Property agents pressing homeowners who are thinking of selling: now is a good time to do it.
Wednesday, September 21, 2022 @ 9:42 PM
Real estate agencies are saying "It's a good time to sell". They are reminding people that the price is stabilising at its maximum and that the demand still has purchasing power and there is still attractive financing available.
As explained by the General Council of Official Associations of Real Estate Agents of Spain, the increases in interest rates that the European Central Bank has applied and those that are yet to come will cause a fall in housing prices, as well as a decrease in the purchasing power of potential buyers and a tightening of financing conditions for mortgages.
According to the agency any owner who wants to sell should take advantage of the current conditions, which adds that in this new scenario, "mortgages are more expensive for both the individual and the investor, but it is with the individual that this increase is going to have a greater impact. The drop in housing prices predicted by the ECB (of around 9% in two years) is logical because there is going to be a part of the demand that is going to disappear from the market and, with equal supply, prices will drop".
The General Council of the COAPI (Consejo General de Colegios Oficiales de Agentes de la Propiedad Inmobiliaria) believes that some buyers are going to try to advance purchases to avoid future increases in both the price of housing and mortgages. However, there will also be another profile of individuals or investors who can afford to wait and decide to operate long-term, once the macroeconomic environment has stabilised and access to financing is less expensive.
In fact, the organisation emphasises that "in the coming months a window of opportunity will open due to the general fall in prices that will benefit investors who have liquidity and can afford to wait for the right moment to buy."