According to Lao Dong Newspaper, in the last days of March, the real estate market in Hoa Binh City showed signs of cooling down.
Many people are selling real estate hoping to find buyers, but despite the dense listing, the transactions are still gloomy, reflecting the market's stagnation.
Ms. Tran Thi Huyen - the owner of a house of more than 80 square meters in Phuong Lam ward, Hoa Binh city - said that although she has posted on many real estate groups and reduced prices compared to the original plan, she has not yet found a suitable buyer.
"I started selling the house for 3.2 billion VND in January this year. At first, I thought that with a central location like this, selling would not be too difficult. However, nearly 3 months have passed, and no customers have decided to buy yet, Ms. Huyen said.
According to Ms. Huyen, the market is currently stagnant. Many buyers have the mentality of waiting for further price reductions, while those with real needs are having financial difficulties or are considering more carefully before deciding.
Similarly, Mr. Xuan Son - the owner of a plot of land of more than 90 square meters in Thong Nhat ward, Hoa Binh city - also struggled to find a buyer for more than a month. Although many customers asked and considered, they still quietly left.
"The plot of land is located in a civilized neighborhood, initially advertised for 2.5 billion, now reduced to 2.2 billion VND but there are still no customers willing to buy," Mr. Son shared.
Mr. Nguyen Huu Tien - a real estate broker in Hoa Binh City for many years - said: "Many real estate owners have put their assets on the market in the hope of finding a suitable buyer.
However, although the number of listings has increased, the number of successful transactions is not commensurate, showing a slowdown in real estate shopping demand in this area".
According to Mr. Tien, many real estate sellers have difficulty finding buyers, leading to frozen assets and inability to convert them into cash.
Meanwhile, investors who have bought real estate with the expectation of a quick price increase are facing liquidity and profit risks.
For those who want to buy a house for living, this could be an opportunity to look for real estate at a more reasonable price. However, they also need to be cautious in evaluating the real value of assets and future development potential, said Mr. Tien.
Talking to reporters, Mr. Nguyen Quang Thu - Director of the Land Registration Office of Hoa Binh City - said that recently, the transfer and sale of land in the city has been on a downward trend.
"The number of newly received sales documents is very small, the unit mainly receives documents of changes such as changing addresses, inheritance, and real estate transfer" - Mr. Thu informed.
