We all know by now that to sell your property; dress it appropriately, always make it tidy, give a welcoming feel to the property and make sure the agent takes great photos that reflect the property at its best and tries to describe the property in a positive way. All these pointers are important, yet it is still the price that seems to be grabbing the glory.
To give you an example of this we have recently sold a lovely sea view villa in Praia da Luz. The villa had been on our books for around 9 months and had received a few enquiries but no viewings.
There was nothing wrong with the property; the photos showed it well, the vendors had presented it well on the day and the write up described it accurately yet positively. The hits on the website were concerning as we were getting some of the lowest hits on Rightmove as well as on the B&P website. It just didn’t make sense, a perfectly attractive property priced at our valuation but not going anywhere.
So, following a consultation with the vendor we decided to advertise at the lowest price the vendor would accept. This meant almost a 50k drop in price off the original valuation. Suddenly the property took off. We increased hits on the portals by at least 300%, we got around 15 enquiries within the first 2 weeks and within 4 weeks we had an offer refused and then 1 accepted and 2 other potentials waiting in the wings.
It goes to show that everything has its price.
We have also seen this on a handful of other occasions where properties appear to be sticking but when the price is adjusted to the correct level they get the interest and then hopefully sell.
If you are concerned about the price level of your property or are prepared to be aggressive on your pricing, email me on david@bpaproperty.com and I will arrange for a current valuation.
Remember prices have tumbled around 30% in the last 5 years. As hard as it sounds you need to price your property in line with current pricing. As previously mentioned 73% of our sales this year have come from properties on the market for less than 6 months. Surely part of the reason for this is that the newly listed properties are being valued at today’s prices instead of trying to sell at 2007 prices or even more! Either call in to the office or send me an email for more information.
Take a browse through the latest listings from B&P Real Estate, new price reductions and holiday offers!
|
||||||||||||||
