In episode 4 of La Piedra podcast Sean and Mark discuss how long it takes to sell a property in Spain, how important it is to get the asking price right when you first go to market, and what you can do to sell your property as quickly as possible at the best price. 

Mark provides the data on average sales price times, and Sean explains how he sees the challenge of reducing the time-on-market as an estate agent on the Costa del Sol. 

Vendors should beware of agents promising high sales prices because it might be a trick to get the instruction, only to be followed by disappointing results and having to reduce the asking price over time. The risk is you end up taking longer to sell at a lower price than you might have if you had gone to market with the right agent and the right price. It’s critical to get the asking price right when you first hit the market with your property in Spain.

As Sean points out, if you are getting viewings but no offers, then the price is attractive, but there is some other problem with the property. If you are not getting any viewings, then the asking price is too high. 

So why do vendors tend to ask too much? Perhaps because they think they can always drop the price if there is no interest, but that’s a false economy if you end up selling for less and later than you could have.

The conversation wraps up with a discussion of the news that Grupo Otero – a builder of luxury developments and villas on the Costa del Sol – looks like it has hit the wall, and what that means for people who have given money to Grupo Otero for off-plan properties, and the wider industry.