Used-home sales off 20-25%

Sales of used homes in the first half dropped by 20-25% from last year in line with the economic situation but should improve by the second half, said Visit Kunatharakul, president of the Real Estate Sales and Marketing Association (Resam).

He said sentiment recovered in July and August, resulting in an expectation of a 15-20% drop by the end of the year. However, political risks that affect business confidence still needed to be watched, he said.

The association plans to deal with financial institutions to develop fast-track mortgage applications for second-hand home buyers in order to improve the attractiveness of used homes for buyers.

As well, Resam has joined with the Building Safety Inspectors and Officers Association (BSA) to introduce a used-home inspection service, helping buyers and sellers establish selling prices that are as fair as possible.

BSA president Chollachai Thammaviwatanakul said home inspection would help assure buyers that a used home was ready to occupy. It would cover five areas including architecture, structure, roofing, electrical and sanitation systems.

"This programme will enable a buyer to estimate whether the selling price is worth it or not. It will show facts based on a report made by certified inspector and approved by our committee," he said.

However, the inspection would not be a guarantee of a home's condition. It would just inform the buyer which parts of the unit were in good condition and which should be repaired, while the seller would get a more accurate idea of the selling price.