For several months now, we have tended to say that buyers now have the upper hand in this turning real estate market. But we have to admit that at the moment, waiting and indecision still reigns supreme. The real estate portal Bien’Ici thus found that last February the length of distribution of its advertisements was extended by 10 days compared to last year. And at the same time, the number of contacts generated by these ads dropped by 29%. Another, quantified proof of the wait-and-see attitude of the market that most professionals feel.
Prices displayed on the rise
“This phenomenon is not new, emphasizes Philippe de Ligniville, CEO of Bien’ici. As early as a year ago, we experienced an initial slowdown from the war in Ukraine, a movement that accelerated this summer under the influence of rising rates and inflation. The end of the year is traditionally quiet and we expected a restart in January to February, but that is not happening at all. This lack of enthusiasm is due to the fact that the prices shown in the ads have not dropped at all. On the contrary, they even increased by 6% on this portal.
Even if the bargaining margin increases, many potential buyers will therefore prefer to wait until the displayed prices reflect the new market reality. Especially when the supply becomes more plentiful. In Bien’ica, advertising volume has increased by 25%, but this increase is partially artificial, as ads stay online significantly longer than in the past.
Another lesson: it is in the real estate market that the wait-and-see attitude is strongest, as the 29% drop in contacts is divided as follows: -17% for apartments versus -37% for houses. And we also see serious differences by region: contacts decreased by only 11.7% in Grand Est compared to -46.2% in Pays de la Loire. And when you sell a house in the Pays de la Loire, it’s a double penalty with half of your contacts gone. A phenomenon that also affects advertisements for houses in Île-de-France.