Since the mid 1980s, prices of second hand real estate have been quoted in dollars even though the transactions are made in shekels. Today, the unstable dollar is wreaking havoc in real estate deals. Sellers put their properties up for sale when the dollar is at a certain rate. If the dollar rate declines drastically, the sellers raise the price of the apartment even after the price was quoted to the potential buyer. Buyers feel cheated and the deal explodes. If the price was originally set in Shekels the problem would be solved, however, establishing a shekel price makes it hard to sell, for it is difficult to think about prices in the millions.
Question: Should second hand homes be quoted in dollars or in shekels?
The answers to the survey will be posted in the next monthly real estate question.
Baruch Finkelstein is an owner/broker of Remax Center in Jerusalem. The office is in the shopping center of Ramot and Baruch has agents that service all of Jerusalem.
cell: 972-545-251-219
office: 972-2-586-9980
baruch.finkelstein@remax.co.il