Need Help Selling?
Firstly, consider the four basic fundamentals in selling property:
- Price – Fair Market Value
You can’t change the location, no matter what you do, you can’t change the location. However, you can fix the condition, as well as adjusting the price and terms to make your property more attractive to buyers.
Understanding the type and kind of market will help you and us establish the price and terms when you’re ready to sell.
Buyers’ market – property stays on the market longer than average, prices are dropping, and there is a large supply of properties.
Sellers market – property sells quicker than average, multiple offers received, prices are rising and property is scarce.
Understanding when property typically sells will help you understand the patterns of buyers and the availability of buyers during a particular market will help you and us (4everspain.com) establish the price and terms of your property.
The most regular buying pattern is seasonal, buyers are most keen to purchase in Spring (March – June) and complete by the Summer (June – August). Then the buying trend lessens as people take holidays. Once the winter (November – February) approaches, buyers are scarce as people prepare for the cold winter months ahead. Historically, it is typical for a property to be on the market for between 4 – 13 weeks. If this seems like a long time remember that on average, buyers spend four months conducting their home search – albeit in another country.
What type of buyer is most likely to purchase your property?, most probably someone whose present circumstance is very similar to yours when you bought the property. Perhaps people who now that the families have grown up and their jobs no longer tie them to a cold and wet climate are considering retiring to a sunny environment or maybe younger people searching for a second home to use for holidays.
Condition of the property, there are most likely some repairs that are necessary, be it cleaning (the overall appearance of the place – clutter everywhere), repairs (toilets not flushing properly or taps leaking) and improvements (removing and replacing outdated fixtures – kitchens).
The aim is to make the property appealing and attractive to potential buyers. Make the property spotless, smell fresh and feel really clean so that it draws and captivates the attention of potential buyers. The better the condition your property is in, the more likely you are of getting a higher price. Also, the selling process will go more quickly and smoothly.
Pricing – fair market value, drive around your immediate area, what kind of condition is it in? . Are the housing developments increasing or are the properties stagnating, is the landscaping well kept or are there weeds growing everywhere?. Is the area desirable?, are people moving in or from your area?. Consider the national economy, is the exchange rate strong or weak?. If you must sell immediately, the selling price might have to be reduced if the exchange rate is weak. If you can, you may want to hold onto the property to reduce any potential loss.
Finally, be realistic about the asking price. All to often we feel that the property is worth more than the market can support. It’s probable that your asking price will be different than what you and the buyer finally agree upon. If your asking price is to high then potential buyers might well believe that you have priced your property emotionally and not intelligently. Don’t be to anxious to make the asking price, chances are that it was too high in the first place. However, keep in mind, to many potential buyers properties are attractive because buyers believe that they may well have found a bargain.
Price and terms – not just price! You should be aware that when buyers and sellers simply worry about the final sale price, the deal invariably fails. The final sale price is very important, but so is the value the buyer is getting from the sale of your property. For instance, you may well have planned to take all your furniture with you to your next home. However, it maybe that your buyer can’t afford to fully furnish the property after completion – you may be able to seal the deal by including some items of furniture in the deal. That’s price and terms.
Selling a property in Spain is totally different to selling a property in the UK. There are different customs, practices and above all, different laws. And then there is still the problem with the language. Only a local resident who is fully acquainted with all aspects of Spanish property matters can give you proper advice to protect you against possible problems. 4everspain.com only represent properties that reach our own high standards of design and quality, we personally inspect all properties before inclusion in our books
The key to selling your home is to have buyers know that it’s for sale.