Core Viewpoint - The real estate market is undergoing a significant adjustment, leading to a dilemma for many regarding whether to sell properties or hold onto them, with opinions divided between pessimists predicting price drops and optimists believing in a policy bottom [1][12]. Market Overview - The real estate market is currently in a deep adjustment phase, with urban housing vacancy rates soaring to 21.8%, far exceeding the internationally recognized reasonable level of 5% [4]. - Over half of the new residential properties in 70 major cities have seen year-on-year price declines, with the highest drop reaching 7.9% [4]. - The average transaction cycle for properties has extended to 97 days, indicating a significant decrease in liquidity [5]. Properties to Consider Selling - Old properties in third and fourth-tier cities should be approached with caution due to ongoing population outflow and industrial decline, which may lead to long-term depreciation [6]. - Properties with high debt pressure are concerning, as the average mortgage burden for Chinese households reached 41.3% in 2024, surpassing the international warning line of 40% [6]. - Non-owner-occupied "chicken rib" properties, especially if multiple similar properties are held, may be candidates for sale to optimize asset allocation [6]. Properties to Hold - High-quality properties in core cities, particularly first-tier and some strong second-tier cities, are recommended for retention due to their robust long-term value retention capabilities [7]. - Owner-occupied properties, especially first homes that serve essential living functions, should not be sold lightly [7]. - Properties benefiting from policy incentives, particularly those in urban renewal areas or meeting "good housing" standards, are likely to enjoy advantages from recent government measures [7]. Conclusion - There is no one-size-fits-all answer regarding whether to sell properties in the current market; decisions should be based on individual circumstances [10]. - The era of rising real estate prices is over, and the future market will exhibit more pronounced differentiation [12].

Core Viewpoint - The real estate market has been adjusting for three years, and despite various policy incentives, the situation remains complex and uncertain. Homeowners with multiple properties are faced with the dilemma of whether to sell now or wait for a potential price recovery [1]. Group 1: Factors to Consider for Selling Property - Assessing cash flow pressure is crucial; many individuals are experiencing salary cuts and job losses, leading to tighter cash flow. Those in a healthy financial position may not need to rush to sell, as making a profit is unlikely, and avoiding losses is a reasonable outcome [3][5]. - The scarcity of the property plays a significant role in its value. Properties in less desirable locations or with issues such as poor lighting or proximity to noise sources have limited appreciation potential. Selling these properties sooner may be advantageous to avoid further depreciation [5]. - Future appreciation potential should be evaluated. Historical trends indicate that property values generally increase over time due to factors like currency depreciation. Understanding a city's future development potential can inform whether to sell now or hold for future gains [9]. Group 2: Industry Recommendations - Properties in core urban areas should be held. If located in first or second-tier cities with stable population inflow and good amenities, these properties are likely to retain value and should not be sold hastily [15]. - Properties in third and fourth-tier cities should be sold sooner if they are in areas experiencing population outflow and increasing vacancy rates. Delaying the sale may lead to greater losses [17]. - For properties in small towns or less populated areas, the decision to sell should depend on individual circumstances. While prices may have bottomed out, the potential for future appreciation is minimal. If facing significant financial pressure, selling may be wise; otherwise, holding for a potential rebound could be considered [19]. Conclusion - The logic of the real estate market has fundamentally changed, and decisions to sell should not be made impulsively. A careful analysis of personal financial situations and property appreciation potential is essential to avoid regrettable outcomes [20].