The Spanish property market is extremely dynamic, therefore, the length of time it takes to sell a house in Cumbre del Sol should not come as a surprise.
Below, we look at the factors that make sales go through more quickly on thereal estate market in Cumbre del Sol.
What factors come into play when selling a house?
Taking into account the national average, in some parts of Spain houses are sold within a week. In fact, it only takes 20% of property sales a week to go through; while 21% take between 1 and 3 weeks. Only 14% of properties are still on the market after one year. But what factors drive sales?
The prices of properties in Cumbre del Sol will be the main thing potential buyers will look at. Everyone has to stick to a budget and, if you sell above the market price, you are unlikely to find suitable buyers.
Before looking at figures, the best thing to do would be to look at the current average cost per square metre in the area. You can also compare the prices of similar houses on the market over a few weeks. This will help you to crunch the numbers and make sure you are going to be as competitive as possible on the real estate market. Leave a little room for negotiation. Buyers generally like negotiating.
State of preservation
A newly renovated property will always be more attractive than an old one. While not all potential buyers are looking for a newly renovated property, it will definitely lead to a sale going through more quickly. This is on top of the fact that it will look more attractive; buying a renovated property will mean less work for the potential buyer further down the line.
The location is, along with the price, one of the key factors when it comes to selling. The price per square metre can be up to twice as much from one area to another, regardless of the condition the property is in. Therefore, if you are selling in a good location, there will be less effort involved in finding a buyer.
As well as the neighbourhood or traditionally expensive neighbourhoods, another factor that increases property value is how far away it is from the beach, for example. Properties in central areas or new up and coming areas can also attract potential buyers. Families with young kids generally prefer areas on the outskirts close to parks and schools. On the other hand, young people go for areas with lots of services nearby.
Fixtures and fittings
On top of the foregoing, property prices can rise if they have things that are highly-sought after by potential buyers. For example, attics, spacious terraces or lifts raise property prices. Something else to take into account is the number of rooms, if it has a patio or is built with sustainable materials.
How long to sell a property in Spain and Cumbre del Sol
At the start of this article we mentioned how quickly some properties can be sold in Spain. However, where are the fastest-selling properties?, how long does it take for a sale to go through in Cumbre del Sol?
As you would expect, sales go through more quickly in provincial capitals. 25% of sales go through within 7 days in Madrid, 34% in Granada and 31% in Pontevedra. On the other hand, in Ceuta, Zamora and Lugo, up to 75% of properties could still be on the market after a year.
In the Valencian Community (where Cumbre del Sol is) properties take, on average, 6 months to be sold.
How to speed up the process?
If you are in a rush, below we have some tips on how to speed up this process.
Give it a makeover
Putting down new flooring or painting a house can do wonders for it This does not just increase its value, it will be far more attractive and will be sold much more quickly. If you have the budget and time for more DIY work, you could buy some not-too-expensive furniture and spruce it up a little.
Put in new fixtures
If you do not want to renovate it from top to bottom, changing piping and updating the electrics could be the key to a quicker sale. The buyer will have peace of mind knowing that some factors that could be potentially expensive further down the line have already been taken care of.
If you want to gain some extra metres and the property has a terrace, closing it off could be a great idea. As well as turning it into a bright room, the space will be larger which, in turn, will be more likely to turn the heads of potential buyers.
To sum up, selling a house in Cumbre del Sol could take a few weeks. Although the Spanish real estate market is extremely dynamic, some properties are just not attractive to potential buyers. The asking price, the location or any renovations carried out could be the key to a sale going through. Talk to professionals like us!