We're in the
homebuying process right now, looking for a house with a big backyard.
我们现在正在购房过程中，寻找一个有大后院的房子。
First-time homebuyers often struggle with saving enough money for a down payment.
首次购房者的难题之一是攒够足够的首付款。
Before making an offer, it's wise to have a home inspection to uncover any potential issues.
提交报价之前进行房屋检查是明智的，可以发现任何潜在的问题。
The interest rates are quite high right now, making
homebuying more expensive than usual.
目前的利率相当高，使得购房比平时更昂贵。
My parents are thinking about downsizing their home, which might be a good time for me to start
homebuying.
我的父母正在考虑缩小住房规模，这可能是个我开始购房的好时机。
It's important to compare different mortgage options when
homebuying to find the best deal.
在购房时比较不同的房贷选项以找到最佳交易很重要。
We've been pre-approved for a home loan, which makes the
homebuying process much smoother.
我们已经获得预批贷款，这让购房过程顺畅了许多。
Homebuying can be a stressful experience, but having a knowledgeable real estate agent helps a lot.
购房可能是一段压力大的经历，但有一个知识丰富的房地产经纪人能帮大忙。
We're planning to invest in a vacation home as a second property for future
homebuying opportunities.
我们计划投资一处度假屋作为第二套房产，为未来的购房机会做准备。
The
homebuying market is highly competitive right now, so it's crucial to act quickly.
当前的购房市场非常竞争激烈，因此迅速行动至关重要。
They can also contribute to the establishment of a long-term housing system with multiple supply channels and attach equal importance to both leasing and homebuying, said Xie Chen, head of research with CBRE China, a commercial real estate services and investment firm.
商业房地产服务和投资公司世邦魏理仕中国的研究主管谢晨表示，他们还可以为建立一个具有多种供应渠道的长期住房体系做出贡献，并将租赁和购房并重。
"More policy support is likely this year, including pledged supplementary lending, allocating some of the 2024 quota for local government special bonds in advance and further easing of homebuying curbs in first-tier cities.
Possible moves include a further easing of homebuying restrictions, further cuts across key policy rates and another reduction in the reserve requirement ratio, they said.
Many local governments, he said, have proposed loosening measures concerning homebuying and sales restrictions.
Yet, in reality, such supportive measures are still tentative and have not fundamentally improved homebuying expectations.
The residential property sector still shows a certain willingness for homebuying, but it cannot be effectively released due to the impact of the COVID-19 pandemic.
Local governments will have more discretion in using the more than 40 tools in reserve and flexibly use transitory credit policies to support basic homebuying and upgrade demand for housing.
地方政府将拥有更大自主权，灵活运用超过40项储备政策工具，并采用临时性信贷政策，以支持基本购房需求和改善型住房需求。
The real estate sector has continued to drag on growth, as people's homebuying willingness weakens.
Experts attributed the overall improved performance to adjustments to regulations and fresh measures like better credit supply to satisfy reasonable financing and rational homebuying.
In order to stabilize local property markets, more local governments may ease homebuying restrictions, reduce mortgage rates and lower down-payment requirements, but will continue to stay away from any big moves that could overstimulate the sector, she said.
"The recent document is conducive to stimulating potential reasonable homebuying demand of 300 million new urban residents.
It will also help boost housing market vitality, unleash potential homebuying demand and further promote the steady development of the real estate market, Chen said.
"Entering 2024, local governments have made various efforts to optimize homebuying policies, which will work together with the central government's measures to boost real estate developers' confidence," said Guan Rongxue, a senior analyst with the Zhuge Real Estate Data Research Center.
On Saturday, Shanghai's Qingpu and Fengxian districts announced they will reduce homebuying restrictions on nonlocal talent.
Li also said he believes areas beyond downtown in more first-tier cities will likely ease their homebuying restrictions.
Experts: Standardizing moves in sector to further unleash purchasing potentialThe recent guideline urging real estate brokerage agencies in China for reasonable reductions to fees for housing transactions and leasing services is expected to promote a healthier development of the sector and further unleash purchasing potential in the homebuying market, experts said.
Yin said that while transactions of secondhand homes are mostly heating up in big cities, where the prices of transaction services are also the highest, it's possible that the potential of the homebuying market in these cities can be further catalyzed by the issuance of the new guideline.
