Home sales continue to decline. According to the latest report from notaries, transactions were down 11.7% year-on-year in March and have been falling for more than three consecutive months. Pending the report for April and May, the specialists at HelpMyCash.com, a website that compares financial and real estate products, forecast a continuation of the contraction in operations due to the increase in the cost of mortgages.
“In the last three months, the Euribor has risen from 3.647% in March to 3.862% in May, which leads us to anticipate a reduction in home sales. In addition, banks continue to impose stricter requirements for the granting of new mortgages,” say the experts. Despite everything, there are still homeowners who need to sell their home quickly. But how to achieve it in the midst of this climate of uncertainty?
“One of the most important considerations when selling a flat quickly is to establish an adequate price from the beginning,” they say from HelpMyCash, even more so in this context of expensive mortgages, where buyers are more careful and are reluctant to pay a high price. For all this, making an appropriate valuation of the property is increasingly relevant and is achieved, for example, by comparing the prices of other homes with similar characteristics and located in the same geographical area.
The experts also recommend contacting at least two real estate agents who have experience in the local market, since they can offer a more accurate valuation and define a price strategy according to the needs of the owner.
In the midst of a market where the demand for housing is increasingly reduced, negotiation is also key to selling quickly. Mainly, because many buyers tend to make lower offers to offset the increase in mortgage costs. This does not mean that the owner must sell at a low price, but it is convenient to be open to negotiate.
Indeed, the price difference between the homes published on the Idealista real estate portal and the final sale price informed by notaries is around 15%, which shows that there is a negotiation instance and that the asking price is never the price end of sale
However, if the owner has a real urgency to sell his house, HelpMyCash specialists recommend requesting an offer from an iBuyer, which are companies that buy flats in seven days and without intermediaries. And although iBuyers offers may be less than the market value of the home, the main advantage is the speed of the operation and the simplicity, since these companies take care of all the paperwork and paperwork.
Hence, the purchase price may be lower than the value that would be obtained by selling under normal conditions.
However, these companies can make a purchase offer in less than 48 hours and completely free of charge, so experts advise contacting an iBuyer before starting the sales process. If the offer compensates the owner, he will be able to sell in seven days. If not, you can always publish your home on real estate portals.
