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In this context, it is important to carry out a correct valuation of the property. This helps to fight the effects of inflation and to avoid losing money during the sales process. The correct valuation of a property speeds up its sale by 40% and increases the closing price of the transaction by 10%. (According to a study made by the National Real Estate Network Donpiso)
Time to sell
A residential property listed for sale at its true market value is currently sold in an average of 2 to 3 months. An overvalued property that has been reduced in price at first offer may take an average of 5 to 6 months to sell. In addition, a correctly valued property will see its closing price increase by an average of 10% as the property has not suffered a drop in value and has always been seen by demand as being priced in line with its market, which appeals to a wider range of potential buyers.
It is very important to ‘listen’ to the market
If in the first two weeks you have’nt had a favourable response from the demand side, you should consider lowering the asking price of the property. In addition, the implemented marketing strategy will need to be reviewed: from the audio-visual material in the advert, its online visibility and the screening of potential buyers, to the staging of viewings of the property. Many individuals enter into a negative dynamic of senseless price reduction due to the anxiety to sell their property as quickly as possible. They undervalue it and distance it from the price that the market is actually willing to pay for it. This behaviour is very dangerous, as large sums of money are involved. For many families, it is the savings of a lifetime of work,” warns the deputy managing director of donpiso.
Online valuations
These are not always reliable as they determine the value of the property based on generic parameters to calculate the price per square metre, sometimes even based on data from some time ago. It is better to use the services of an expert appraiser specialised in the specific area in which the property is located. He or she will be able to take into account the behaviour of the market in that area and the evolution that the price of the property may have in the following months. In addition, certain specific elements will have to be evaluated: characteristics of the property, distribution, luminosity, views, communication, nearby schools and shops, etc.
Carrying out a correct price evaluation is only one step in the selling process, but as you can see, it is very important. At Montesinos, we are with you every step of the way, at your side at all times, so that you can make the right choices, with complete confidence. Contact us now!
