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Monday, April 28, 2014

Tier 1 Chinese cities begin property discounting

Tier 1 Chinese cities begin property discounting

“Two weeks ago the price fell 200,000 yuan,” “6 hours ago the price fell 100,000 yuan,” …… Yesterday, the sites of real estate companies show homes in the east, south and west Third Ring large area, about thirty percent of listings are marked with The green arrow indicates the listings with price cuts have almost quadrupled since the period before Spring Festival. Such a situation from two weeks since the beginning of April, the city is currently at this largest second-hand housing sales real estate agent are starting to tell homeowners who ask for high listing prices, “no.” Every home exceeding the average price for the area is being persuaded one by one to cut their asking price, otherwise they will be removed from the website, “off the shelf.”
Reporter survey found that many hot spots in the district, real estate agencies have taken as much as 40% of the properties off the market, resulting in an eyeful of lower prices online. Meanwhile, statistics from “Love My Home” (and other agencies show that in April, Beijing region through its stores traded second-hand housing transactions , the average transaction price of 31,265 yuan / square meter, with a full month of March compared to the average trading price fall about 4%.
“My agent told me to drop the price by 100,000 yuan because no one has looked at it over a week.” Put yourself in public last week, Ms. Liu lowered her second-ring road second-hand asking price, still no one came to see it. From the beginning of the month, she has cut her 80 square meters two-bedroom apartment by nearly 20,000 yuan.
Liu is not only one, the reporter in the chain of home listings online Yuanjianmingyuan district saw, more than 90 sets listed online listings, nearly 30 percent of listings are marked with green price sign — ranging from a few (a few 10,000s), to as many as 200 to 300,000 yuan. Statistics show that all of these homeowners lowered the price in the last two weeks.
“Through our efforts, the district where many homeowners have recently lowered the listing price, and are basically starting with cuts of 50,000 yuan. Doing so mainly to prevent the new sellers from comparing to the online listings high offer, thereby pushing overall pricess. Realtor Wu said for new listings, the owners will make reference to similar sized residential listings with price quotes given. For example, Yuanxianmingyuan less than 52,000 yuan average residential price, but individual owners if quoted 55,000 yuan, the new majority owners will refer to this listing higher offer, and then increase the average housing price.
A South Third Ring Road, East Third Ring Road real estate broker, said that after consultation with the homeowner, they reduced second-hand housing significantly more in April, accounting for almost 30% of the total valid listings. In contrast, those who insist on asking high prices have become invalid listings.
Reporter survey found that, after half a month of busy introducing broker, the city used some hot area of online listings leaving only 50-60% of the peak listings. In other words, the remaining approximately 40% for whatever reason haven’t adjusted their price are temporarily off the market. Yesterday agents at several real estate brokers said persuading the old and new homeowners to lower their price has become their main job, in the task of “discouraging” listings, stands at about 50% of the online total listings.
“For example Xishanfenglin 1-4 there was about 90 listings, after removing the high prices homes, there are about 40 to 50 listings now.” Xishanfenglin district real estate agent Chen said. Similar Xishanfenglin phenomenon of mass removed expensive listings in the rings are very common. However, although online shows decreased listings, but in fact, the proportion of listings ready to deal has greatly improved. “Late last year, if a customer came to look at homes, we have the key for several, if a customer comes now, if he wants to see 10 homes a day, no problem.” He said.
After some adjustments, the agency’s online listings actually increased rather than decrease, but also with brokers “hard to stay” exclusive listings are not unrelated.
“Call me last weekend intermediary brokers have seven or eight people, half of which advised me to check with the stores ‘exclusive quick sales’ contract.” Pang said the public, in accordance with the broker’s recommendation, if the homeowner with the agency signed an “exclusive quick sale” contract, which is equivalent to bind listings from this agency does not allow homeowners and then selling through other intermediaries, and intermediaries mouth so-called “quick sale” is its commitment within three months the house is sold, the seller will otherwise receive compensation of 1,000 yuan. According to sellers’ reports, signed with the agency if the “exclusive quick sale” contract, which would not have strict restrictions on listing price, the equivalent of all the parties agreed to make some concessions....
*** macrobusiness / link

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