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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Surprisingly increase in home buying prices in Norway so far in 2023.

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House prices rose by 1,2% in March.  Looking back at the last 12 months, house prices are now at the same level as a year ago.  

This means that the housing price fall in the autumn of 2022 has been “eaten up”.

For home buyers the supply of homes for sale is important, combined with demand from buyers.  There are fewer homes listed for sale than last year, and there are slightly fewer unsold objects at the end om March than it was earlier this year.  After the Easter Holiday, now in April it seem like the lack of homes put up for sale continues.

Usually there is a spring flow of homes for sale after Easter holiday, but so far it has not occured.

Prices could continue to raise if the lack of homes on the market continues.  However mos experts believe that we will see a decline in prices forwards. We have not yet seen the top of the interest rates!

The market is still somewhat clmer than other periods of rising prices, sales take a little bit longer time.  That is an advantage for the buyers.  But be aware that the market is selective.  If you go for the most attractive objects, you will experience tough bidding rounds where you have to stretch your rope or risking not to reach out in the competition.

If you want to have an non-binding talk or digital meeting about the market or your possibilities on the market, please do not hesitate to contact me.

Download my booklet of home to buy a home in Norway

 

 

 

 

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The home buying market in Norway right now

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The economy in Norway, as in a lot of other countries, are in a strange situation right now. We experience all time soaring prices in food and energy prices. At the same time, we must cool down the economy by raising the mortgage interests. So far this has not affected the prices of homes very much. August had rising prices in most part of the countries, in average they increased with 1,9%. The number of homes for sale the market has increased in august and will continue to increase. This is good news for the buyers, because lack of homes for sale usually means that the bids increase to very high levels. As you probably know we are practising open bidding rounds according to the auction principle in Norway.

It is expected that the home prices will decrease this fall when people feel the effect of interest rate effects. And the banks’ lending policy will change according to higher interest rates. They are obliged to stress test that the customer can manage a 5% increase of interest. That means that people will get less money for their home buying and the bidding rounds will become much cooler.

Norwegian Home buyers are financing their home buying in all essentials by bank mortgages. Read more about home buying financing in Norway here.

Big drop in the sale of cottages.

Norwegian people are crazy about cottages or “hytta” as we called it. Many people even have two cottages, me included. If you do not own one yourself, you may have access to one through your family. During the pandemic, the cottage sales were extremely high, both in volume and price. Now the sale has dropped by 45% – in volume. But not yet in price. But at some point, close to now, I think we will see a drop in prices too. So, if you are planning to buy a cottage in Norway this fall will be a good opportunity. And please ask me for help. The buying process is the same as for homes and there I am an expert. And as a cottage lover and user I have a good pulse on the holiday home market.

Sorry about all the economic talk in this blog. But in Norway the housing market is so depended on the economy in general. It will serve you well to follow to keep yourself updated on the market.

If you download my booklet about home buying in Norway you will get my tips about home buying and market updates direct in your inbox.

And I will do what I can do keep you in the loop here on the blog!

Best wishes

 

 

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