Yin said while the guideline will be conducive to the healthy development of the industry, "its specific and eventual impact on the homebuying market is likely to be city-specific".
"This is the first time since last year that home sales saw a positive year-on-year growth, and the market recovery is a result of multiple efforts made, including ensuring residential project delivery, improving real estate developers' reasonable financing, lowering home purchase costs due to local policy optimization, as well as improved homebuying confidence," said Liu Lijie, a market analyst from Beike Research Institute.
Yan said that financial support measures are continuing to take effect, and homebuying activity is witnessing a clear improvement.
"Upholding the principle that houses are for living in, not for speculation, local governments are taking differentiated measures to release the existing homebuying demand and put a lid on speculative activities at the same time," said Chen Jie, director of Shanghai Jiao Tong University's Center for Housing and Urban-Rural Development.
"The property market experienced a profound adjustment in 2022, when homebuying sentiment and property developers' confidence needed to be boosted.
To accommodate reasonable homebuying demand, the country will support local authorities in reasonably setting the lower limits of down payments and interest rates of mortgages based on the actual situation of local property markets, the circular said.
The measures are expected to play an active role in alleviating cash flow pressures facing enterprises and boosting homebuyers' confidence — and the key to stabilizing the real estate sector is to ensure recovery in homebuying demand, he said.
To accommodate reasonable homebuying demand, the country will support local authorities in reasonably setting the lower limits of down payments and interest rates of mortgages based on the actual situation of local property markets.
The measures are expected to play an active role in alleviating the cash flow pressures facing enterprises and boosting homebuyers' confidence, he said, adding the key for the real estate sector to stabilize lies in the recovery of homebuying demand.
Considering that there have been adjustments in the real estate sector, the PBOC has lowered mortgage rates and down payments to support basic homebuying and upgrade demand for housing, Yi said on Monday while addressing the Annual Conference of Financial Street Forum 2022.
As the country ramps up support to stabilize the real estate sector, some experts said the over-five-year LPR still has room to drop in the coming months, which will help shore up homebuying demand and further stabilize the real estate sector.
A report submitted to the 20th National Congress of the Communist Party of China stated that by adhering to the principle of "housing is for living in and not for speculation", the country will move faster toward building a housing system where multiple suppliers and various channels of support would encourage both rentals and homebuying.
Through investments in the existing assets of real estate enterprises and by transforming them into rental housing, the fund aims to increase the supply of market-oriented long-term rental housing and government-subsidized rental housing, and explore a new model of real estate development for both rental housing and homebuying.
On Monday, China's over-five-year loan prime rate and one-year LPR dropped by 15 basis points and 5 basis points, respectively, reducing homebuying costs and financial burdens on businesses.
In my view, China's housing regulations are created for three purposes－to prevent risks, to satisfy rigid and rational homebuying demand, and to maintain the stable development of the property market.
Cities offer affordable homes for bigger families, boost growth of maternal, childcare products businessesWith some cities easing homebuying policies for families with two or more children, the market for products and services catering to such consumers is expanding.
Cities strive to make home-buying among bigger families more affordable, spurring growth of maternal-child goodsWith some cities easing homebuying policies for families with two or more children, the market for products and services catering to such consumers is expanding.
Following nationwide adjustments to home loan interest rates, more local governments are expected to come up with new measures to lower the cost of rational homebuying, create better conditions for stimulating market transactions and boost reasonable demand, said Chen Wenjing, deputy director of research at the China Index Academy.
Suzhou in East China's Jiangsu province will relax its homebuying requirements by shortening the time gap between buying and resale, the city government announced on Monday.
Effective Monday, the required time gap between homebuying and resale of new homes in Suzhou has been shortened from three years to two years.
It also said any property owned in areas with no purchasing limits in Suzhou will not be counted as part of a local family's homebuying limit.
Centaline Property data showed that since the start of this year, more than 100 cities in China have relaxed local homebuying requirements to keep real estate growth stable.
Monday's move will unleash Suzhou households' homebuying demand, and fulfill local residents' need for a range of living options.
We see this round of homebuying relaxation as representative, and we expect further relaxation of homebuying policies in similar cities in the region," Liu said.
