Be careful with broker tricks

Recently, on some online real estate trading floors, there has been a lot of information about cutting losses on projects in the Ghost Month.

For example, a "landowner" in Ky Son ward, Hoa Binh city, advertised for sale a 10m frontage plot of land along National Highway 6, at a price of 15 million VND/m2.

According to this “landowner”, before, last year, these plots of land were priced from 25 - 30 million VND/m2. However, due to the sluggish market and low investment demand, he accepted a 50% discount to get rid of the goods right in the Ngau month.

Similarly, another “landowner” also advertised for sale a corner lot, service land with an area of about 70m2 in An Thuong commune, Hoai Duc ( Hanoi ). The landowner said that in early 2023, land in this area cost around 90 million VND/m2.

A sale advertisement for a 50% loss in the Ghost Month. (Photo: CMH)

However, due to urgent need for money, the landowner accepted to "liquidate" the land during the Ghost Month at a "surprisingly cheap" price of only 78 million VND/m2, which is a reduction of about 13%.

Talking to reporters of the Journalist and Public Opinion Newspaper, Mr. Do The Anh, representative of a real estate trading floor in Hanoi, shared: About 5 years ago, it is true that the 7th lunar month, also known as the Ghost month, often had few real estate transactions.

Because, according to beliefs, the 7th lunar month is considered an unlucky month, many people often avoid buying expensive items such as cars or land.

However, in recent years, things have changed, as many investors have introduced many incentive policies to stimulate the market, such as increasing discounts, increasing interest rates, or giving gifts, giving away furniture, etc.

“Therefore, the fear of buying land and houses during the Ngau month has almost changed. Many people even wait until this month to decide whether to buy or not,” said Mr. The Anh.

However, Mr. The Anh said that in 2023 alone, especially in the early stages of the year, market liquidity was very low, so the market almost hit “bottom”. Therefore, right from the beginning of the year, many areas that had previously experienced “hot” growth had adjusted prices.

“For example, in Luong Son (Hoa Binh), Hoa Lac, Quoc Oai (Hanoi), land prices increased sharply in the period of 2021 - 2022. Therefore, when the real estate market cooled down, land prices were adjusted down. Therefore, the information that land lots in these areas decreased in price during the Ngau month is just a trick of brokers,” said Mr. The Anh.

Illustration photo. (Source: DK)

Mr. The Anh also revealed that there are also cases where brokers push prices up, then "cut profits" a little this month, creating a mentality that house prices decrease during the Ngau month, to prove that buyers benefit from several hundred million dong.

There are even cases where brokers sell land at a loss during the Ghost Month, but in reality they are just “false advertising”, advertising one thing but the plot of land is another. They advertise “falsely” and then inform customers that the price is wrong.

“In the current market cooling period, there are cases where land prices decrease, but at most they decrease by 5% or less, there is no such thing as a decrease of more than 15% or 50% in the Ngau month. Therefore, home buyers and investors should be alert to such information,” Mr. The Anh advised.

Source: https://www.congluan.vn/cat-lo-dat-nen-trong-thang-ngau-toi-50-can-trong-voi-chieu-tro-cua-moi-gioi-post263162.html