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The most common property pricing mistakes

Putting a price on a home is not one of those procedures that will help it sell easily. After all, a bad valuation can imply selling below the true value of the property or the impossibility of finding a buyer due to setting an excessively high price. Here are some tips for selling a flat.

Assess the emotional aspect

Living in a home for many years leaves the owner with lots of memories about that property. However, this does not add any value to the home and may cause the seller to demand an excessively high price for it. We must understand that the vision we have about a property that is close to our hearts may be marked by subjective judgments, which is why it is best to opt for professional valuations.

Not comparing with other properties

Another mistake that sellers make is asking for a fixed price on their flat without comparing how much other similar properties have been sold for. In this way, the owner may be demanding a price that potential buyers know is out of the market range, which considerably complicates the sale. When selling a flat, take a look at the properties that have relatively similar sizes and are located nearby in order to get an idea of the right price.

Madrid - Errores más comunes al fijar el precio de venta de una vivienda

Fotos: © Engel & Völkers Madrid 

Not taking into account the condition of the property 

Although many homeowners are aware of their home's condition, some tend to overlook different aspects that buyers do take into account. If the property needs any repairs or renovation, the price can not be the same as if it were in perfect condition. You have to think about the fact that the new owners will have to spend money on updating the property, hence the asking price must be adjusted accordingly.

Ignoring the market situation

We are in an expansive phase in terms of the economic cycle in general and the real estate market in particular, but this situation may change in the future, as it has changed in the past. Property owners must know what the exact situation of the market is before putting it up for sale. For example, in 2013, many homes in Spain had experienced a drop of up to 50% in their price compared to 2008.

Setting the price based on future plans

Another common error is to demand a certain amount on the property because it is how much the owner needs to make another investment. The future plans of the sellers can not depend on the sale price of a home as other factors should also be considered. This is something that you must not do when selling a flat as you will not be able to complete the deal. It is best to avoid creating tensions during the negotiations by making demands that do not conform to the characteristics of the property or the market.

Engel & Völkers

Génova, 27 - 5th floor
28004 Madrid
+34 91 277 45 00

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