Price Discrepancies Fracture Real Estate Deals
With an average growth rate of 15% annually, Vietnam’s real estate market is considered the most dynamic and promising in Asia. However, Vietnamese real estate has been ranked as “lacking transparency” due to issues such as inflated prices, chaotic pricing, price gouging, and profiteering in transactions. This has negative consequences for the market, causing deals to fall through as properties are not accurately valued.
From the buyer’s perspective, when a property’s value is exaggerated, they may feel deceived or uncertain about its true worth, believing they are paying too high a price for an asset that isn’t deserving. This leads to hesitation and a reluctance to meet the seller’s asking price.
On the other hand, sellers may have high expectations for their property’s value, believing that its worth can be inflated in the current market context. This results in them advertising an unrealistic price that doesn’t align with buyers’ expectations, creating an impasse in negotiations and prolonging or even breaking down transactions due to a lack of consensus.
Mr. Nguyen Tien Tai from Hanoi, who recently endured a challenging home-selling journey, shared his experience. In mid-2024, he had an opportunity to invest in a promising business venture and decided to sell his apartment in Vinhomes Smart City to raise capital. Assuming that the market was “hot,” he expected a quick sale. However, things didn’t go as smoothly as anticipated.
“I put my apartment up for sale in July. Numerous agents called, and potential buyers came to view it, but after two months, it still hadn’t sold. Most complained about the price, which was in line with other online listings,” he said.
As time dragged on, Mr. Tai felt like he was “sitting on a burning platform” due to the urgent need for capital for his business venture. His situation was resolved when he turned to OneHousing’s quick home-selling solution. Instead of struggling on his own, he utilized OneHousing’s automatic home valuation tool, which provided an accurate market-based valuation for his apartment in just 5 minutes. Additionally, OneHousing offered to find a buyer for him within 48 hours through their consignment service.
“I inquired about recently sold properties in the area, and OneHousing’s price was consistent with those transactions. After two months of waiting, OneHousing resolved my issue in just two days,” Mr. Tai shared.
Overcoming the Fear of Overpaying or Underpricing with Technology
Mr. Tai’s story is not an isolated case. It is understandable that buyers and sellers who are not professional investors may encounter challenges and risks due to a lack of knowledge and experience.
Not everyone has multiple properties to buy and sell, so to ensure that the process is not a gamble, OneHousing offers an automatic home valuation tool aimed at addressing price-related issues.
“This tool helps buyers and sellers gain a clear and objective view of a property’s true value, making it easier for them to find each other within a reasonable price range and facilitating faster real estate transactions,” said Mr. Nguyen Hoang Ha, a long-time real estate investor in Hanoi.
OneHousing’s valuation tool is developed based on the company’s extensive database and the legacy of Sao Moc, a consulting and appraisal company that has provided valuations for Techcombank for the past decade. The data collected is stored, analyzed, and periodically updated, with a frequency of 2 to 4 times per year.
Specifically, Sao Moc gathers information on 5 million real estate products, mainly in Hanoi and Ho Chi Minh City, from two primary sources: project information from developers and planning authorities, and a team of market researchers who survey the market daily. Additionally, Sao Moc’s engineers scrape price data from online transaction platforms.
The tool considers various factors, including the property’s location, area, structure, legal status, amenities, and surrounding environment, along with actual successful transactions in the market. It then employs proprietary technology to deliver highly accurate valuations.
As a result, OneHousing’s suggested price helps buyers and sellers meet at a reasonable price point, fostering trust and convincing both parties to expedite the transaction.
With OneHousing’s valuation tool, the interests of both parties are protected: buyers can acquire their desired property without worrying about overpaying, while sellers can liquidate their real estate quickly at a market-appropriate price and receive payment promptly. According to OneHousing’s records, their 48-hour quick home-selling solution has an 80% success rate, meaning 8 out of 10 properties sold through OneHousing find a buyer.
Moreover, the tool offers additional benefits, providing a simplified process that reduces time by over 90% compared to conventional methods. Compared to hiring a valuation service, which can be costly and time-consuming, this is a significant advantage, especially for those seeking a quick sale.
Transparent real estate valuation remains a challenge in an era of information overload, and the advent of automatic home valuation tools is seen as the key to unlocking this puzzle, making the home-buying and selling journey faster, fairer, and more transparent for all involved.
Experience OneHousing’s 48-hour home-selling solution at: https://onehousing.vn/ky-gui-ban-nha
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