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Buyers, sellers more willing

May 10, 2014 - 12:46am

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Something strange happened after the Housing Board’s new valuation rules kicked in about two months ago: After months of sliding, the number of units changing hands has gone up, but prices continued going down.

Why did this happen?

Under new rules, buyers and sellers agree on a price before a valuation is done.

The old way of doing things was to get a valuation done before the agreed price.

Observers think sellers are selling based on their old valuation, which has a validity of three months. Some sellers believe that after the change, their homes may come at a lower valuation, while some buyers believe the homes may actually be valued at a higher price.

So in consumer speak, you have a very willing seller and buyer.

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