In 2024, there are 3 things that "people who own 2 properties" need to be prepared for, and many people are not aware of it
In 2023, the real estate policy will be loosened in a row, and under the effect of 700 incentives across the country, although it has failed to promote the rise of market volume and price, it has achieved a certain effect on curbing the collapse of the real estate market.
Almost the down payment ratio of the first house in the country has dropped to 20%, and the down payment ratio of the second house in many cities has also dropped to a minimum of 30%-40%.
However, for those who hold more than 2 houses, the continuous changes in policies and the market environment will bring them unprecedented challenges, especially in 2024, "people who hold 2 properties" need to make 3 preparations, and many people have not yet noticed.
01 Long-term preparation of housing prices.
In January 2024, home buyers ushered in a new piece of good news, as banks readjusted the interest rate of personal mortgages for the new year according to the increase in the previous year's LPR (loan market ** interest rate).
The loan market** interest rate (LPR) on January 22, 2024 is: 345%, and LPR for more than 5 years is 42%。
For individual home buyers, this news means that repayments are reduced and loan pressure has been effectively alleviated.
However, for the time being, the pressure brought by buying a house is still not small for our buyers.
From September 2023, a series of regulatory policies will be promoted from the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen to implement a series of regulatory policies such as "no need to subscribe for a mortgage" for the purchase of the first home, a batch reduction of loan interest rates, and an increase in the amount of provident fund loans, but it is clear that this wave of destocking housing has not achieved the expected effect.
Therefore, in 2024, there will be a consensus at the level of the state and the people: reduce the cost of buying a house!
This is good news for those who just need and improve demand, but for families with multiple homes, this means that there will be a worrying trend: house prices may be in the first place in a certain cycle, and the most obvious situation is that the house is "priceless and unmarketable".
Data show that as of a few years ago, the housing ownership rate of urban residents in China has reached 96%, and the average household has reached 15 homes, of which more than 42% of urban households own two or more properties.
On the other hand, last year, the Ministry of Housing and Urban-Rural Development announced a shocking figure: the number of urban and rural housing buildings in the country has reached 600 million!
Note that it's 600 million buildings, not 600 million units or 600 million rooms!
Although these residences are not only commercial houses, small property rights, etc., it is enough to show that the current housing market in the country is already a clear imbalance between supply and demand. In this case, for those families who have multiple properties, it is obviously difficult to sell their properties to the ideal ** in the short term, so they can only wait and see, and even have to be prepared for the price may be ** in the long term.
02 The house is difficult to liquidate.
Since the outbreak of the epidemic, the domestic real estate transaction volume has shown a downward trend, not only that, but the second-hand housing market across the country has even seen a more sustained surge in listings. For example, at the beginning of this year, the number of second-hand residential listings in 13 key cities across the country reached 1.99 million, a year-on-year increase of 25%.
More and more people are dumping their houses, causing market uneasiness. Prices have been cut in the second-hand housing market around the world, and speculators have chosen to withdraw, which not only reflects the uncertainty in the market, but also reminds investors and buyers to remain cautious in the real estate market and carefully consider investment strategies.
Taking first-tier cities as an example, there are many cases where houses have even been listed for three years and continue to lower the listing price, but they still fail to close, and some owners even reduce the price by 30% It is difficult to meet buyers.
In addition, many of the listings are now mostly old and dilapidated, as well as the majority of houses with partial locations and inconvenient transportation, so such houses are not popular with buyers in the case of obvious oversupply. Coupled with the uncertainty, buyers who just need to buy a house are also holding on to the currency.
And, as supply continues to increase, it is expected that this trend of difficulty in monetizing will become the norm for some time to come, so families with multiple properties need to be prepared for the possibility that they will find it difficult to monetize their homes in the future.
03 Prepare for asset shrinkage.
In fact, there is a saying in the current market, that is: if you bought a house before 2016, there is no doubt that you must have made money. But if you buy it after 2016, then the house price is likely to fall.
In addition, the interest rate on housing loans was higher before, and some people's mortgage interest rates were even as high as 6%, even though in recent years, banks have uniformly lowered the interest rate on existing housing loans, but compared with the current general loan interest rate of 4%, it is obviously still very high. Therefore, compared with the group that has bought a house in the past two years, their monthly loan repayment pressure will be greater than others.
For example, many buyers buy houses near the high level in 2020, and the house of 4 million may only be worth 3 million now, if it is only the only self-owned house, the problem is not big, at most it is higher than the loan interest rate of people who have bought houses in the past two years, and the pressure of holding the house every month is greater, after all, the house is not intended to be cashed out, and there is no cash loss.
But for families with multiple properties, they have to face shrinking assets.
What's more, what is even more worrying is that the employment environment in the past two years has not been ideal, and many of these families have experienced a sharp decline in income, and some have even lost their jobs, which makes their monthly loan repayment pressure even heavier, and the situation is worrying.
Faced with such a situation, those families who rely on loans to achieve multiple homes may need to carefully assess their current financial situation and consider taking some measures to ease the pressure of repayment, it is recommended to plan for loan repayment in advance, or even consider paying off part of the loan early, and look for additional income**, or negotiate loan terms with the bank.
04 Top 3 tips for being prepared.
In fact, from another point of view, long-term regulation of real estate is certainly a good thing for most people, after all, it can reduce the real estate bubble. However, in the past two years, the market environment has not been ideal, the pressure of employment competition has intensified, it is becoming more and more difficult to find a job, and the national income has decreased. In a trend of intensifying uncertainties, it is recommended that you make the following preparations:
1.Prepayment of part of the loan:
Housing prices are declining, it is more difficult to realize, and the investment risk in the capital market is intensifying, and people who still hold some funds in their hands cannot cover the mortgage interest rate through other investment channels.
2.Proactively respond to market volatility:
The regulation and control of the real estate policy is to actively respond to market changes, and the real estate market will tend to be rational in the future, and it is necessary to adjust the strategy according to market changes, not to panic excessively, and to stabilize family finances.
3.A rational look at property values:
The real estate market can achieve high returns with closed eyes The era of investment is gone, according to what Wang Jian said before, no country's real estate can thrive for more than 50 years, if calculated according to this cycle, 98 years of housing reform so far, the most glorious period of this market has ended, replaced by a relatively long downward trend, if you think that the house still has a high return and investment, in the end it will only suffer heavy losses, it is recommended to look at the value of the property rationally, Reduce investment risk.
Wan Ziwen said: Every word of the article is typed out by me, and I am reading it by clicking on it, so that I know that you are also doing your best for life.