How to save more money when buying a real estate in St. Petersburg
In May 2024, the secondary housing market in St. Petersburg showed an increase in supply and a decrease in prices. This opens up opportunities for buyers to save money when buying. Alla Shinkevich, CEO of the Nevsky Prostor real estate agency, told how this can be done.
About 29,300 apartments were listed for sale on the secondary housing market in St. Petersburg in May 2024, representing a 1.7% increase in supply over the previous month. This increase corresponds to approximately 500 additional listings.
An average price for an object in the secondary city market is now at the level of 9.3 million rubles. During the month, the average price decreased by 2% or 190 thousand rubles.
Alla Shinkevich, CEO of the Nevsky Prostor Real Estate Agency:
— In the current conditions in the secondary housing market in St. Petersburg, there is indeed a decline in buyer activity after the May holidays. Perhaps this is due to good weather or other factors, but the fact remains that demand has decreased and apartment prices have fallen. However, it is worth noting that individual objects in good locations with unique characteristics, on the contrary, may show an increase in prices. The bulk of middle- and economy-class housing, on the contrary, has become cheaper, especially noticeable in the example of five-storey buildings
How can we save money when buying a secondary housing? First, it is important to contact a competent realtor who will be able to conduct an objective assessment of the market and determine the real possibility of saving on a particular apartment. The realtor will help you understand whether it is worth haggling or it is better to make an offer right away, so as not to miss a good deal due to prolonged bargaining. It is important to understand that excessive bargaining can scare off the seller and give other buyers the opportunity to purchase an apartment.
There are various situations in which sellers are willing to provide discounts. For example, if the seller is in a hurry to sell an apartment because of the need to close a counter transaction to buy another object at a bargain price. In such cases, the willingness of the buyer to quickly enter into a deal can be a decisive factor in obtaining a discount. With cash or a light mortgage, you can speed up the process and further reduce the cost.
An apartments without renovation also provide an opportunity to save money, but here you need to be prepared for the fact that the discount will not fully cover the repair costs. Such objects are often bought by those who want to make repairs to their liking, regardless of the current condition of the apartment.
Another opportunity to save money is to buy an apartment with an encumbrance, for example, from a mortgage. If the buyer has a mortgage from another bank or direct money, this may allow him to bargain and offer his price. However, it should be borne in mind that many banks and realtors have learned how to work competently with such facilities, and it will be difficult to achieve a significant discount.
It is important not to start bidding with negative comments about the apartment. Sellers are usually aware of the disadvantages of their objects and do not like it when they are pointed out to them. Bargaining should be reasoned and polite. It is better to show the seller that you really like the apartment, but you have several offers that you are considering. This will help to create a more trusting relationship and increase the chances of successful bidding.
The seller or realtor may choose a buyer who seems more adequate and willing to take on most of the organizational work. This is especially important if the seller has several offers. By showing that you are a real and adequate buyer, you will be able to get an apartment at a better price.
In most cases, the discount rarely exceeds 5%. Often the auction is 2-3% of the price of the apartment, which is quite acceptable and expected for the seller. Thus, with a reasonable approach to the choice of an object and competent negotiations with the seller, you can significantly save on the purchase of secondary housing in St. Petersburg in 2024.
SOURCE: kvmeter.ru
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