By Mary Beker
AS an independent estate agent who has lived and worked in this area for over 30 years the most common question I am asked is “How much is my house worth”? Especially at the moment when prices are dropping drastically. I personally think that they have hit bottom, and so what does it mean?
People often have an inflated idea of what their house should sell for, not what it will sell for in the present climate.
The real answer of course is whatever somebody is prepared to pay for it.
Everyone knows that prices have dropped and the buyers who are around are looking for bargains, some of them to my mind make pretty insulting offers, thinking that everyone is desperate to leave.
However people sell for a variety of reasons: ill health and down sizing are only two of them.
Many of us would not dream of living anywhere else than this beautiful area of Spain.
There are many bargains to be had, the prices were, I think, inflated before this particular bubble burst and some properties were were never worth what their hopeful owners thought.
This situation was not helped by some agents from the coast – hoping for an exclusive – who quoted silly prices.
However, this is not the Costa Del Sol, thank goodness.
However there is much more interest this year, many more clients and hopefully more sales – but people will bargain.
Be prepared for some serious negotiation.
Having just put in a new kitchen or bathroom will not increase the value but it will make it easier to sell. Kitchens and bathrooms are still one of the best selling points.
Personally I would not sell at this time if I could help it – unless I was buying something which was equally reduced.
The current situation is not going to be over for quite a while and it could take years for the prices to rise.
It is definately a buyers’ market and will be for a while.
It sounds like doom and gloom and doom but it’s not really.
Be realistic and remember that you are living in one of the loveliest places in the world.
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