The market here at the moment has two tiers, the drastically reduced prices from people that just want to sell at any cost and the normal market with people pricing the property at what they would like to be able to move on within Spain.
For an agent, most of the vendors that we meet at the moment are the ones that are desperate and will sell at a huge loss and this can be for a number of reasons, albeit whatever reasons these are, from ill health,money problems or just the fact that they want to be back in the UK, it is always a disgruntled seller that we are dealing with from day one at the moment.
They know they have to sell cheap,they know they will lose and what makes it even worse is the fact that we are taking people around that are taking advantage of the situation, although we are used to this, as the power has switched to the buyers now, it doesn't make for a great relationship and feelings generally run high.
You cannot blame the buyers at the moment as i would do the same in their situation.
There use to be a benchmark here regarding pricing,in general apartments were 100k, townhouse, duplex were 150k ish and villas from 200k (Euros), now there is no general rule of thumb as the pricing is all over the place, in the distressed market you get apartments from 50,000€, townhouses from 80,000€ and villas from 130,000€, in the normal market prices are similar to the past.
Both markets are existing in parallel at the moment!
For example i have 2 properties exactly the same as Morerosado's property, one is on the market for 190,000€ and one is on the market for 145,000€, they are 2 streets apart and in fact the cheaper one is in better condition!!!
As you see, there is no logic.
My advice to anyone looking to sell at the moment is, if you really do need to sell put it on at the rock bottom price you would accept and it will sell, if you wait and wait and the Euro devalues you could see your self returning to the UK with very little.
If you dont have to sell and are just looking for a change then spruce the place up a bit and sit and wait.
I personally do not think prices will change now for a good 18 months at least.
You can look at it two ways, is the market low enough now to give you a safety net from falling prices and has it allowed people with smaller budgets to be able to move to Spain again or have a retrement home for the future?
Or will the properties that have not fallen in price already drop to the same levels of the distressed vendors? Nobody knows,especially not the so called experts "that work in the city" if they were that clever they would predicted the fall instead of telling everyone how bad it is all day, i dont class someone that shouts "duck" just as i have hit my head a expert in risk asessment!!
Anyway,just my views on how things are here at the mo.