20 Jan 2010 3:43 PM:
From our experience...
1. Prices of the properties are being reduced day by day. In some areas there is a "price war" between sellers. Bearing in mind that sometimes the sellers are also the banks, because the banks are taking possession of the properties when owners cannot pay their mortgages… and thus the properties are being sold at lower prices.
2. Purchasers... the Spanish purchaser was waiting for this situation. Now they are taking the opportunity to buy a second house for holidays. But the Spanish purchaser is different from the foreign one. For example we recently have a few sales and all of the properties have been bought by Spanish people. They do not mind to buy here in Murcia or Torrevieja or Benidorm: they look for the lowest price. However the foreign purchaser takes into account other factors such as proximity of the airport, facilities, fiscal consequences...
3. Agents... there is also a "war" between agencies. They are charging lower commissions and they are working very hard to sell properties. A couple of years ago it was not unusual to have two - three potential purchasers for the same property; now they have to look actively for purchasers.
My suggestion: if there are other properties for sale in the same area, first, try to find out the current prices. Then put the property on the market and try to do it with different estate agencies (being careful with the exclusive contracts) and compare commissions. The estate agent could also advice you with the price and the best way to put the property in the market. Also do not forget that if you are a non resident seller it is very advisable you are informed of the taxes implications whether you have to pay or claim back to The Spanish Tax authorities.
Thread:
how many people really want to or are trying to sell their spanish property?
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