"过去半年多时间，我陆陆续续看了30多套房，最近刚好遇到一套各方面相对满意的房子，又想着明 年孩子要上学，就趁着现在买了。"在北京租房7年的张先生表示，此前一直计划着在北京买房安 家，但直到今年年末，房源和价格才达到自己的预期，于是决定选择自如美家二手房置业。 事实上，与张先生一样选择在年末入市的购房者不在少数。近期，北京、上海二手房市场均迎来回 暖，呈现年末"翘尾行情"。相关数据显示，2025年11月，北京二手房住宅网签成交14446套，环比上 涨19.52%；上海二手房（含商业）网签成交22943套，环比上涨约24%，创下近7个月新高。 01 京沪二手房市场现"翘尾行情"，刚需成绝对主力 北京与上海二手房成交量呈现"翘尾"，主要由自住刚需和利好政策推动。北京市场依靠核心区刚性 需求与外围区高性价比改善房源的结构性增长，共同带动网签量环比上升近两成。上海自"沪六 条"实施逾三月以来，政策效应持续释放，市场平稳向好，成交量创近7个月新高。 整体上，刚需已成为一线城市二手房交易的绝对主力，低总价、高性价比房源成交占比显著提升。 机构最新数据显示，在北京、上海等一线城市的二手房市场中，总价200万元以下的低总价房 ...

Core Insights - The second-hand housing market is shifting from an "asset allocation" focus to a "residential demand" focus, with companies like Ziroom entering the market with new service models [6][12][31] Market Trends - In 2023, the transaction volume of second-hand homes in 25 major cities in China surpassed that of new homes for the first time, indicating a rising trend in second-hand home transactions [3] - By October 2025, 64.5% of individuals searching for homes will be looking for second-hand properties, maintaining a long-term trend above 60% [4] Pricing and Demand Dynamics - The average listing duration for second-hand homes has increased to 94.86 days, a year-on-year increase of 5.79%, while the average listing price has dropped by 8.12% to 11,800 yuan per square meter [5] - Despite the declining investment appeal of second-hand homes, demand remains strong, with buyers increasingly prioritizing residential value over investment potential [6][12] Company Strategy and Innovations - Ziroom has launched "Ziroom Meijia," a new service model focusing on "single-sided service" and "carefully selected quality homes," aiming to enhance transaction efficiency and customer experience [7][14] - The company is leveraging its existing resources in rental and home decoration to create a comprehensive service platform for home buyers, integrating various aspects of the housing market [22][29] Service Model Transformation - The "single-sided service" model separates the roles of agents for buyers and sellers, allowing for more focused and specialized service [14][15] - This model aims to improve efficiency and customer satisfaction by providing tailored services, such as personalized purchasing advice and property recommendations [16][20] Market Positioning and Competitive Landscape - Ziroom's entry into the second-hand housing market is seen as a response to changing market dynamics, with a focus on meeting the needs of first-time buyers and those seeking improved living conditions [12][29] - The company is positioned to address key pain points in the market, such as information asymmetry and trust issues between buyers and sellers [36] Future Outlook - The "renovation for sale" model, which has been successful in the U.S., is being explored in China, although it requires time to gain industry consensus [35] - The overall strategy of Ziroom reflects a broader trend in the real estate industry towards refined operations and the integration of technology to enhance customer service [28][29]

Core Insights - The real estate market in China is transitioning into a "stock era," with an increasing proportion of second-hand housing transactions and a growing demand for professional real estate services [1][5][11] Group 1: Market Trends - The proportion of second-hand housing transactions is rising, leading to longer transaction cycles and a shift in buyer expectations towards quality housing [1][6] - The market is evolving into a buyer's market, where buyers have more control over the purchasing process, emphasizing the need for professional advisory services [5][6] Group 2: Service Model Innovation - The introduction of the "single-sided service" model by Ziroom Meijia separates the roles of agents, providing dedicated services for sellers and buyers, which addresses the limitations of traditional dual-agent models [5][6] - This model aims to enhance service quality and efficiency, responding to the increasing demand for specialized real estate services [6][10] Group 3: Product Offering - Ziroom Meijia has launched three product lines: "Clean Water Good House," "Renewed Good House," and "Heart Home Good House," aimed at improving the quality of second-hand housing through tailored renovation solutions [7][8] - The "Clean Water Good House" focuses on comprehensive renovations of older properties, significantly enhancing their marketability and value [8][9] Group 4: Commission Structure - The company has implemented a commission reduction strategy, offering a 50% discount on buyer commissions and an 80% discount on seller commissions, which aims to improve transaction efficiency [10] - This strategy is supported by technological innovations and a comprehensive data-driven approach, enhancing the matching efficiency between supply and demand [10] Group 5: Industry Transformation - The launch of Ziroom Meijia's second-hand housing service signifies a shift in the real estate industry from a transaction-oriented focus to a professional asset management service approach [11] - The emphasis is now on property quality, service professionalism, and building long-term trust with users, reflecting a deeper understanding of the concept of "home" in the current market [11]