Independent home buying advisors are very uncommon in Norway, but I am one of them

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Did you know that, as far as I know, I am the only independent home buying advisor in Norway?

Here in Norway, the real estate agent is supposed to be a mediator and assist both the seller and the buyer. According to the law, they «must show concern for the interests of both parties.»

However, since the seller pays the agent’s fee to secure the highest possible price for the seller, the agent is neither independent nor able to equally protect the buyer’s interests. This often becomes evident during the bidding process and even in the property presentation. The goal is to make the property appear as attractive as possible to get the best price. There are strict rules regarding the information that must be provided, so the buyer is not without legal protection.

Nevertheless, many buyers seek my help to ensure they purchase the right property at the right price. In recent years, my share of foreign clients has grown significantly. They want guidance from someone who is on their side and knows the market and system here in Norway.

Another important aspect about home buying in Norway is the buyer’s duty of inspection which is regulated by law. The bid is binding, and there are no regrets. Therefore, if you are unable to understand and read everything in the sales material, you may overlook important aspects of the property you want to buy and face problems afterwards.

Contact me to learn how I can help you with a successful home buying !

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Market update housing market in Norway October 2024

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Housing prices fell by 0.6% in September. So far in 2024, housing prices in Norway have increased by 7.6%. In Oslo, housing prices fell by 0.7% in September.

Last year and the year before, prices and transactions dropped significantly during the fall, and the market almost came to a standstill. That is unlikely to happen this year, but it is expected to be a somewhat calmer market with continuing falling or stable prices leading up to the New Year.

In the new year 2025,  when good news about interest rate cuts is likely to come, and possibly also some easing of lending regulations, there will probably be a highly competitive market for homes.

So if you’re looking to buy, you have a window now where you can purchase at a good price without too intense bidding wars. In Norway, the auction principle is practiced in property purchases. This means that multiple bidders and active bidding rounds contribute to driving prices up. This autumn, you have the opportunity to be the only bidder or one of a few bidders. This gives you the chance to secure the bid at an acceptable price. I have a good overview and systems for estimating the correct purchasing price, and I will assist you through the bidding negotiations.

Why not buy now and sell in January, for example? For those who have nothing to sell, the choice is simple: Go and buy!

If you would like to have a conversation about what could be advantageous for you and get help in finding the right home, I am here for you ❤️

Boligdama – Trude Larsen

Your Trusted Home Buying Advisor in Norway

T: +47 95037330
trude@boligdama.no

 

 

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This autumn will be a good time to buy a home in Norway

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As summer winds down, we still have many beautiful days ahead. July has been a busy month for the housing market, with many sales compared to previous years. Prices have remained stable, and housing prices have increased by 6.6% in Norway so far this year.

This autumn will be a good time to buy a home

We expect a calm market with stable or slightly declining prices as we move into autumn. This makes it a great time to buy a home. Starting from mid-August, we anticipate many new properties will come onto the market.

Follow my updates on Instagram and Facebook or my sign up for my newsletter by downloading this booklet.  Then you will be updated on the market every month.

Active summer with home buying guidance

I’ve been actively providing home buying advice throughout the summer, whether from my cabin or during small trips to visit friends and family across the country. With my laptop, I can work from anywhere.

I’m pleased to have received numerous inquiries from people seeking help with their home purchases, including many English speakers. This gives me a strong initial portfolio, but I have room for more clients.

Look forward to hear from you !

Best regards Boligdama

Your Trusted Home Buying Advisor in Norway

Contact info:
Trude Larsen – homebuying advisor/realestateagent
trude@boligdama.no
+47 950 37 330

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Navigating Norway’s real estate landscape: Why home Buyers need their own advocate

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                                                                                  Foto:  www.friberg.no

In recent times, I’ve found myself at the center of a complex  debate in Norway’s real estate community. My views, particularly those I’ve expressed in the media, have drawn criticism from the Norwegian Association of Realtors, of which I am a member.

This controversy has even put me at risk of facing sanctions. While the specifics of the media coverage are in Norwegian and I won’t delve into them here, the crux of the matter is this: I’ve asserted—and still firmly believe—that there is a significant imbalance in Norway’s housing market. This imbalance stems from the fact that a single agent often represents both the seller and the buyer in a transaction.

Norway has well-educated real estate agents and robust laws governing the sale and purchase of homes. The real estate agent is indeed invaluable—when you’re selling. But when you’re buying a home, your representation is not nearly as strong.

The imbalance in Norway’s housing market

In Norway, the agent’s primary obligation is to the seller, who pays the agent to secure the highest possible price for the property. This naturally places the buyer at a disadvantage, particularly during the critical bidding process. While Norwegian law mandates that the agent must look after the interests of both parties, this ideal is often not achieved in practice. After all, it’s challenging to remain truly neutral when your paycheck comes from just one side of the table.

For those of you from other countries, this might be hard to comprehend. In many places, it’s standard practice for both the seller and the buyer to have professional assistance from their respective sides. Yet, in Norway, this dual representation model is the norm. Real estate organizations here are powerful and have a vested interest in maintaining the image of the real estate agent as a neutral intermediary.

The need for home buyer advocates in Norway

Surveys have shown that about half of Norway’s population believes real estate agents primarily represent the seller. Despite this, there are very few home buying advisors in the country—professionals who exclusively represent the buyer’s interests. I am one of the few who serve solely as a buyer’s advocate.

For now, the industry may not feel overly threatened by a lone voice like mine advocating for buyers. But it’s imperative that we foster a broader conversation about how Norway’s housing market truly functions. Buyers deserve to have their interests championed, and the market needs professionals who are dedicated to providing that support.

Join the conversation

I’m eager to hear from you. How is the balance between sellers and buyers addressed in your country? Do buyers have their own advocates, or do they rely on the same agents who represent sellers?

Let’s connect!

Whether you’re a buyer, a real estate professional, or someone with insights to share, I’d love to hear your thoughts.

Best regards,
Boligdama
Trude Larsen
trude@boligdama.no

Your Trusted Home Buying Advisor in Norway

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