If you want to sell a flat quickly, the key is to get the price right. Many homeowners tend to overvalue their homes and that means that the times to sell them are lengthened.
Sell my apartment fast, hitting the price
An inappropriate starting price significantly increases the sales time. In the current situation of the real estate market, this has a significant impact on the final price.
To be able to sell a flat quickly, it is necessary to put the house at the market price. Furthermore, in downward market dynamics like the current one, the negative variation for the elapsed days must be discounted.
The longer it takes to adjust the price, the more final discount the home will need. Currently, the reduction (the difference between the initial starting price of the house and the final sale price) is around 5 percent in Spain.
Why are flats overrated?
Homeowners tend to overvalue homes when it comes to putting them up for sale and price them higher than their true market value. This overvaluation is due to several factors.
First, there is a natural tendency that all of us have to have in high regard something that has been ours (our house, our car). This has, logically, an emotionally charged component, of affection for things.
Another factor is that the owners have the price reference for the year 2019, without taking into account that these pre-pandemic prices will take years to recover. The price drop began in the second half of 2019 and has been maintained throughout 2020.
In addition, there is a component of ignorance of the current reality of the area.
Flats are overpriced more in small towns
In small towns, the overvaluation is greater. As there is less real estate activity, there are fewer real estate agencies and agents and the owner has fewer references when setting a price.
Then, he performs the trial/error formula by testing the starting price of the apartment he wants to put up for sale.
Alberta and British Columbia, where they are least overrated
In contrast, the cities of Alberta and British Columbia are at the bottom of the list. In Alberta, the prices set by the owners are 17.59 percent higher than the real market value, while in British Columbia they are 17.21 percent higher.
How is the overvaluation data calculated?
The data is calculated based on the expectations of the owners compared to the estimate of the real market value of our professionals in the area, in our real estate offices.
Stocks with significant percentages of overvaluation are those in which the price per square meter is lower. For their part, stocks with the least overvaluation are those with the highest selling prices.
As we explained earlier, the impact of overpricing on higher-priced stocks is much more significant. The price per square meter in BC (798 euros per square meter) is not the same as in Alberta (2,517 euros) or British Columbia (2,890 euros).
If you want to sell an apartment quickly, it is best to request a free valuation of your property adjusted to the market price. At Yarmoloy Group we give you a personalized study based on real sales in your neighborhood.
Ask us now for a free valuation for your property. We will tell you what the real market price of your apartment is so that it can be sold as soon as possible.