Reply To: "Sur" predicting "75 % of estate agencies may

#73025

mike
Participant

@Claire wrote:

we were told prices on the CDS are down, sales are down and you can put in offers of 10-30% below the asking price. People really wanting to sell will not want you to walk away….except the Spanish sellers . They may drop 2-3000euros!

That’s interesting. I would interpret it as the foreigners knowing that the party is over whereas the Spanish do not. They still think that there is some greater fool out there, that is what kept prices increasing in the past few years. The Spanish will find out soon, I expect, because there will be so many distressed foreigners selling that the Spanish holding out will be irrelevant.

What astounds me is that I think that 30% reductions are only the start. People will start walking away in significant numbers soon and then we’ll have a fire sale.