General Psychology
“Buy land at the beginning of the year, buy a house at the end of the year” is the common mentality of many Vietnamese people who want to purchase a new home to celebrate the Lunar New Year. This is partly due to the surplus money they receive from wages, Tet bonuses, and performance bonuses from their companies.
 Buying a new house to celebrate the Lunar New Year is a common mentality among many Vietnamese people.
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It can be said that buying a house or land has never been an easy decision, especially for first-time buyers with limited experience and knowledge.
At the end of the year, there are usually many financial schemes and fluctuations, especially in the common mentality of wanting to earn extra money for a more enjoyable time before the Tet holiday.
Therefore, it is inevitable to encounter “land brokers” who are always waiting for the right opportunity to take advantage of buyers’ greed for personal gain.
It must be mentioned that it is impossible to deny the advantages of buying a house during the Lunar New Year. For example, many developers introduce attractive purchasing policies to stimulate demand and create fluid capital for their projects. At the same time, house prices at the end of the year are usually lower than at other times of the year, or they may not increase to increase the chance of closing deals for homeowners and developers.
Or the fact that home buyers will have more options and easily find a suitable house that meets their needs and financial capabilities when there are many sellers offering discounts or selling at a loss.
Is the end of 2023 a suitable time to buy an apartment?
Caution is a top priority
During the end of the year, there are usually various tricks and “enticing pieces of cake” to attract customers and gain benefits.
To avoid “losing money and suffering,” investors need to consider carefully before making the decision to invest a large amount of money in real estate, especially during the period close to Tet when there are many tricks and staged advertisements such as “homeowner needs to sell to recover capital, urgent home sale, selling at a loss, selling to pay debts, selling real estate at shocking prices.”
Many non-legitimate brokers or sellers will prepare different scenarios to entice investors to spend a large amount of money, and unfortunately, this is a common scenario.
To avoid such situations, Dinh Minh Tuan, Director of Batdongsan.com.vn, shared that in Southern Vietnam, when receiving such information, home buyers need to review the area around the intended purchase location to assess the current market price, historical price fluctuations, and trends.
Secondly, when scheduling a house viewing appointment, if the broker leads to a different location and does not provide legal documents, these are signs that investors can quickly check.
“The mentality of real estate buyers during the end of the year always assumes that sellers need money, so they will sell at a lower price. However, this is subjective thinking. If one is not careful, they will fall into the traps set by the seller and the broker,” said Tuan.
Is it advisable to buy a house before the Lunar New Year?
Answering this question is easy for experienced people who have a good understanding of the market. However, it is difficult for “novices” or first-time home buyers who are vulnerable to psychological manipulation and potential loss.
According to Tuan, the culture of buying houses and land before Tet differs between regions, but for the real estate market in Southern Vietnam, there is a shortage of primary market supply (apartments) available for sale during this period. Unlike before, this time is almost like the peak season for real estate sales.
As for the secondary market, this is the period when transactions gradually increase, as buyers take advantage of the stage when prices are adjusting. However, it is not as lively as before due to the overall economic impact.
On the contrary, investors tend to choose to invest in land during the end of the year, especially in areas with properties priced around 1-2 billion with clear legal documentation.
If one has about 2 billion VND, Tuan typically advises investing in project land near Ho Chi Minh City with established infrastructure and clear legal status as a safe option.
In addition, important factors such as the economic growth rate in the area, whether the locality attracts residents and job opportunities, and whether it attracts foreign investment need to be considered.
Regarding amenities, proximity to markets, hospitals, schools, and major retail stores should be considered. These are elements that need to be addressed in order for potential home buyers to make informed decisions.
“At the moment when many people want to sell, it is an opportunity for those who have clear financial foundations and a plan to hold the property for 3-5 years. It is a suitable and safer time for home buyers,” Tuan stated his opinion.
Tuan also noted that although the laws have been passed, they have not yet come into effect. When the laws are implemented, market prices are unlikely to rise, and real estate will develop in a more sustainable manner. Therefore, if investors are still not reassured, they can wait until the market is affected by the recently passed laws.
