Ms. Nguyen Thi Huong (34 years old in Hanoi) - who has just gone through a difficult journey of selling her house - said that in mid-2024, to raise enough capital to invest in a new project, she decided to sell the house she was living in in an urban area in the West of Hanoi.
She thought that in the midst of a hot market, her apartment would be easily liquidated. However, things were not easy.
"I put my apartment up for sale in June 2024. At that time, many brokers called and buyers came to see it in person, but 2 months later it still hadn't sold. Most customers complained that it was too expensive, while I just posted it at the same price as other apartments posted online," said Ms. Huong.
The long delay made Ms. Huong very impatient because the investment project was speeding up the payment process.
Ms. Huong is just one of many cases of selling a house but having difficulty closing the deal quickly due to the aforementioned buying and selling psychology. In fact, from the buyer’s perspective, when the value of the house is inflated, the buyer will feel cheated or uncertain about the real value of the property.
They think they are paying too much for an unworthy property, which leads to hesitation and unwillingness to pay the price offered by the seller.
Meanwhile, the seller always has high expectations about the value of the house. Because of the disagreement on price, it creates a deadlock in negotiations, making the real estate transaction drag on.
Real estate expert Nguyen The Diep - Vice President of Hanoi Real Estate Club - shared that it is understandable that homeowners expect to sell at a higher price than the market price while buyers ask for a larger discount. This is the common mentality of both sellers and buyers. This leads to hesitation on both sides in the transaction. This leads to the result of real estate transactions being difficult to close quickly.
According to this expert, to balance the price issue between buyers and sellers, there should be an automatic home valuation unit or tool to be able to value the house close to the transaction on the market, ensuring the fairest price for both parties.
“For both buyers and sellers, correctly recognizing and assessing the value of assets helps to close transactions effectively at a price that both parties feel satisfied with, without worrying about overpaying or overselling, thereby promoting transactions,” said Mr. Diep.
