Renovation object went two million above the asking price – E24

The home from 1920 was listed for an asking price of NOK 17.5 million.

With a sales sum of two million above the asking price, the terraced house at Langlia 6 in Ullevål Hageby in Oslo thus ended up with a price tag of NOK 19.5 million.

– You never expect homes to go for so much over the asking price, so the sellers are very satisfied, says Kristine Grønn, estate agent and partner in Sem & Johnsen.

The home from 1920 has a usable area of ​​211 square metres.

Grønn describes the terraced house as a very nice home, but that there is a lot that needs to be done there.

– Nothing inside has been renovated since the 50s and 60s. When we set the price estimate, we calculated that it would have to be completely renovated, she says.

– Well-functioning market

The renovation object has, among other things, three bedrooms and direct access to the garden.

Kristine Grønn in Sem & Johnsen says that in the end there were two people in the battle for the terraced house, both of whom had been on the market and looking for housing for a while.

The property was sold after the first round, according to the broker. She sees the market as absolutely functioning well, and says that Sem & Johnsen has sold well with homes recently.

– But we notice that if we go out with too high a price, it stops a bit and goes slower. So it is a well-functioning market when we do not take a possible profit in advance, but set an attractive asking price, which of course must also be acceptable to the home seller and be within the expected range of the possible sale price, says Grønn.

Prices continue to rise

So far this year, housing prices in Norway have risen by 5.9 per cent, according to Eiendom Norge. At the same time, the supply in the second-hand housing market has been significantly reduced in the first months of the year.

Terje Tinholt, founder of Tinholt Eiendomsmegling, has previously expressed concern to E24 about the rapid price increase, which he believes could lead to an unhealthy market.

The average price for a home was NOK 4,581,993 in March, after prices rose by 0.9 per cent nationally last month.

Rental prices also continue to rise. So far this year, rental prices in the big cities have risen by 2.3 per cent, according to Eiendom Norge.