It is getting harder and harder to sell an apartment. On the other hand, the rental offer is like medicine

The sale of apartments and houses is now taking much longer than a few months ago. But rental offers even disappear from the market within a month.

Quick real estate sales are now a rarity. Owners need to be patient – according to the survey of the vote of intermediaries in the second quarter of 2022, conducted by the advertising portal Nieruchomoś This applies to apartments in condominiums, building plots and single-family homes.

You can see the effects of the Monetary Policy Council’s decisions. Since about a quarter we feel the changes that have taken place in the access to finance for the purchase of real estate with a mortgage loan. Houses, plots and even small apartments for start-up or investment, which have been sold directly so far, remain on the market for much longer – commentary Małgorzata Gajewska from the NIERUCHOMOŚCI Gajewska office in Wrocław.

Sales are slowing down

According to the authors of the study, houses are selling the longest these days. This usually takes 6 months to a year. On the other hand, rental studios are the fastest sellers – most such ads disappear from the market within a month.

The results of the survey indicate that the past year – marked by increases in interest rates, a decline in lending, inflation and the war in Ukraine – has brought an extension of sales times. It is especially visible in the larger apartment segment, where the extension of supply life by as much as 81 percent was felt. intermediaries – says Alicja Palińska from the analysis department of Nieruchomoś

This was confirmed by three quarters (77%) of the estate agents for homes, and by more than half (56%).

Agents who participated in the survey also point out that it is not uncommon for even determined customers to forgo signing a contract at the last minute. Many of them are concerned about rising borrowing costs. In turn, sellers are afraid to enter into preliminary contracts with buyers who want to use a loan:

– Ubiquitous information about the credit situation makes sellers more reluctant to enter into preliminary contracts with credit customers. They are afraid that the customer will not get a loan and the sale will be suspended for 1 or 2 months, restarting the sales process – says Karol Myśliwiec from the FindSQUARE office in Warsaw.

How long does the sale of the property take?

The sale of a studio apartment usually takes 1 to 3 months. Half of the agents who responded to the portal say yes. For a larger apartment it is much more difficult to find a buyer. Their sales rose to 3-6 months in 2022. Even last year, larger flats sold just as fast as studios today.

Home sellers must be patient with the utmost patience. In this segment, the offer most often “lives” from 6 months to a year – indicate the authors of the report.

In addition, every fifth real estate agent estimates that it sometimes takes more than a year to sell a home. This is much longer than in 2021, when intermediaries most often transact within 3 to 6 months (34%) or 1 to 3 months (29%). Only 6 percent. had sold the house for over a year then – now this percentage has tripled.

The situation is similar in the case of plots. Last year, the highest percentage of brokers (40%) indicated that listings in this real estate segment typically disappeared within 1 to 3 months. About one in four officers estimated that selling a plot of land would take them less than a month.

Now realtors admit that the time to sell a plot of land is usually 3 to 6 months (36% of opinions) or from 6 months to a year (35% of opinions). Only the lucky ones sell the plot in a month (3%) – points to the portal.

The rental market is optimistic

Agnieszka Palińska from points out that the opposite situation prevails in the rental market:

The reduction in the search time for a tenant by approximately 60% was noted for both studios and larger flats. subjects.

Advertisements in this market are disappearing rapidly. It is especially visible in the case of studios. Admittedly 82 percent. agents, finding a tenant takes them less than a month.

Offers of larger apartments are waiting for tenants longer. But here too it is no problem to find someone: two-thirds of the brokers also rent such apartments in a maximum of one month. It takes 1 to 3 months for every fourth broker.

What will stay on the market longer? Only highly overrated offers or those with apartments in the worst locations, the authors of the study indicate.

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In the study “How has the average life of an offer changed from going public to making a transaction in 2022 compared to 2021?” Nearly 700 brokers from all over Poland participated. It was performed in June.

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