The best time to sell in reality is when the time is right for you. This may seem like the easy answer, but in fairness it makes a whole lot of sense. When you decide to sell you will have the right amount of energy to carry forward and work with the right people to make it happen.
Is it Easy to Sell Your House in Spain?
In an ideal world, when the time is right for you would be fabulous. It’s not always as perfect as this though and if anything, selling is about sale and demand; and in Spain in recent years there has been an imbalance of these factors. Due to the decline in the economy since the slump in 2007 there has been no big demand to buy properties in Spain.
The Costa del Sol in fairness has suffered due to this crash in 2007. To make matters worse the construction industry were building fast and furiously in the hope to keep up with the demand of previous years of buyer’s looking for a Mediterranean lifestyle.
So with an abundance of empty property and the economy recovering, NOW is a great time to sell in Spain.
Hopefully you secured yourself a quality build in the first instance. Developers were swallowing up land in not such desirable locations, with little or no amenities. Added to this the quality of build was poor and blocks of apartments have lain empty or unfinished, thus adding to the problem or saleability. If you question why would someone buy property in certain areas or of certain quality, ask the question is this your property?
So what is the buyer’s market right now? What are they looking for? How can we categorise what people want?
You can break this down into three main groups.
Group 1: Close to a city with fantastic transport connections.
Group 2: Detached property, with fantastic transport connections and amenities.
Group 3: Low quality over-build in undesirable locations, poor transport connections and amenities.
If you have been fortunate to secure property previously in Group 1 & 2 then a re-sale is much easier to achieve. Foreign investors are choosing these properties above others. There have been estimated over 3.5 million empty properties in the Costa del Sol.
People are looking again to Marbella and surrounding areas and this easily covers the demand in Groups 1 & 2.
Newer build properties tend not to be the property sitting on the market. With new energy certificates in place newer builds perform better in areas of energy consumption and are better insulated.
When is it Considered Right to Sell in Spain?
Being in Spain changes things a bit, most people would look to sell in the summer when children are out of school so as not to disrupt them during term time. People generally are feeling happier around summertime. Everything has a more relaxed feel to it.
However, in Spain it’s too hot especially in July/August months and August tends to close down professionally. Companies choose to schedule this month for their holidays, so very little if any serious work is completed.
The Costa del Sol becomes a mass of tourists flocking from all over to experience the hot, Spanish summertime and be by the sea.
This scenario makes it difficult to conduct normal business and anyone with good property to sell may well choose to rent out for this season, after all their return will be profitable. The demand for rental property over summer months is high.
So consider these months to rent your property or prepare it for a winter sale.
If people are looking to buy in Spain a huge percentage are coming from the foreign market so you have to consider this. In the UK and other areas of Northern Europe when Christmas and New Year are over the weather begins to get people down. Feeling the anti climax of the festive period they are already planning a summer vacation and they long for warmer climates, hence the Spanish market making good use of winter for selling houses.
They arrive in Spain to clear, blue skies and their heart begins to rule their heads as they envisage a new lifestyle or holiday home to escape the long British or Northern European winters.
The buzz just now is to scoop up repossessions.
Are Bank Repossessions a Good Idea in Spain?
Banks aren’t Estate Agents, so for those wishing to buy be careful, if the repossession is coming via this route. What may appear to be a good deal in reality might not be what you expected!
Most of the bank repossessions have been added to the banks estate list from poor locations. They have been marketed to appear attractive to the buyer, offering mortgage incentives. All in a bid to cover their own loan expenditure.
Many banks are handing over this type of portfolio back into the hands of Estate Agents, who are much more apt at dealing with property.
You Hold the Keys
This is good news, you haven’t been repossessed. If you have a good marketing strategy behind you and a professional Estate Agent you are in a stronger position to sell NOW. The economy is on the up and the overall Spanish home owners are made up of 21.4% foreign investors. Breaking this down it accounts for:
15% - British
11% - French
8% - Russian
7% - Belgian
Can you attract these types of buyers? What appeal does your home have for this type of market?
If the media in the UK is anything to go by they have been hitting out ‘Buy in Spain’ headlines for the past couple of years. Not wanting to miss out on a good opportunity of vastly reduced properties.
This would lead you to the question of WHAT ARE THE TOP SELLING TIPS TO SELL MY HOME?
What to Look for in an Estate Agent in Marbella?
With the right Estate Agent you have a better chance of selling. There are always people looking to buy even when the buyer’s market is slow. With the right marketing and agent you target the people who are looking in your area.
A clever estate agent with a strong understanding of your demographics and knowledge of your area is better armed to deal with the market. Make this your criteria when choosing the right agent; it will be vital to the sale of your house.
Ask the questions and do a bit of searching. Does the Estate Agent have Social Media, do they update the content to their website, and are they attracting people to them? In today’s Digital Marketing World an agent armed with these tools has more influence. It presents a more transparent view of how they communicate with people and operate their business.
With the demand in Spain for property in the right areas we are seeing the value of properties increase again.