jimjan

Like everyone else looking to relocate I’ve been keeping a keen eye on prices and have been bookmarking possibles, watching the prices either hold steady, or in some instances come down.

So I was really bemused today when the estate agent who had sent details earlier in the month, informed me the property I was enquiring about had been taken off the market last week and re-listed today – 24,000 Euros higher. (The property has been listed on other sites at the lower price for several months, so its unlikely that it’s a typo that the vendors have just discovered)


So can anyone throw any light on this???

Is it common practice in readiness for the Summer season buyers or has there been an overnight upturn which I missed . If there is a seasonal pattern I’d be grateful if someone could tell me the best time to buy, as all the agents are quick to assure me that the British traditional Spring and Summer (lets not bother in the Winter so much) patterns do not apply in Spain.

(I checked the other site it had been listed on to find it had totally disappeared from there also – I’m waiting to see if it reappears)

CBANDY

The spanish press are saying that in 2009 things will return to NORMAL in the property market. I don`t know what they mean by normal. I have just decided to put my house on the market to see what happens, but i don`t expect anything to happen soon.

leighbloke

Theoretically that should mean entry level housing becomes affordable for the local workers?
Probably require a 50% price "correction" to achieve normality.

I recently stayed on one of the Polaris World resorts - must say it was very well done if a little surreal in its out of season ghost townesque state. The lady manageing the Apartment we rented said she had a few furnished units on her books the owners were also trying to sell - the prices she quoted indicated as a "private sale" I could expct to pay around 50,000 euro less than the current off plan unfurnished published prices.
So Maybe advertised prices are a little off the real world figures.

Hillybilly

Welcome to Spain. What you have described is a fairly typical "Spanish" attitude to house-selling. If the property hasn't sold within a few months...don't lower the asking price...raise it!
As has been talked about before on here and other property fora, many Spanish own more than one property, will put one or more on the market when they need to raise some €, and sit back and wait.
Also you will find sometimes situations where a coastal-based estate agent lists inland village houses at grossly inflated prices (and often succeeds in selling them at those grossly inflated prices because purchasers think they're getting a bargain when comparing the prices inland/coastal). The rest of the village gets to hear about the price achieved for their neighbour's house and think way hay, we can all sell our houses for silly sums.
Out of interest, what reason did the agent give for the increase in asking price, and what is their commission?

Lionda

From what I have been hearing round and about the prices are still stagnant. I wouldn't bother with that particular estate agent if I were you, sounds like he could be pulling a fast one

Fred James

Try this site - it shows property value trends in various areas

http://www.kyero.com/price_index/kye...rice_index.pdf

jimjan

Hi again and thanks for your replies.

Hillbilly and Lionda–When I had ‘phoned the agent yesterday to ask for more detail she did seem genuinely surprised that the house had been re-listed as she had only mailed full details at the lower price 3 weeks ago. I haven’t asked what commission they charge but I have had the details of this house bookmarked for a couple of months from several different agents. The price between them all only varied by 5,000 euro.

As mentioned it has disappeared from another site and not returned, and on checking this morning it has altered on a third site (again increasing by 24,000 euro) with the word REDUCED in the title description

Perhaps I’m being naïve here but I feel I ought to give the agents the benefit of the doubt unless they’ve all got together and decided to up the ante, or could it be the vendors are waiting for the Summer rush of visitors hoping (even in a struggling market) at least one may leave their brain on the ‘plane.


So can anyone tell is there a particular time of the year you recommend to buy, or can this sort of thing happen at any time?


(Incidentally – the photos show that some furniture has been moved out and a wall has been painted – Is paint really that expensive over there? )

jackytoo

A friend who has had their house on sale for a while has just increased the price of their house by 90,000. Reasoning behind this, they wanted a quick sale but the house they wanted to buy is off the market so they don't need to sell quickly!

Sometimes the prices vary because the agents have "borrowed" the property details from another site. When we had a house for sale I saw it a various prices on the web with agents I had not even heard of!

zel

Never ever give estate agents the benefit of the doubt and if you are generally interested in the property offer them what you were going to in the beginning and sit back and wait and see a response. It really IS a buyers market now and for the immediate future.

What has probably happened is as I have witnessed either someone has 'heard' of a property locally which sold for X amount or that because it has not sold in ages the vendors looked for new estate agents to try and sell it and as in my experience what a lot of estate agents do, promise the world and deliver pretty much nothing said something like "oh well we are confident we can shift this and to be honest it is undervalued"

To most vendors they see pounds/euro signs and it doesn't really enter their heads that it's all clap trap to get their business and within a month or two and no-one has bought it they will go back to the vendor and suggest they lower the price.

Having said that not all estate agents are like this, just unfortunately most are and as the market is slow they (the agents) will battle against each other more to get property than they normally do! Just a shame it's the vendor and potential purchasers that lose out.

coultrm

I regret to tell you the Spanish housing will have to fall considerably in price before it can get on the move, they have overbuilt and therefore there is a larger supply than demand.
Regrettably its likely to be depressed for the next 5 - 7 years and only then will it become a viable investment. Wishing you all the best in selling your property but regrettable you certainly have chosen a most inopportune time to sell.

Cats-R-Us

Does the seller happen to be English wishing to return to the UK. Perhaps they want to achieve a certain number of pounds sterling and have had to increase the euro price due to the extra cost of buying sterling from euros. Does that make sense or have I got it back to front again?

CBANDY

Back to fron i am afraid. This is the perfect time to buy pounds.

jdr

That is what she means, raised the € price so he still gets the same pounds price that he wanted before.

CBANDY

But you could drop the euro price to get the same pound price. The euro buys more pounds now that 4 months ago.