Re: Re: Santander will “price to sell” its real estate portfolio

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@jonas wrote:

The reason some vendors still have their property on the market is because that is the price they need to achieve so they are hoping that someone does come along, who know someone may! It has happened to my friend and he had it on the market for 2 years!
In Spain in a booming market, properties don’t just fly off the shelves either… so they are used to taking time to sell a property. I read a report which said that the average time in Spain to sell a property is 8 years! I don’t quite believe that it takes that long, but maybe it does!

Yes, I know why they do it but it can actually be counter productive for themselves.
In the situation I recounted some posts ago, the vendor had this idea of what price he wanted and stuck with it. As the market went south so did his asking price but always lagging the market. Had he originally put it on at the price he is asking now he almost certainly would have sold it easily but now, short of a minor miracle, he’s not going to sell for anything like what he’s currently asking. He told me why he needs to sell (which I won’t repeat here) but as sympathetic as I am to his plight, to give him what he wants would just be taking the noose from his neck and putting it around my own.

All avoidable if it had been a realistic asking price from the start.

Nothing I say here is going to change anything to do with the way asking prices are set but I feel it’s worth a mention anyway.

Jonas, in your case, you are confident you can weather the storm and hold out for as long as necessary but perhaps those that can’t should think very carefully about the next offer they get. Here endeth the sermon.