IN APARTMENT IN OSLO (VG) Thea Leine Simenrud (32) and Knut Ivar Austvoll (35) have bought a new apartment. They will now sell in a market that fell sharply in September.
At the Bjerregaards gate in St. Hanshaugen, Thea Leine Simenrud (32) runs excitedly. Less than fifteen minutes to go before the show.
The smell of freshly washed floors, fresh cinnamon rolls and freshly lit candles is what VG encounters when we enter the apartment.
Together with Nordvik’s real estate agent Karoline Dovland, the final preparations will soon be completed.
Both the broker and the seller are hoping for today’s vision.
The property listing has been bookmarked by over 100 people on finn.no and five people are registered for viewing today.
A week earlier, Eiendom Norge presented data showing that house prices are falling.
On 21 September, Thea and her husband Knut Ivar Austvoll (35) bought an apartment in Løren. It was the second time the apartment was for sale. According to Thea, they got the apartment for the same amount it was advertised for in the first place.
– It was cheaper for us to buy now, of course. We sell and buy in the same market, so that’s okay. But it’s still scary, Thea says and takes the cinnamon rolls into the living room.
Now the couple is in a hurry to sell the apartment in St. Hanshaugen. They are expecting children on Christmas Eve itself.
But in a market where home prices have now fallen, selling and buying a home can be more challenging than before.
Thea has thought about it, when now they are faced with the situation alone.
– It’s a little scary when you look at the market compared to this summer and before the summer. At the time there was a lot of demand for almost the same type of apartment we have, and they were often well beyond the estimated value. Then it just went downhill, especially in September, says Thea.
– He fell heavily
The data from Eiendom Norge last week showed a drop in prices of 2.2 percent.
– House prices dropped dramatically in September. The sharp increase in August has now been fully corrected in seasonally adjusted house prices, says Eiendom Norge CEO Henning Lauridsen.
It is normal for house prices to fall over the past three months and Eiendom Norge expects house prices to continue to fall in the coming months.
– Uncertainty about developments in the Norwegian and world economy makes it difficult to say whether the fall of the autumn will be stronger than normal. However, we won’t be surprised if price movements are weak this fall, says Lauridsen.
According to Eiendom Norge, it took an average of 29 days to sell a house in September.
A couple on display
It’s been 45 minutes since Thea left the apartment.
She and Knut enter the door. They are ready to hear the real estate agent’s report from the vision.
It is short.
Only one couple came to the screening.
Thea isn’t shocked yet and says she’s been prepared.
– I remember it from the last time we sold at Grünerløkka, when there were even just a couple of pieces on display. This is absolutely terrible.
He settles on the sofa and adds:
– When we bought our first apartment, it was not unusual that there were 60 people on the list and 15 on the list. It is completely different now.
Knut, on the other hand, was more confident and hoped that at least five pieces would appear at the screening.
– Less on display and fewer bidders
Real estate agent Dovland doesn’t hide that she was surprised that no more people showed up.
– I thought there would be more people even than those registered.
Dovland explains that it’s not unusual for the housing market to move.
– We are seeing a typical decline in the housing market towards autumn, which is normal. However, there are many other influencing factors. There is a lot of focus on rising interest rates, changes in loan regulations, rising electricity prices, and price inflation / growth in the media and that makes people more uncertain, he says and adds:
– The real estate market is now more on the buyer’s side. We’re seeing fewer people on display and fewer bidders on most items. At the same time, the job market is tense and sooner or later the real estate market will turn around again. It is difficult to plan the purchase of a house, the most important thing is to find something you like.
Most people buy and sell in the same market. If you want to move on to something bigger and better, it pays to take advantage of the opportunity now, according to Dovland.
– Historically, it has often paid off in times of greater uncertainty.
If you are selling a house, it may now take a little longer than, for example, in early August.
– It is therefore a good idea to keep this in mind if you are considering selling your home. It might be a good idea to take over the new home for a little longer and plan the sales process before starting, or selling first, Dovland says.
The broker believes that people need to adapt to the changes we are seeing and that as people get used to the change it will become more stable.
– I think you have to expect it will take a little longer to sell in the future, but eventually everything will be sold, says Dovland.
Display number two
Sunday was ready for another round of observation.
– I’m not very optimistic, you can’t be, says Thea.
He thinks about it for a while and continues:
– However, it is the weekend and the screening is during the day, so maybe more people have time and they are maybe a little more spontaneous.
The atmosphere in the room clears again, the group becomes more hopeful.
– I think there will be more on Sunday. If one comes today, we’ll beat it, says broker Dovland.
The living room is filled with laughter.
– Yes, we have to handle it, says Thea.
PS! The article was written before the screening on Sunday. Several people have come there, according to broker Dovland. However, no offers were received during Monday’s bidding round, so now is the time for a new look.
