According to Premier Marbella news sources, when a vendor places their Marbella property for sale, the big question will always remain at what price? The fear of under-selling or the idea that prices can always be reduced leads many vendors to fall into the ‘overpricing’ category.
However, according to recent statistics obtained by Premier Marbella the figures indicate that when a property is put up for sale at a price above what is the appropriate and correct, inevitably the property ends up selling for less than its value. “The most interesting buyers normally appear within the first 30 days of the property being marketed for sale, therefore it is vitally important to have the price right from the start. Thereafter, the property will typically produce a significant drop in interest which in turn leads to lowering of prices, with a consequent loss of time and opportunity, ” said leading Marbella property specialist Romano Keogh.
So, what are the key aspects to focus on when setting the price of Marbella property
• Market situation at that moment
• Prices of similar properties
• Condition & presentation of the property
• Area and location
• Possibility of finance
• Perception of the property
By contrast, there are several factors that sometimes impact on pricing; what the vendor initially paid for the property, what has been spent on it or the emotional value. Be warned, a prospective buyer will not evaluate and take into consideration a vendor’s misfortune. Making one of these mistakes only leads to “selling your neighbor’s property”, as understandably buyers will seek out the most interesting opportunity.
Finally, every time the price range jumps up higher on a property, the number of people interested is reduced, for which it is also necessary to analyze whether a property has the necessary ‘wow factor’ to position it at a higher level while being faced with demand from a minor number of candidates.