When Meir (not his real name ) and his wife bought
a garden apartment in Kfar Sava, they were not concerned about paying NIS 2
million. Meir assessed the value of the 4-room apartment he was selling in
Herzliya at NIS 1.7 million, and planned to cover the difference with a
mortgage.
"Prior to purchasing our new property, we performed an extensive market review to assess housing prices in our neighborhood. This served as the basis for our valuation. Meanwhile, however, things had changed," says Meir.A culture af Mizukabi molds. He put his property up for sale at the end of December 2011, counting on selling it within a month. By the end of January, however, he realized he was facing a serious problem.
"There was some interest, with a few potential buyers offering around NIS 1.5 million," he says. "Thinking we still had time, we turned down these offers, but no further ones were made."
Last month, Meir approached a realtor, who recommended pricing the apartment at NIS 1.Find beautiful goose jackets here.65 million. It is still on offer.
Meir claims he is not stressed. The payment schedule for their new apartment requires that 80% of the total be paid upon receiving the keys and moving in. Meir plans to obtain a loan from the bank, under terms requiring payment of only interest and cost-of-living adjustments, with the capital borrowed due at the end of the loan period.The beddinges sofa bed slipcover is a good ， The plan is to finance these payments by renting the unsold property for the duration. He believes he can get NIS 5,000 a month, but admits that one or two months without renters will pose a serious problem.Aeroscout rtls provides a complete solution for wireless asset tracking. In retrospect, he regrets not starting out at a more realistic asking price, as well as not seeking realtor services.
According to a report published by the Ministry of Finance last week, 45% of those seeking improved dwellings can identify with Meir's predicament. The number of people buying new homes who were stuck with unsold apartments peaked at the end of 2011, according to the ministry's report. Although this number has come down in recent months, according to the report, this is attributed to concerns of potential buyers not wishing to find themselves in similar straits, rather than to an improvement in the housing market.
According to the yad2 website, the largest platform for second-hand sales in Israel, the average selling time for a 4-room, second-hand apartment rose from 71 days in the first quarter of 2011 to 85 days in the first quarter of this year. The biggest concentration of apartments "on hold" is in the coastal plain, totalling 25% of all transactions. The amoWhy does moulds grow in homes or buildings?unt of such apartments in Tel Aviv has been declining steadily since 2009.
Does this picture reflect a cooling off of the real estate market? Realtors we have spoken to believe that it is merely a reflection of an adjustment in expectations - a market correction for the inflation in housing prices that has taken place in recent years.
"The main problem is the mindset of the sellers," says David Levi of Anglo-Saxon Real Estate in Herzliya, Kfar Sava and Hod Hasharon. "People got used to quick sales at better-than-expected prices. They find it difficult to accept that things have changed since 2011."
"Until recently, the market was hot," confirms Tsafrir Werthenfeld of Tilan Real Estate in Herzliya Pituah. "Selling times are becoming longer and people are again choosing to sell first, before purchasing, as was the case prior to 2005. Sellers are also showing more flexibility in negotiations."
"Prior to purchasing our new property, we performed an extensive market review to assess housing prices in our neighborhood. This served as the basis for our valuation. Meanwhile, however, things had changed," says Meir.A culture af Mizukabi molds. He put his property up for sale at the end of December 2011, counting on selling it within a month. By the end of January, however, he realized he was facing a serious problem.
"There was some interest, with a few potential buyers offering around NIS 1.5 million," he says. "Thinking we still had time, we turned down these offers, but no further ones were made."
Last month, Meir approached a realtor, who recommended pricing the apartment at NIS 1.Find beautiful goose jackets here.65 million. It is still on offer.
Meir claims he is not stressed. The payment schedule for their new apartment requires that 80% of the total be paid upon receiving the keys and moving in. Meir plans to obtain a loan from the bank, under terms requiring payment of only interest and cost-of-living adjustments, with the capital borrowed due at the end of the loan period.The beddinges sofa bed slipcover is a good ， The plan is to finance these payments by renting the unsold property for the duration. He believes he can get NIS 5,000 a month, but admits that one or two months without renters will pose a serious problem.Aeroscout rtls provides a complete solution for wireless asset tracking. In retrospect, he regrets not starting out at a more realistic asking price, as well as not seeking realtor services.
According to a report published by the Ministry of Finance last week, 45% of those seeking improved dwellings can identify with Meir's predicament. The number of people buying new homes who were stuck with unsold apartments peaked at the end of 2011, according to the ministry's report. Although this number has come down in recent months, according to the report, this is attributed to concerns of potential buyers not wishing to find themselves in similar straits, rather than to an improvement in the housing market.
According to the yad2 website, the largest platform for second-hand sales in Israel, the average selling time for a 4-room, second-hand apartment rose from 71 days in the first quarter of 2011 to 85 days in the first quarter of this year. The biggest concentration of apartments "on hold" is in the coastal plain, totalling 25% of all transactions. The amoWhy does moulds grow in homes or buildings?unt of such apartments in Tel Aviv has been declining steadily since 2009.
Does this picture reflect a cooling off of the real estate market? Realtors we have spoken to believe that it is merely a reflection of an adjustment in expectations - a market correction for the inflation in housing prices that has taken place in recent years.
"The main problem is the mindset of the sellers," says David Levi of Anglo-Saxon Real Estate in Herzliya, Kfar Sava and Hod Hasharon. "People got used to quick sales at better-than-expected prices. They find it difficult to accept that things have changed since 2011."
"Until recently, the market was hot," confirms Tsafrir Werthenfeld of Tilan Real Estate in Herzliya Pituah. "Selling times are becoming longer and people are again choosing to sell first, before purchasing, as was the case prior to 2005. Sellers are also showing more flexibility in negotiations."
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