The actual selling prices of properties are currently lower than the asking prices. "The gap between the asking price and the transaction price shows that it pays to negotiate," says Dr. Gesa Crockford, Managing Director of ImmoScout24. An analysis by Sprengnetter and ImmoScout24 shows that prospective buyers of condominiums in particular have room for negotiation of around 8 percent. Anyone interested in a detached house can negotiate down to 6 percent.
Dr. Gesa Crockford notes that the real estate markets are now developing more in favor of buyers. The wider choice and longer decision-making periods offer buyers more room for negotiation. Particularly in cities such as Hamburg, the price difference for condominiums is higher than in Berlin (8 percent) or Munich (7 percent), at up to 11 percent. This shows that there are regional differences in negotiating opportunities.
Buyers who purchased a property in 2018 were able to achieve an average increase in value of around 40% by 2022. According to ImmoScout24, the fact that transaction prices rose more slowly than asking prices reflects a trend that has only been observed since 2021. However, the study also shows that sellers are currently achieving lower prices than they are aiming for.
Source and further information: https://www.immobilienscout24.de/
© Fotolia
