The real estate market came to a standstill after the abolition of preferential mortgages
On July 1, preferential mortgages officially ended. Although they stopped accepting applications for it a week ago. According to experts, in the next six months the cost of apartments in Russia should fall several times.
No one is happy with the new high mortgage rates. People don't have any money left to buy real estate with cash. Realtors predict a large-scale mortgage apocalypse that will collapse the market.
Shortly before banks stopped accepting applications for preferential mortgages, analysts published an approximate future payment for a new one-room apartment in Moscow (subject to a 30 percent contribution): according to experts, it will increase by about 2.5 times and amount to about 160+ thousand rubles per month. Other real estate experts, however, assure that the figures are a little exaggerated, but about 100 thousand rubles a month (for a one-room apartment!!!) will still have to be paid.
Natalia R. — realtor By the way, a mother of many children is familiar with mortgages firsthand. Now, to be honest, he grabs his head and doesn’t know what will happen next.
“I honestly tell my friends who are going to take out a mortgage now: it doesn’t make sense. Overpay at least 2.5 times. Thus, a two-room apartment in Skhodnya near Moscow will cost 86 thousand monthly. And if you shoot exactly the same one, then only 35″, — explains the realtor.
Previously, new buildings were slightly more expensive than secondary housing, but due to low mortgage rates (6.4-8%) they remained affordable for buyers. Now that subsidies have been cancelled, and the rate has tripled, new buildings will be equal in price to secondary housing.
This is a paradox: the rate is rising, but prices are falling. No one wants to sell at a reduced price or buy at an inflated price.
Natalya believes that the owners of real estate for sale simply cannot keep up with falling prices, so they reduce too little and too late, not understanding that tomorrow the price will fall even lower.
“Yes, this is all due to the fact that the preferential mortgage was cancelled. A two-room apartment, which before the new year cost 11, is not sold even for 9. No one needs an excellent apartment on Frunzenskaya for only 22 million. One of my two-room apartments in Nemchinovka sold only after the price was reduced by one and a half million, and the sellers almost jumped for joy, because otherwise it would not have sold at all,” — she explains.
— There, too, they give loans at 12%, and the conditions have become stricter. For example, you can't buy an apartment without a down payment of 30% of the cost, the age of the children is also taken into account, and so on, — says Natalia.
— The fact of the matter is that it is almost impossible to sell something at a normal price in a falling market. And people understand this too, and many who are not in a hurry prefer not to buy a home yet, expecting an even greater reduction in prices, and do not put their home up for sale, because they hope that prices will rise. It turns out to be a contradiction. Deals stopped. You can already see how the number of offers is decreasing. Only those who need money urgently, to repay the loan themselves or for treatment, are ready to dump. You can’t imagine how sophisticated buyers are. We recently had one lady insist that everything be left in the apartment on the secondary market that she bought.
— Not just appliances and furniture, but even aroma diffusers in the toilet and soap in the bathroom. She rewrote the whole situation! The sellers managed to hide and take away only a memorable family service. They said it crashed.
— Because I could. There is an expensive apartment there, everything is according to Feng Shui. She had cash, not a mortgage, and she could demand anything from her former owners, even get down on her knees. And people agreed to any humiliation, because otherwise they would not have sold their apartment at all. Here another moment appeared that was not there before. Notaries refuse to certify transactions if they are carried out under a general power of attorney issued in an unfriendly country. For example, the owners of an apartment left for Europe two years ago, now they have put their property up for sale and are even ready to lower the price somewhat just to get rid of it, but they won’t sell it remotely. Notaries say that no specialist will take such a risk as certifying documents issued in an unfriendly country, because no one knows how it might come back to haunt them. With this wording.
— Yes, anything. Therefore, in our country you can only live here and now, one day at a time. I recently had a buyer. He is a former migrant. I came here many years ago, started as a janitor. And now he has his own retail outlets. I took a house for 10 million in the Moscow region. He says that after living in Russia, nothing is surprising or scary to him anymore.
However, there is an opinion that not everything is so bad, and the market will be saved.
“As soon as sales drop seriously, and this will obviously happen after the introduction of new rates, developers will also lower prices. Very attractive previously closed options are already being offered. Many people sell new buildings not with bare concrete, but with white box finishing and a finished kitchen with appliances. Because everyone understands that an ordinary average citizen is not able to pay a mortgage not only 166 thousand, but even 100 thousand rubles a month,” — says economist Oleg Silkin, an expert in the field of real estate.
Another seemingly positive innovation: from July 1, Putin allowed citizens to independently sell their mortgaged housing. Its owners rejoice. Because previously only the banks themselves could put such apartments up for auction and not at the best price.
«The new law will allow the sale of square meters as collateral at a price at least close to the market, and not for “ a cap of crackers”, as it was before. Until now, the discount on such real estate was about 30 percent or more,” — said Natalya Prodanova, professor at the Russian Economic University. G.V. Plekhanov.
At the same time, there is a mandatory limiting condition that may not play into the hands of borrowers. On The procedure for self-sale of collateral property is strictly allotted 4 months.
«During this period, it is necessary not only to find a buyer and complete the transaction, but also to register the transfer of ownership, as well as fully repay the debt to financial institution», — continues the expert.
If an agreement is not reached, then the usual procedure applies: the bank files a claim in court to reclaim the collateral, and the apartment is put up for auction.