neupit

I would like an honest answer please from someone that lives in Portugal.

We are retiring in January and planning to move as soon as we have sold our property, hopefully February or March 2017. I have been looking at houses to buy online and have even had conversations with estate agents in the Algarve, and one in the UK who is the agent for several houses for sale down there. They are all saying that the best time to buy is late September because house rentals are over by then and if they are going to be sold will be done so then. They are also saying that houses are moving very quickly and that if we don’t buy soon we will lose out. Of course we realise that they are sales people and trying to get us to buy, but is this true?? Are houses being snatched up quickly? Will we lose out??

We were also told by friends that have moved elsewhere that it is best to live in a place for several months in order to determine the best place to live for our needs, then buy a place. This means we won’t be ready to buy until next summer. I am worried we won’t find anything. I know this sounds ridiculous but I am worried…… Please can someone be the voice of reason and give us some honest opinions??

Thank you so much!!

mfesharne

IMO, very few houses sell quickly here..... I'd also recommend you don't trust pics on websites because they're often taken with wide angle lenses & could easily be & often are years out of date.

MrBife

Honest answers coming up ...

Many (but not all) Real Estate agents will do or say more or less anything to get their 5% commission on the sale. They are working for the buyer and no sale = no dinner on the table.

Some of them value low to get higher turnover, a bit of a mean trick but its been happening for years. If they get it really wrong (which they can do) then a property can be something of an undervalued bargain and may well sell quicker.

Definitely take the advice of your friends and try a chosen location before you buy to see if it meets your expectations. Selling again if you made a mistake is not so fast remember unless you undervalue (and sell for less than you paid). So don't be in a rush, if you are here you will be able to get proper inside info rather than the info that the agents choose to tell you.

It can often take six months to complete the buying process - sometimes more if the documents are not 100% and third parties need to be involved.

Selling again will not be quick either if you find you made a mistake so take your time and don't rush into anything, don't believe the agents and keep your wits about you.

Good Luck

liveaboard

Property prices seem to have bottomed; but there is no sign of prices rising yet.
There are thousands of unsold properties, it will take some years to clear them even if things pick up.

So relax, take your time, don't be pressured.

tombo

I agree with liveaboard. Plenty property. It takes yonks to sell here.

Rent first to have a good feel of the place. This area here about 8km east of Faro has shown increased activity lately.

New properties next to nothing but old traditional houses that need totally gutted, well these are actively being restored.

Tonyj

I think it depends very much on the type of property you are looking for and the area.

There is still an abundance of apartments for sale across the Algarve. Modern town houses though in a tourist town like Tavira are moving very quickly. We sold and bought late last year. We put our two bedroom townhouse on the market for a realistic price and had an offer for 98 per cent of the asking price in three days. We accepted and had moved out four weeks later.

We then tried to find a three or four bed modern townhouse, walking distance of the town and it was difficult to find the right property. We had one offer on a place outbid and had two other people chasing the one we eventually bought.

I would definitely say the market is buoyant at present, partly driven by French and Scandinavians looking to take advantage of the non habitual residency scheme. There were more British buyers last year but that may slow again because of the exchange rate.

scot47

When (if) the time comes to sell. how easy will that be ? In many European markets selling property is a long and slow business. How easy will it be to get out ?

mark mc

What areas are you thinking of moving to ?.

Loafing Along

If you are not exactly sure of where you want to live rent somewhere first for at least six months. Definitely do not follow what the agents are saying , there are properties available and prices are not changing that dramatically, if you are coming from the UK the exchange rate shift will have made the properties more expensive than any market movement.
We are now in the "rental" phase and learning a lot about our local market and also about what we actually want to buy.

tombo

Read posts with caution. Don't forget that there may be a Trojan Horse on this thread.
Estate Agents, deservedly have taken a real kicking over the last few years.
Apart from prices never having really increased over the last ten years, (look at your VP on the Financas web site) you have had Agents charging way over the odds commission fee for a poor market.

GeniB

Honest answer here too

Don't be pushed by anyone..not even on here.. You are the one making the big decision,only you will know what suits and when it suits you

My advice..having done what your proposing to do five yrs ago... Do it slowly,one step at a time.. Retire first and enjoy a little free time..Sell your house first and then rent. Don't worry you will find something, We rented for six months and took our time looking around. We did already have an idea where we wanted to be.Had already rented the house of our dreams a few yrs before ,amazingly it was not only for sale but came down in price just at the right moment for us to buy it.As the saying goes.. 'what's mean't for you, won't
go past you'
I do take issue with the bad press Estate Agents get.My daughter is one and believe me she works very hard..(a lot of the time out of hrs..) for her money. (Try listening to a large French family with a long list of demands for sometimes weeks before a sale.. or maybe they walk away )

Our Agent was brilliant and also worth every penny. If you ask a question like yours it's very difficult to answer it other than to say.'Now's the time to buy don't delay etc.. hardly going to say.. No don't bother..

All I can say is she has been rushed off her feet for the entire year. Portugal and the Algarve are 'in' thanks to Trip Advisor and the American press and of course the unrest in other parts of Europe.We have certainly seen many more Americans here and French looking to buy. Her partner is in fact closing on the sale of two of his properties as I type.. two previously hard to sell ones. Sales are definitely up. Prices however remain stable. But don't worry there is still plenty to go at,... Take your time and relax

GeniB

Most people aren't buying with a view to either 'flipping' or getting out quick Scot

This is generally retirement property or investment property. Should things slow down again the option to rent out as holiday lets is always there. Six months rent will usually adequately compensate for a years costs. Of course you do have to buy wisely and carefully in the first place...Location,Location,Location is the golden rule

scot47

My experience is that some buyers will want out after a year or two. They may find selling the place more difficult than they anticipated. Not all property markets are like the one in Britain, where people buy and sell regularly. In SE England people seem to change their houses as often as I change my shirts !

neupit

Anywhere East of Silves inland with 20 - 30 minutes drive to the coast. We would like a sense of space having lived in big cities all our lives, and for the last few years have been in a high rise flat. So no close neighbours would be great....

neupit

I hear you, and mostly think very well of realtors. And thank you for your feedback, I also believe that what is meant to be will be. I think being in Canada and seeing all the properties I have been looking at online for a year being sold is what's worrying me.I have been told that houses added to websites are only a small proportion of what's actually for sale, is that true do you think??