Why Spanish Property Sellers Need To Be Careful Of What They Believe

I make no bones about it, there is life in the Spanish property market, much more life than most people suspect in fact. There is no doubt that badly priced, badly located and badly presented properties will not sell but the right property at the right price in the right place will always sell. As Meat Loaf once said "Two out of three ain't bad" either. However after a few conversations in the last few days I have to conclude that some people think that one swallow makes a summer and that an individual event predicts a trend even when the truth lies somewhere remote from the actual words spoken. Let me explain. A client asked me why their property hadn't sold when a "worse" property in the local area had sold really quickly at a price some 70000 Euros higher in just a few weeks and that there had been a battle between three buyers to get it. I would preach caution here in various aspects:

1. Don't believe the hype by a seller telling their neighbours how much they got for their property. Most people are economical with the truth when their pride is pierced.
2. I would doubt there was a three way argument over who was going to buy the property. It is amazing how 1 or 2 can morph into 3 very easily when talking about anything. Just think of how many goals someone scored the last time they played, how big that fish was and how much people earnt on betting last month. The truth is never spoken until you do a little bit of digging.
3. What does worse mean? Is it smaller, is it without views, does it lack facilities? Or is it a totally subjective view based on the fact that "my place holds my memories and sentiments"?
4. Schadenfreude. People just love revelling in others' misery and looking clever compared to others. "I'm alright Jack and you should do the same as me!"

So where is the life in the Spanish property market?

1. If you are ahead of the market curve then you will sell. What does this mean? Most people track the market. The market moves down and they gradually drop the price. This hardly ever works and gives the impression that the seller is different.
2. Location, location, location. You cannot change the location of your house so the question is what market does your house serve? Should you be targetting a market of hairy bikers because your property is next to a racetrack? Should you be looking at attracting disabled clients because your flat is one of the few with easy access for wheelchairs? Should you be looking at Millionaires because your luxury pad overlooks the most important attractions in a major city? If any of these considerations is correct then you should be marketing your property to that market. You just need to identify a market and then find out where people in that market hang out both on and offline.
3. There is a good market for city apartments, especially those with terraces. There is a great market in the luxury and semi luxury sector if the clients are targetted well. There are great opportunities in many new markets as Spain is still an attractive destination for many other countries.

So should you believe everything you hear? Evidently not. It could be true, it probably won't be. But remember one thing, target your market and two out of three ain't bad. And also if there were three buyers and the house was worse than yours then get along to the agent who sold it and get your property offerred to the other two pretty darn quick because you never know, they might have been telling the truth! However if you believe the hype and price accordingly then you may have a loooooooooooonnnnnnnnnnnggggggggg wait to make a sale.