The real estate market resists the rise in interest rates, at least for now. According to the latest report from the National Statistics Institute (INE), 57,327 home sales were registered in August. This represents a rise of 14.9% compared to the same period in 2022 and exceeds the 53,720 transactions signed in July. However, different entities, such as the consulting firm Atlas Real Estate Analytics, anticipate that the number of sales will contract in this final stretch of the year and will lead to a 15.4% drop over the next year.
Prices, meanwhile, remain relatively stable. According to the Idealista real estate portal, the square meter rose by 4.4% year-on-year in September, reaching 1,893 euros. Its monthly variation, however, was -0.1% and marks the first drop in seven months. How does all this affect those who want to sell their flat?
The specialists of the real estate comparator HelpMyCash.com consider that at least three imminent changes can be expected: an adjustment in starting prices —that is, those at which homes are published on real estate portals—, a slight contraction in the final sale prices and a lengthening of the time necessary to close the operation. For all this, they consider that this final stretch of the year is a good time to sell faster and at the best price, just before the market changes cycle. How to achieve it?
Price is the key to selling a flat quickly. If a house goes on the market for an amount according to what the buyers are willing to pay, the sale of a house in Barcelona, Madrid or Valencia can be closed in a few weeks. This period can be increased to an average of between six and seven months if the property is located in a rather small city or town.
However, if the value chosen to publish the property on real estate portals is too high, the situation changes: the term can be extended to more than a year, regardless of where the property is located. In addition, HelpMyCash experts explain that, in most cases, the price ends up lowering sooner or later until it adapts to market conditions.
“If the owner is willing to wait, he can test the market with a high price. But if he wants to sell in a reasonable period of time, it is best to do several appraisals of the house before defining its price. Otherwise, he will go to the market for a high price, which he will end up lowering throughout the process. In the end, this practice unnecessarily delays the closing of the sale”, they point out.
Even when the price adapts to market conditions, there is room for negotiation. This is because a home does not have a single price, but rather is defined based on a range of values at which it is most likely to sell. For this reason, it is common for buyers to ask for discounts, which, according to the Idealista real estate portal, amounts to 19.5%.
“The seller does not have to give in to the buyer's demands, but we do recommend that they define the minimum price at which they would be willing to sell. This facilitates the negotiation with the buyer”, they explain from HelpMyCash and add that this instance is essential to sell quickly, since, if the owner is inflexible with the price, it will take him longer to find a buyer.
iBuyers are companies that buy houses for cash in a few days. They allow closing the operation in record time, without formalities or paperwork. Among other advantages, they do not charge commissions to the seller and, as direct buyers, they are not subject to the approval of a mortgage loan, a quality that reduces the uncertainty of the sale.
Thus, they are an option to take into account to sell a house in this final stretch of the year. Although the purchase price they offer for the home is usually lower than what the market dictates, HelpMyCash specialists advise asking them for an offer before starting the sale process. If it compensates the owner, it will be able to close the operation in record time. Otherwise, you can always contact a real estate agent to sell your house under normal conditions.
