December 1, 2022

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- It's a little scary - V.G

– It’s a little scary – V.G

Excited: Seller Thea Leanne Simenrud, left, sits with estate agent Carolyn Dowland.

In an apartment in Oslo (VG) Thea Leine Simenrud (32) and Knut Ivar Austvoll (35) bought a new flat. Now they will be sold in a market that suffered a sharp fall in September.

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St. At the Bjerggaards gate in Hanschauken, Thea Leanne Simenrud (32) runs excitedly. Fifteen minutes left for the show to start.

The smell of freshly mopped floors, fresh cinnamon buns and freshly lit candles meets VG as we enter the apartment.

The final preparations will be completed shortly, together with estate agents in Nortwick, Caroline Dowland.

Both the broker and seller are bullish on today’s outlook.

The property ad has been favorited by more than a hundred people on finn.no, and five people are registered for today’s viewing.

Final product: The bowls are ready for display.

A week ago, Eiendom Norge presented figures showing house prices falling.

On September 21, Thea and her husband Knut Ivor Astwall (35) bought a flat in Lorraine. This is the second time the apartment has come up for sale. According to Diya, they got the flat for the same amount as originally advertised.

– Of course, it’s cheaper for us to buy now. We buy and sell in the same market, so it doesn’t matter. But it’s still scary, says Thea, carrying the cinnamon buns into the living room.

Now the couple are in a rush to sell their flat in St Hanshagen. They are expecting babies on Christmas Eve.

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Boller: Everything should be in order when the viewing day arrives.

But in today’s depressed housing market, buying and selling a home can be more challenging than ever.

Thea gave it some thought as they now faced the situation themselves.

– Looking at the market compared to this summer and the summer before is a bit scary. At that time there was a lot of demand for the same type of apartments we have and they often exceeded the appraised value. Then it went downhill, especially in September, says Thea.

Moving out: Thea prepares to leave the apartment.

– Fell hard

Statistics from Eiendom Norge last week 2.2 percent showed a decrease in prices.

– House prices fell sharply in September. Henning Lauridsen, CEO of Eiendom Norge, says the strong rise in August has now been fully offset in seasonally adjusted house prices.

It is normal for house prices to fall in the last three months, and Eiendom Norge expects house prices to continue to fall in the coming months.

– Uncertainty about developments in both the Norwegian and global economy makes it difficult to say whether the fall in the autumn will be stronger than normal. However, we would not be surprised if the price trend is weaker this autumn, says Lauridsen.

According to Eiendom Norge, it takes an average of 29 days to sell a house in September.

A couple for display

45 minutes have passed since Thea left the apartment.

She and Nutty enter the door. They are willing to listen to the estate agent’s report from the perspective.

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It is short.

Only one couple made it to the screening.

Tia is still not shocked and says she is ready.

– I remember the last time we sold in Grunerlokka, there were only two pieces on display. It was absolutely terrifying.

She adjusts on the couch and adds:

– When we bought our first apartment, it was not unusual to have 60 people on view and 15 people on the list. Now it is completely different.

Nutt, on the other hand, was more optimistic and believed that at least five pieces would appear in the screening.

Preparation: buns, candles and coffee, the apartment should show its best side.

– Less visibility and fewer bidders

Estate agent Dowland made no secret of the fact that he was surprised more people didn’t turn up.

– I thought there would be more people than registered.

Dowland explains that it’s not unusual for the housing market to fluctuate.

– Now in the fall we see a general decline in the housing market, which is normal. However, many other factors have an impact. There is a lot of media attention on rising interest rates, changes in credit terms, increased electricity prices and inflation/price hikes, which make people more uncertain, he says:

– The housing market is now on the buyer’s side. We are experiencing fewer people exhibiting and fewer bidders on most items. At the same time, the labor market is tight and at one point or another the housing market will turn around again. Taking the time to buy a home is difficult, and the most important thing is to find something that you want to enjoy.

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Optimistic: Knut Ivor Astwall is excited for the next screening.

Most people buy and sell in the same market. According to Dowland, if you want to upgrade to something bigger and better, taking advantage of the opportunity now is beneficial.

– Historically speaking, buying during periods of high uncertainty often pays off.

If you’re selling a home, it may take a little longer now than it did in early August.

– So it’s a good idea to keep this in mind if you’re thinking of selling your own home. Doveland says it’s better to take the new home a little longer and plan the sales process before starting, or selling first.

The broker believes that people will have to adapt to the changes we see now, and once people get used to the change it will become more stable.

– I think you should expect it to take a little longer to sell in the future, but everything will sell eventually, says Dowland.

New Display: A new display is coming. At this time, both the seller and the broker are expecting high visitor numbers.

See number two

On Sunday, it was ready for another round of viewing.

– I’m not very confident, you can’t be, says Thea.

She thinks about it for a bit and continues:

– However, it’s a weekend and the screening is during the day, so more people have time and can be a bit spontaneous.

The atmosphere in the room lights up again, and the team becomes more confident.

– I think there will be more on Sunday. If one comes today we will beat it, says broker Dowland.

The living room fills with laughter.

– Yes, we have to manage it, says Thea.

PS! The article was written before the screening on Sunday. According to broker Dowland, many people came to it. However, no bids were received in Monday’s bidding round, so now it’s time for a fresh look.