As the date draws closer for a unified European currency, Germans have developed the national jitters. The coming new Euro currency has led to widespread worry about a possible loss in the value of the German Mark and, among many other symptoms, has caused a glut of property for sale. It s a classic real estate slump. Prices begin to drift downward, but owners don t want to lose equity and hold firm on their asking prices.
Prospective buyers sense that prices are going to fall further and postpone buying.
Consequently, Germany, with one-third the population of the United States, has an estimated 800,000 properties for sale today. Most German real estate professionals are trying to do business as usual, cutting costs, and waiting for the market to turn. But, a growing minority have been watching developments in the United States and believe the Internet will become a powerful tool in marketing German real estate domestically and internationally. One real estate broker and an Internet developer specializing in real estate applications are among the first German advocates of the Web. They believe that Germany today is where the United States was two years ago in using the Internet for real estate and mortgage banking.