Selling a property can be just as much an emotional roller coaster as buying. The reason for selling can also fuel that emotional fire, especially when you are selling for very personal reasons such as a death in the family, divorce, change of job status or the like.
Many of us have an emotional attachment to our property because homes hold incredibly personal memories for us. We also spend our hard-earned cash investing in refurbishments to cater for our personal taste, requirements and what our bank balance will allow! So, how do you put a value on that? Unfortunately, it is often the case that the value we place on a property isn’t in line with a price that fits the market, which is something as property owners, we all have to face up to.
For many, the beginning of valuing a property starts with the opinions of our friends and family, and what they think the property is worth. It’s an obvious place to start, but not the most accurate. Usually, these conversations start with a glass of wine or a casual discussion over the fence.
Searching the internet for similar properties for sale in the same area or even the same complex, is a more measured approach, certainly for finding out what others are listing their properties for. But this doesn’t necessarily bring accuracy to the process because you do not have knowledge of the prices that people are buying property for, which is key.
Asking an agent for a valuation based on their experience in the industry, their access to property sale prices and experience in your location, is a better solution. Valuations of this nature unfortunately have traditionally come with a healthy dose of scepticism because there is a belief that agencies will distort the value of a property just to get the listing on their books, telling you it’s worth more than it really is – telling you what you want to hear.
However, a good agent’s prime focus, is to ensure that the property is correctly priced, where their marketing efforts generate solid interest from buyers in the form of enquiries and viewings. No viewings usually means that there is something wrong, and 9 times out of 10, we hate to say folks, but it’s the price. A good agent will always give you a price range (upper and lower limit) to where they feel your property could sell, and a 'per square metre' price range. This will differ depending on the location, house type (apartment, semi-detached house, villa etc.) and market conditions. An important part to play for you as the owner, is to be very clear about what your bottom line is based on where you would walk away from a deal. This is important information for the agent so be honest with them about what your limits are.
We all want to get a great price for our house, but there are also other ways to skin a cat (as the saying goes). Engaging a good lawyer or accountant, can also be a wise investment to assess your position with tax and other associated costs of selling. These may influence your negotiating power during the process.
So remember, price to sell. Aim to attract attention to your listing with a good price. You will always receive offers. Some will be silly; some will be fair and within range. Your agent is there to help qualify buyer leads. If you have overpriced your house, you will soon realise it because you may experience a lack of interest, so flexibility is essential. However, it’s easier to price it right and move it fast than have it lingering in the marketplace for too long. If it hasn’t sold after a certain amount of time, people start to think there is something wrong with it. If it’s just the price, then it’s important to recognise this quickly and react accordingly.
Currently there is a lot of competition on the Costa del Sol not only with preloved houses, but new developments are on the move again as more cranes fill the skyline. People are as keen as ever to secure their place in the sun, and Andalusia is an attractive location. This is a good thing for vendors. But there is always a ceiling price for everything. The savviest of buyers know this.
So, our advice is to find a great agent you are comfortable with and trust and listen to what they have to say. They are motivated to sell your property, so it is in their best interests to give you the right information about price. It’s as simple as that. Work with your agent to achieve this and you will sell, giving you the opportunity to move on to that next chapter in your life. Good luck from all of us here at Blue Gecko Estates.
If you require a valuation on your property in the Costa del Sol, please get in touch with our team on info@bluegeckoestates.com or call +34 625 416523.
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