Beijing Home Buyers Disappear

A woman in Beijing wants to sell her house for 5.1 million yuan, willing to accept 5 million. She's in a good school district and in February, her neighbor put his home up for sale at 4.9 million and sold it for 4.8 million on the same day, and he told her to she should list hers for 5 million. She soon found out that by listing it for 100,000 yuan more, there were no buyers. People came to look at the house, but left without saying anything. Over the Qingming holiday weekend, only two people came to look at the house, others had planned to visit, but never showed up.

Another woman wanted to buy a home for 5.4 million and thought it expensive, but seeing another house sell for 5 million and prices rising, she decided to buy. The homeowner refused to sell and raised the price to 5.6 million, so she walked away. Two weeks later she gets a call from the agent, no one has come to look at the house in two weeks and the owner is willing to sell for 5.4 million. The buyer decides she's not really interested anymore, the house is still a bit expensive.

Homelink said new buyer traffic fell 26% in March from February.

iFeng: 看房人减少 房主“顶点”卖房落空降20万没人买

It remains to be seen if this represents a blip or an emerging shift in sentiment.

Also see yesterday's post: Speculative Fever Gone? First-Tier Home Prices Plummet, Traffic Collapses in Shanghai

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