第三波救楼市来了，房价走势将如何？

Core Insights - The current real estate market is experiencing a paradox where despite lower down payment ratios, reduced loan interest rates, and incentives from developers, housing prices continue to decline [1][3] - The key issue lies in the psychological expectations of buyers, who are hesitant to purchase due to fears of further price drops [3][5] - The supply-demand dynamics have shifted, with many cities now having sufficient housing supply, leading to a change in buyer demographics and attitudes towards homeownership [3][5] Policy Impact - Multiple rounds of government policies aimed at stimulating the housing market have been implemented, including relaxed standards for first-time homebuyers and financial incentives [1][3] - Despite these measures, over fifty cities have reported continued declines in second-hand housing prices [1] Market Dynamics - The financial situation and mindset of consumers have changed, with many individuals facing unstable incomes and depleted savings, making them reluctant to take on long-term mortgages [5][6] - Developers are under pressure to sell properties quickly, often leading to significant price reductions for new listings, which in turn affects the prices of surrounding second-hand homes [5][8] Investment Perspective - The current market conditions present a unique opportunity for genuine homebuyers to negotiate better deals and take their time in selecting properties [5][9] - For investors, a more cautious approach is advised as the era of guaranteed profits from real estate investments has ended, with future opportunities likely to be more selective and structural [6][8] Future Outlook - The real estate market may be entering a new phase characterized by price differentiation across cities and neighborhoods, with some areas continuing to adjust while others stabilize [8][9] - The shift away from viewing homes solely as investment assets towards prioritizing residential needs may lead to a more mature real estate market [9]