Knowing how to set the right sales price for your home is one of the most important factors to sell it quickly and with profits.
We all want to earn money from the sale of our house, however we must keep in mind that even though it might be the perfect house for us, an objective and reasonable price must be set to attract potential buyers.
How to price you home for sale in Spain?
To set the price of your property in Spain correctly, you should take into account at least the following variables:
The prices fluctuate depending on the areas of the city they are in. Even from one street to the next!
The services, the state of the surrounding houses, the status of the neighbourhood and the development have a great influence on the average price per m2 of each area. For example, in Marbella, the average price of a house in Las Brisas (Nueva Andalucía), ranges between 3.700 – 4.000€ per M2, while in the area of La Campana (Nueva Andalucía), it is around 2.000-2.500€ /m2.
– Market demand
For a first aproximation, you can use the prices of property portals such as Idealista or Fotocasa as a reference. It should be borne in mind that these properties will not be exactly as the home to be valued, and that there is a difference, sometimes quite substantial, between the price announced on these portals and the actual price for which the transaction was signed.
In Andalucia Realty we also have access to information from the last sales records made in the previous 6 months, so we can make a much more comprehensive valuation of your property.
Reviewing the turnover of properties in the area of our property should also be a factor to consider. In other words, in order to calculate how long it will take for the property to be sold, it may be useful to look at the first posted date of similar ads in these portals.
– The state of the property and the community:
Each house is different and therefore will need a different valuation. Two houses, even if they are in the same building and within the same floor, may have very different prices. Some of the reasons could be views, conservation status or orientation.
This also applies to the community. If the house is in a condominium, the condition of the building and the services available will also affect its price. Caution! High community fees can also delay the sale of a house.
The way to present a home is very important. If the house is old, it is advisable to invest a little in small improvements such as painting to be able to get more money from the house. If you want to learn more about how to sell your property faster, check out this article on Home Staging and how to impress the customer on the first visit.
In conclussion, What do i need to know to set the price of my property for sale?
To summarize, the most important factors that affect when setting the price of your home for sale are:
– Year of construction
– Appraised value
– Neighboring homes for sale
– The views
-Reforms or improvements made to the dwelling
-State of conservation (would you need reforms, or is it ready to “come to live”?)
-Distribution (e.g. bathrooms en-suite, many corridors or “lost” space? Terraces?
-Furniture (included or not?)
– State of the community
– Neighborhood level (Is it a popular area? Luxury?)
– Services and accessibility of the area
– Presentation of the home (Home staging)
– Supply and demand in the area
– Annexes (garage, storerooms?)
Once all the above factors have been studied, an estimated valuation of the selling price can be given. Only an expert real estate agent will be able to provide you with a correct market value, as he has data and tools that are not available to all individuals. At Andalucia Realty we offer you a complete report with a free professional valuation of your property. If you decide to sell your house in Marbella, Estepona or Benahavis, contact us!
If you want to know more about selling your property in Marbella, Estepona or the Costa del Sol in general we recommend that you take a look at other post such as How much is paid to the tax office for the sale of a flat?