Setting the Asking Price

Setting the Asking Price

The Costa del Sol’s property market has always been competitive and therefore vendors without local experience could benefit from expert guidance as to how to go about marketing and selling their property.

As a seller use the following guidelines:

• Price your house realistically
• Take into consideration how much you are willing to accept
• How long you are willing to wait
• It is better to establish the right price from the beginning

Properties prices are determined by a number of factors and market drivers, from recent comparable sales, pricing per square meter to current condition of the property.

The key to any sales strategy is establishing the right asking price. Asking too much for your property can significantly reduce the amount of potential buyers wanting to view it resulting in a property facing the prospect of going stale.

Establishing the right asking price is therefore essential and should be one that would allow your property to be sold within a reasonable time scale at a reasonable price.

There are many useful considerations when determining the price you wish to set for your property.

• The asking price must be realistic when comparing to current market conditions
• Be aware of prices being asked for properties similar to yours in comparable locations
• How long have comparable properties currently for sale been on the market
• Find out how many comparable properties have been sold, and at what price and over what time span
• Have your more immediate neighbour´s sold their property, what did it sell for? How long was it on the market?
• How much it will cost to build a new property like yours. This is called replacement value
• Once a market value has been established you can then determine how your property compares.
• Is it unique, which will allow you to ask a higher price?
• Although it will incur an expense a vendor can always obtain an official valuation from an independent firm of valuers. This valuation will cost a few hundred Euros but is most useful especially if the potential buyer requires a mortgage to acquire your property.

Sol Simple Properties has plenty of experience in the local market, and extensive knowledge of property values on the Coast which enables us to assist setting an asking price for your property. Fixing the right price is important to reduce the time your property will be on the market.


Next Article - Financial considerations

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