It's time for a sermon. It's time for something that you might not necessarily want to hear. It's time for a reality check. You may decide you don't want to work with us after reading this because others may sugar coat the truth before you come here but you need to know that truth before you arrive.
However, can you handle the truth?
Firstly you need to know what your money will buy you. Luckily for you we wrote about this two weeks ago. Once you know that and get it then you need to know one thing and that is how to act in the current Valencia Property Market (mid-2024 in this case). But the truth is also... this is the situation until further notice. And we will give you that notice if the current situation changes. After all, forewarned is forearmed.
See It, Like It? Buy It
We really don't like doing this because we don't like pressuring people into buying anything but... it needs to be said.
If you see it and like it there are so many other buyers around that someone else will like it and buy it. And then you lose it.
If you don't make the quick decision then it will be gone. If you see it and like it then buy it... or at least make an offer and see what happens. Full price offer will get you the place in almost all cases.
Otherwise you'll lose it. Simples.
As an agency we want you to get the best place for you and when we see your reaction to a place that you love then you need to move quickly these days. Believe me... we will tell you if this is not the case. When the market changes we will let you know but at the moment it is what it is.
And in order to do that you need to have everything ready.
See it. Like it? Buy it.
Do What You Are Told (Or at Least Advised)
Sounds harsh I know but tough love will work for you. In a couple of week's time we have Valencia Property's 25th anniversary party with a load of people who have bought through us. And that number, 25, is important.
We have been doing this for a long time
So when we tell you the process of buying and what you need to do at each stage then listen and do it. Our orientation mornings are important. Those mornings where we get your bank account opened, prepare you to apply for your NIE number and get you a POA for a lawyer to pick up that NIE, plus maybe registering with a currency company if required. It takes a few hours but it's totally worth it.
If you don't want to do it because you might do it in future then agents will be concentrating on other clients who are ready to buy and can act on seeing a property that they love.
Finance Pre-Approval is Key
If you are looking to buy with a mortgage then you need to get a pre-approval from a broker or bank. Agents will mostly not even take you to see properties if you need a mortgage and haven't got pre-approval because by the time you can make an offer, or even make a decision, that property will be long gone and you'll need to start again. The agent will have wasted their time and probably lost the property to another one. This is why they don't generally answer when you cold call. A foreign number to a Spanish agent is a red flag as most people coming in from abroad come totally unprepared and think that things here should work like they do "Back Home". They don't. Things are different.
Make yourself attractive to the agent you are going to be working with by having everything in place from the start.
Don't Lowball Offers
In the current market the seller is very likely to tell you to go to hell and not even consider any offer, even at full price, if you start with a lowball offer. We'll let you know if you could possibly be offering low on a particular property or when the market has turned enough for you to consider making lower offers. Here's the thing though, if there are only a few approprite properties for you, and it's likely there will only be a few in a restricted market, you don't want even one opportunity to close down for you by being blackballed because you lowballed.
When was the last time a lowball offer was accepted? Possibly pre-Covid!
Don't Wait
We used to say "Wait and something good will come up in your price range". In some cases we were wrong. We cannot say that with any confidence any longer. In Valencia, just like in the rest of the World the property market has risen massively over the last few years and it continues to rise now. If you want a place to live the good life we cannot suggest a better place than Valencia but bear in mind you are up against others wanting exactly that same good life and also investment funds seeking out returns. You have to be ready to jump even at the 8 out of 10s. Waiting around for the property that ticks all of your ten boxes might mean that why not now becomes never.
But... But... But
No buts unfortunately. This is the situation that we have at the moment and until it changes these rules for life in the Valencia Property market exist. You might not like it, we might not like it, indeed nobody might like it but it is what it is.
"I Guess You Need to Upgrade Your Skills"
This was the response last week to a conversation I had on Whatsapp. We were asked by somebody to work with them as a buyer's agent. They mentioned they wanted to buy a property in Valencia up to 100k. I told them that what they are looking for doesn't exist so they then said they were looking for smaller towns which is fair enough. However, in the areas where we work in and around Valencia there is very little even close to that price and I said unfortunately we cannot perform miracles.
I was then informed that miracles weren't needed, Halleluja! For they had found over 100 properties that fit their criteria on Idealista in the Valencia Community! Right... Challenge accepted.
Firstly, the Valencian Community is big, very big, and it includes Alicante and Castellón! From Vinaros in the north to Torrevieja in the south it would take you alomst four hours in the car to travel the 373km. There are over 5 million people living in the VC.
100 properties for 5 million people isn't that many.
Secondly... OK, more than secondly... thirdly... fourthly and more...
- Is it legal?
- Is it structurally sound?
- Is it a council property?
- Is it an AI render?
- Is it actually for sale and not clickbait for contacts?
- Is it in a "good" community?
- Is it on the fifth floor without a lift?
- Is it ready to move in?
- Is it in a good area?
- Is it a reputable agent?
- Is it well communicated?
- Is it occupied?
- Is it rented on a long term basis?
- Is it worth the money even though it seems "Cheap"?
- And finally... Is it worth looking at?
There are definitely properties worth looking at in that price range in the Valencian Community. of that there is no doubt, a few anyway. However... they are generally not in our area, they are largely a long way inland, on high floors without lifts, in a decrepit state, difficult to get to and from (Or even all of the above). Most of them will mean you are embarking on a wild goose chase. Feel free to move forward on going to see them and if you see one you like then remember what we said above... see it, like it, buy it!
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Property of the Week (Reduced)
We don't normally get to see a reduced property as the property of the week but take a look at this beauty.
El Pilar is one of six neighbourhoods that make up the ‘Ciutat Vella’ or old town of Valencia and is closely associated with the silk industry that predominated in Valencia back in the day. In fact, the Valencian name for the neighbourhood is Velluters which comes from the Italian word ‘Velluto’ meaning silk and it was here that loads of Genovese settled and formed the first silk makers guild in the city. Marco Polo might have stayed at the apartment you’re looking at here right now for all we know, we’ll never have proof either way to confirm or deny this (Except the age of the property maybe... Just a bit later than his trips here).
Located around a lovely little plaza on a quiet street this bright Northeast facing (you’ll be happy with that in the summer months) apartment has had a recent remodel and is ready to move into as is. Just sign on the dotted line, get the keys, buy some silk pyjamas from the weaver downstairs and get settled into your new digs surrounded by history and the odd silkworm.
This is one of the most in demand areas for foreigners these days, so if you decide to spend a few months of the year here while renting out on a medium term basis for the other months (don’t worry, we can make that hands-off and stress-free for you using our Stepping Stones program) you’ll be on a handy earner. Good restaurants and bars dot the area, close to pretty much everything, pretty neighbourhood… what more do you need?
Want To Read More?
Why not read some of our other, maybe less hectoring, posts? Just click on the images below and you can get some more great information.
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