楼市大局已定！45%有多套房的家庭，或将面临“4个难题”

Core Viewpoint - The domestic housing market has entered a long-term adjustment phase since 2022, with prices expected to continue declining until at least 2025, as evidenced by a 7.38% year-on-year drop in the average price of second-hand residential properties in September, reaching 13,381 yuan per square meter, and a cumulative decline of 5.79% in the first three quarters [1]. Group 1: Impact on Households - For families with only one property, the long-term price decline has minimal impact as their primary concern is comfortable living [3]. - In contrast, 45% of families owning multiple properties face significant challenges, including a decline in property value, as illustrated by a case where a property purchased for 4 million yuan in 2019 is now valued at only 2.56 million yuan, reflecting a drop of over 30% [3][5]. - The difficulty of liquidating properties is increasing due to a surge in listings, with over 7.3 million second-hand homes available nationwide as of September 2025, while demand from potential buyers is shrinking [5]. Group 2: Financial Pressures - Families with multiple properties are experiencing rising costs associated with property ownership, including maintenance fees and utilities, which are increasing annually due to inflation [6][9]. - The aspiration of "renting to pay off loans" is becoming increasingly unattainable, especially in smaller cities where rental demand is low, and in larger cities where high living costs are driving workers to return to their hometowns, leading to a downward trend in rental prices [8][10]. - The financial burden on families with multiple properties is exacerbated by a decline in income, while their mortgage obligations remain largely unchanged [9].