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May 27, 2017

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Poll finds room for home price negotiations

A poll released yesterday found significant room for price negotiations in home purchases back in August, despite a new measure requiring the registration of properties based on their real transaction value.

It was expected the new measure would narrow the price negotiation rate, which stood at 14 percent in August, an increase from July, according to the latest My Housing Magazine survey targeting pre-construction homes.

In other words, buyers can get sellers to take 14 percent off the offering price.

"Since registration of properties must take place 30 days after sale, sellers are not in a rush to lower their offerings," said Ni Tsu-jen, researcher with My Housing. "They still offer high prices for buyers to negotiate on."

What potential buyers should do, according to him, is to do their homework so they can negotiate a good price with the seller.

My Housing also found a total of NT$150 billion worth of new constructions were rolled out in Greater Taipei in August, a rise of NT$45 billion from the same period last year. However, market response was tepid, with sales and on-site visitations both dropping from July.

These factors combined to contribute to an August real estate signal of yellow-blue, indicating sluggishness. It has been four months since a yellow-blue signal was given to Northern Taiwan's real estate industry.

In Taipei, August home sales fell 21 percent from July.

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