Core Viewpoint - The second-hand housing market in Zhengzhou is undergoing a significant change, characterized by a decrease in listings due to owners withdrawing their properties from the market in anticipation of potential price increases in the future, reflecting a lack of market confidence and a stalemate in price negotiations [1] Market Dynamics - The number of second-hand homes listed in Zhengzhou has decreased from 125,807 to 124,671, a reduction of 1,100 units, indicating a trend of owners choosing to withdraw their listings rather than engage in active transactions [1] - The average transaction cycle for second-hand homes has extended to over 8 months, with some older communities experiencing zero transactions within a year, highlighting a liquidity crisis in the market [5] Price Competition - In the Erqi District, the listing price for "Jiangshan Shuxiang Mingdi" has dropped to 5,000 yuan per square meter, reverting to 2015 levels, while newly delivered properties in the vicinity are priced at 13,000 yuan per square meter, showcasing a significant price disparity [3] - New housing developments are employing aggressive pricing strategies, such as substantial price reductions and promotional financing options, which are diverting potential buyers away from the second-hand market [7] Buyer Sentiment - There is a prevalent sentiment among potential buyers that second-hand home prices have not yet reached their lowest point, with over 60% believing there is still room for further declines, particularly in older neighborhoods [13] - The bargaining power of buyers has increased significantly, with instances of properties being sold for over 20% less than their asking prices [13] External Pressures - The absence of favorable policy incentives, such as relaxed purchase restrictions and lower interest rates, has not positively impacted the second-hand market in Zhengzhou, with stricter loan approvals for older properties further discouraging buyers [9] - Rising holding costs, including anticipated property taxes and increasing maintenance fees, are prompting some owners to sell at a loss to avoid further financial burdens [11] Market Outlook - The current state of the Zhengzhou second-hand housing market resembles a prolonged endurance test, with owners' withdrawal strategies being a short-term response that fails to address the underlying supply-demand imbalance [15] - The end of the era of rapid real estate growth is suggested by the stark price reductions and aggressive marketing from new developments, indicating a shift towards a focus on housing as a fundamental need rather than an investment opportunity [15]