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Selling a property in Spain is difficult as it is one of the largest overseas property markets on the planet there is allot of competition and you have to compete against similar properties and new developments as well as bank repossessions. If the property has been on the market a year or more without any offers, chances are some to the reasons below are why you cannot sell your property in Spain.
1. Price – Many Spanish property sellers forget that price is the most important factor in sales. You need to price for the value of the property not for what you want to make from selling the property. Wrong pricing is one of the main reasons why property in Spain does now sell.
2. Not being able to show your property to buyers – allot of Spanish property sellers forget the buyer has the power and should go out of their way to make a viewing happen as buyers can appear at any time. You need to make yourself or someone available at all times for viewings if you are not there give key holder details or leave keys with the estate agent.
3. Not being flexible enough on the price – if the property is priced to sell 95% of buyers will want to make offers under the asking price so if you are not flexible on this price you run the risk of losing the sale.
4. First impressions last – if the property looks untidy or dirty this will have a negative impact on buyers, cracks in walls , dirty paint, garbage or dirty laundry lying around, broken doors and any other cosmetic faults need fixing before inspection trips happen.
5. Inspection trip problems – be upfront and honest about any structural defects you know of as even though they cannot be seen they will be found out by a surveyor. A buyer will think what else are you hiding and pass your property for another property with honest vendors.
6. Low offers – many buyers make low offers to test the market to get a reaction from sellers of property in Spain. We are in a time of opportunity and there are many buyers who will chance their arm. Do not take offence to this rather go back to them with a counter offer.
7. Unattractive property – you cannot see it for yourself as you live in the Spanish property you are trying to sell but if you are not selling quick you need to speak to the estate agent and ask his advice or find a good interior decorator or landscaper who will make the property appealing to the eye to show the best features of your Spanish property for sale.
8. Not enough marketing – this is one of the major factors in all property sales as not enough exposure means no sale. You need to market outside of Spain to sell property in Spain. Markets like China, Russia, Sweden, Norway, Germany and beyond. It agents that market into these countries have the best records of sales.
9. Over saturation of the market – it is now a buyer’s market and they have the power. If your property is not good enough they will simply move onto another property as there is hundreds of similar properties on the market in your area to choose from. So you need to be in line with the competition. Have a good price and be flexible.
10. Not the best time to sell – properties are sold all year round in Spain. But sometimes if there is severe winters or around Christmas time it is usually not the best time to sell. Hold tight and be patient and keep getting more and more exposure for your property. Remember the more exposure you have the better chance of a sale.
We have helped many clients sell property in Spain over the years contact us today to see if we can help you.