The home buying market can turn at any time

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We find ourselves already halfway through January, with the country covered in snow and experiencing proper winter temperatures. Real estate sales are in full swing, and I’d like to share some insights I’ve gathered so far.

It seems that the housing market has gained new momentum compared to the fall. Buyers are showing greater interest, and I have even experienced bidding rounds on several of the properties my clients are interested in. Real estate agents also report increasing activity, and although they sometimes tend to be overly optimistic, there seems to be a good amount of truth in their observations.

January traditionally sees a boost in real estate market activity. Additionally, we have reached the peak of the interest rate curve, and a decrease in interest rates is expected at the next change by the Norges Bank. When in 2024 this will happen is still unclear, but it at least provides potential homebuyers with predictability when planning their home purchase.

Throughout last fall, I spoke about being in a buyer’s market. There was a good supply of homes, low demand, cautious buyers, and falling prices. Despite this, the sales volume fell due to economic uncertainty. I am very uncertain about whether this strong buyer’s market will persist, but at the same time, some of the uncertainty factors have been cleared away.

Regardless, my advice is not to wait too long for your home purchase. We expect the market to turn around in 2024, but the timing is uncertain. Experience shows that changes happen quickly when they do occur, so it might be wise to start your home search early in the year.

We need to wait for the January figures to have a clearer understanding of the market direction, but these are my best assessments so far.

I wish you a continued fantastic start to the year. Feel free to contact me for a non-binding digital meeting regarding your home purchase. Together, we can plan a strategy to make the most of the market.

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The housing market in 2024, update from Boligdama

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When we soon bid farewell to 2023, we can reflect on a year of uncertainty in the housing market in Norway and a global situation that has kept the world on edge. But, as always, life goes on, and for some, that means planning to buy a home.

For those of you who have considered buying a home but put it on hold for a while, 2024 might be the year when the dream becomes a reality. It depends on how stable and predictable the situation feels for those in search of a home.

2023 has been marked by delays and fewer home purchases, primarily due to rising interest rates and uncertainty about home sales. The banks’ tighter lending policies and increased living costs have also made it a challenging time for many.

Even though it has been a buyer’s market with lower prices for a while, we have seen fewer buyers in the game. The fall has been quieter than usual, as I have also noticed as a home purchase advisor, with fewer inquiries.

When prices rise, and bidding rounds become intense, interest in securing the dream home increases. That’s understandable but also a bit paradoxical when we consider the opportunities that may arise when prices fall.

For those with tight finances, my advice is simple: “Hang in there” and avoid further financial exposure.

The peak in interest rates has been reached, but uncertainty and price declines are likely to continue into 2024. The inventory of unsold homes is decreasing, and fewer people are putting their homes up for sale. If this trend continues, the housing market could quickly turn again, with more competition for homes.

For those with flexibility, the first half of 2024 could be a time for good home purchases. The buyer’s market will still offer opportunities for good prices and a good selection of homes for sale.

Some experts predict that home prices may start to rise, especially in larger cities, early in 2024. I’m not so sure that will happen, but we have to keep an eye on it and see what unfolds. What is certain is that the housing market often changes rapidly, so if it takes off, there could be increased demand and higher prices again.

I have the tools and knowledge to help you save several hundred thousand in bid negotiations if you dare to take the plunge!

Precise general advice is challenging to give in these times. But if you’re wondering what’s wise for you, I’m available for non-binding digital meetings.

Wishing you a continued pleasant holiday season and a HAPPY NEW YEAR!

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Is it possible to bid on a property in Norway without having an account with a Norwegian bank?

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I have previously written about how to finance home buying in Norway.   With this blog article I would like to provide some additional information to make the picture complete.

As informed, it’s not possible to get a loan from a Norwegian bank unless you have a D-number from the tax authorities and receive your income in Norway.

If you have the funds to finance the entire purchase, everything becomes much easier.

However, it’s not that simple. You may bump into some problems during the bidding round:

When bidding for a property, the real estate agent wants confirmation that you can finance the offer. Ideally, they would like this confirmation from a Norwegian bank. However, it’s not straightforward because Norwegian banks require you to have a D-number from the tax authorities to open a bank account. No matter which bank you inquire with, you will receive the same response: no bank account without a D-number.

This position seems to be a bit of a “catch-22” situation.

But even without a bank account and confirmation from a Norwegian Bank there is hope:

One possible solution may be to inquire with the real estate agent whether the seller would accept a  confirmation from your home country’s bank, an employer’s statement, or if similar documents may suffice. It’s entirely up to the seller (and the real estate agent) to decide what they are willing to accept as adequate confirmation.

If there are no other bidders in the competition, and the market is somewhat slow, as it is right now, they are likely to approve alternative solutions. If there is a high demand for the property, they will prefer to sell to someone who can provide confirmation from a Norwegian bank.

If such a solution is accepted, the payment for the property will be transferred to the client account of the real estate agent. They will take care of ensuring compliance with anti-money laundering regulations, including confirmation from you regarding the source of the funds.

When the property is registered in your name, you will simultaneously apply for a D-number to establish ownership. With this, you will have the option to open a Norwegian bank account if you wish, for example, to manage the property’s expenses.

This can be somewhat complicated. I’ve had inquiries from people who found the process with the bank account and so on,  so convoluted that they gave up on the whole project of buying in Norway.

But with a little assistance, it can be resolved. Please get in touch with me if you’ve found a property you’re interested in, and I can negotiate and clarify the situation with the real estate agent.

Best wishes
Boligdama – Trude Larsen
+ 47 950 37 330 –
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Interesting news about the housing market in Norway

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This September we have seen quite significant changes in the home buying market in Norway.

Therefore I have to write about the market and housing prices – AGAIN.

Hope you are OK with it.

After all, to keep oneself updated on the market is a big factor for achieving a successful purchase!

Two important factors implicate a development towards a buyers’ market this autumn:

  • Decrease in prices with 2,2 % in Oslo – 2,5% in september
  • More houses up for sale in september – 17% more than last year

Falling prices are expected for the rest of the year and probably also in 2023.  Then it will start to increase again according to the forecasts. The sales volume is now back on pre pandemic level.

The reason for the decrease in  prices is obviously the increased mortgage interest and increase in prices on electricity and other living costs.

A buyers’ market is good news if you are buying a home in Norway for the first time.

If you already have a property to sell and want to buy a new one, and your mix of equity of mortgage is comfortable, there is no reason why you should not buy a new home now, if you feel it is needed.

Just remember the rule – Sell and buy in the same market

Timing is everything

Download my booklet about home buying in Norway for free here

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