For sure the market has picked up. Sales trends are rivalling that of the peak in 2005-2006 but what has changed since that period?
Well the number of potential buyers has returned and indeed they are buying but there is a significant difference in their expectations.
Prior to and during the recession many domestic properties in the UK and across Europe experienced huge overhauls. Instead of moving home many people decided to improve their current homes. Kitchens were being knocked through to make large family rooms with kitchens, dining and family rooms. The traditional living room is becoming either incorporated into this room or being a special room for relaxing at the end of the day. This new room has become a multi-purpose room.
Also the style and standard of kitchens in many households has moved on massively. High gloss units, in-built coffee machines, ice makers and wine chillers are all becoming a standard feature in many homes. Bathrooms were being turned into wet rooms with rain showers, installation of roll top baths and stylish cabinets along with 3D tiling and magazine quality finish has now become the norm. And because of this we are now seeing a change in many of our client’s expectations.
They still like the traditional touches such as patterned tiles, archways and bougainvillea climbing the walls but they are looking for so much more when choosing their home in the sun.
The properties we are selling are generally those that have had or have been designed to have modern touches. Of course you need to present your property using the same old standards as ever, clean, tidy and de-cluttered but properties with modern kitchens, stylish bathrooms and fresh contemporary tiles are the ones that are either selling quickly or at least getting the viewings.
It is not a new phenomenon for properties with smart kitchens and bathrooms to get higher levels of interest this is old news, the difference is the number of properties on sale here in the western Algarve out-weighs the properties that have undergone this makeover.
Of course this is always dependent on the current owner being in a position to undertake these improvements. However this needs to be a consideration when you are setting your own expectations on the achievable price.
Clients are walking into properties with a high level of minimum requirements. When these are not met the next stage is to look at how much it would cost to improve the property from your current to their standard. The new buyer is more experienced than before the recession. TV shows, magazine articles and a general rise in exposure to high quality goods are raising the bar in what people are looking for in their holiday homes. It is now just not enough to rely on location, view and the sun.
People’s homes are status symbols of their life. The “mod cons” are now prerequisite and without them clients are feeling the properties to be inadequate. Many times I have said if I had 50 contemporary houses I could sell them all! This is becoming more and more prevalent.
I understand it is not possible for every vendor to invest thousands improving their property for this new age buyer; however the properties need to be valued accordingly to compensate for any improvements the property may need. The kitchen may suit your needs perfectly well but the new buyer often sees wooden doors in kitchens and the lack of a rain shower as passé, and are viewing the property working out how much it is going to cost them to make it perfect for them.
Remember properties are selling but the properties that are selling fast are the properties that are either full of the contemporary finishes or priced to allow the new owner to install them!
If you need any advice on how to market and value your property appropriately I am happy to give this help.
For more advice and information, please contact me on david@bpaproperty.com.
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