrace, at least a small piece of land where they can spend time outdoors ”, commented I. Zabarauskas on the habits of buyers.
The market continued to grow in April
According to the Registry Center, the number of real estate transactions continued to grow in April, with buyers of apartments, residential houses and plots remaining active. Analysts from the Registry Center who analyze the dynamics of registered real estate transactions point out that the results of the last months exceed the figures seen before the pandemic.
“We have been seeing relatively high activity in the real estate transaction market for the first month in a row: the total number of recorded transactions is growing, data for individual real estate categories is very close to or even exceeded the record result of October last year.
Looking at the longer term, the last 6 to 9 months, it can be noticed that the average number of transactions of apartments, residential houses and parcels exceeds the fixed numbers before the pandemic in 2019, and buyers are willing to invest in real estate ”Says the acting head of the Data Center and Analysis Department Paulius Rudzkis.
During the first four months of this year, a total of 48.2 thousand people were registered in Lithuania. Real estate purchase and sale transactions. This is 38 percent. more than in January-April 2020, when 34.8 thousand were registered. Real estate transactions (38.1 thousand in January-April 2019). Only in April, 14.7 thousand were registered. Real estate transactions: almost double than in April of the previous year (7.4 thousand) and 11 percent. more than in March of this year (13.2 thousand).
This year, 12.1 thousand were registered throughout the country. apartment sales – 20 percent. more than in January-April 2020, when 10.1 thousand were registered. (In January-April 2019, 11.1 thousand), and only in April, 3.6 thousand, or 87 percent. more than in April of the previous year (1.9 thousand) and 10 percent. more than in March of this year (3.3 thousand).
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