The housing market can really change by autumn

Renovated properties are primarily in demand, buyers are more cautious about new constructions and apartments in need of renovation due to rising construction material prices and rising construction costs. According to real estate agents, the demand is still lively, the proportion of credible buyers has not decreased, but the housing market may change by autumn.

We continue to see a demand market and rising prices in parallel with it, and for the time being the staff of the networks are not experiencing a decline in borrowing, although they do not rule out the possibility that buyers and sellers will be greeted by a slightly different picture in the fall.

Due to the demand market, the amount of bargaining is also small, which means that the buyers only have the opportunity to achieve a price discount of about 4-5 percent on average, but at the same time it is worth knowing that in many cases the real estate agents can sell the property at the target price, i.e. at the originally announced prices. sought-after and well-priced apartments. The focus is on good pricing, because overpriced properties either get stuck due to a lack of interested parties, or the owners can get rid of them by negotiating a 10-15 percent discount after exceeding the average sales period of 3-5 months.

Home buyers may have become uncertain, and advertisements have fallen

In the entire country, the number of inquiries per ad increased minimally in only one place, namely Budapest.

At the moment, the greatest interest is in panel apartments, while prices have risen by 10-15 percent in a single year, experts indicated. A similar increase in the price of single-family houses was also experienced, but the market for construction plots saw a significantly higher increase of 30 percent.

Due to the increased prices of building materials and the lack of skilled labor, there is less interest in apartments to be renovated, buyers are mostly looking for renovated, well-maintained properties, which are more likely to be sold.

In the case of apartments, there is interest in almost all types, however, in the family house market, one-story properties of around 80-100 square meters are in the greatest demand, but the supply in this category is extremely small.

The housing support system noticeably warms and orients the market, according to the experts, the highest demand is for real estate with the maximum subsidized size and energy rating, which conforms to the criteria of the home building program. There is also significant interest in newly built properties, but at the same time buyers are becoming more cautious, due to the continuous increases in building material prices and labor costs, signing the contract drawn up by the contractor requires more responsibility on the part of the buyer.

There are few favorable offers for classic investors in the examined areas, but buyers who would like to invest their savings in real estate appeared some time ago. They look for smaller apartments, and depending on the size of the saved amount, they sometimes supplement it with a loan. Borrowing is also typical in general, there is still a higher proportion of buyers with credit.

Among home purchases, the average loan amount is ten million forints, but among buyers of higher-priced real estate, loans of twenty million forints or more are not uncommon.

In the outer districts, not only sales prices have risen, but also rents, i.e. if someone were to rent instead of buy, they should expect that the prices have also adjusted to the increase in demand for residential properties for rent. Even in the outer districts, smaller, i.e. 1.5-2-room apartments can only be rented for a monthly rent exceeding HUF 120,000.

No significant changes can be expected for at least another month or two. At the same time, a major change in the domestic real estate market can be imagined in the autumn months, which may affect the balance of supply and demand.