"Therefore, we believe that a relaxation of real estate-related regulations in some cities such as Suzhou will better unleash homebuying potential.
While highlighting support for rational homebuying demand, the CBIRC for the first time distinguished project risks from company risks, indicating that it is keen to minimize risks through market-oriented and lawful solutions, said Li.
"Since the Political Bureau of the CPC Central Committee meeting called for more refined real estate market policies, we believe more cities will follow suit in a bid to encourage rational homebuying demand and boost market confidence," said Wang Xiaoqiang, chief analyst with the Zhuge Real Estate Data Research Center.
In recent months, a number of prominent cities, including Jiangsu province's Nanjing and Suzhou, have tweaked their property policies to promote rational homebuying.
This month alone, at least 15 cities have relaxed their homebuying regulations, according to Securities Times.
For instance, a survey conducted jointly by the Beike Real Estate Research Institute, which is part of real estate online brokerage Ke, and online financial news outlet Hexun shows that despite most people postponing their homebuying plan, the epidemic per se has not dampened their purchase enthusiasm.
"Tightening credit, rising financing costs, and the restrictions imposed on homebuying have eroded the rapid growth of the property sector, and the market is entering a stabilized development stage when those who adapt themselves timely and properly can survive," said Hui Jianqiang, head of research with Beijing Zhongfang-Yanxie Technology Service Ltd.
Citing China's stepped-up countercyclical adjustment measures in recent months, like policy rate cuts, speeding up the issuance and use of local government special bonds and easing homebuying policies, Zhou said he believed the Chinese economy is on track for a steady recovery in the second half, with stronger policy support amid a recovery in consumer sentiment and market confidence.
Instead, the absence of a rate cut implies that regulators may be mulling other more substantial measures, as simply cutting the mortgage rate benchmark has proven to have a limited impact on shoring up the sluggish homebuying demand.
Potential measures include reducing down payment requirements, easing homebuying restrictions and reducing taxes and fees on home transactions, the report said.
Wu said there is room for a wide range of cities, including first-tier ones, to further relax housing market restrictions to bolster homebuying demand.
A narrowing gap between interest rates on existing and new mortgages will, in turn, reduce early mortgage repayments and create more room for the interest rates on new mortgages to fall, which will further shore up homebuying demand, Yan said.
Expanding this year's fiscal deficit to support smaller businesses and removing restrictions on homebuying should be feasible policy options for China to adopt in order to bring economic recovery back on a more solid track, a former finance minister has said.
To ensure a soft landing for the country's property market, Lou said it was sensible to remove the restrictions related to homebuying, mortgages and housing prices, and announce plans that property tax would be levied in due course with a clear threshold of tax exemption based on the property area owned by a household.
"He also said the decline in deposit interest rates will also likely stimulate willingness for greater consumption and, in particular, push homebuying and automobile sales.
As homebuying has made a great contribution to consumption in China and conditions are ripe for the housing market to stabilize in the second quarter, he advised the PBOC to cut its five-year LPR by more than 30 basis points and also lower the minimum down payment ratio for first-time homebuyers in some cities to 10 percent, in order to further boost home purchases.
Homebuying demand may be thus pushed up, which will exert a positive chain effect on the consumption end in general, he said.
Next year's magnitude of rate cuts should be stronger than this year's to boost consumption and investment while addressing the weakness of the property sector, Zhang said, adding that it is also advisable to subsidize low-income residents' homebuying activities by providing interest rate discounts.
While the MLF rate may stay unchanged, the over-five-year loan prime rate — a market-driven benchmark for mortgage rates — might decrease further to reduce homebuying costs and stabilize the real estate sector, Wang said.
Reducing interest rates can help bolster homebuying demand and thus help stabilize the property market, which is a major drag on growth.
The RRR cut may trigger a decrease in the over-five-year loan prime rate — a key benchmark lending rate on which lenders base their mortgage rates — next month, and thus help bolster homebuying demand and stabilize the real estate sector, Wang said.
First, the LPR cut broadened room for more mortgage interest rate cuts, allowing homebuyers to save money, which will ultimately boost tepid homebuying demand.
To regulate such speculative homebuying behavior, residential property tax should be a tax on consumption behavior.
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