Barnes Côte Basque, specialized in luxury real estate in the Basque Country, presents the elements to be taken into account in order to estimate the best time to sell a property.
Some benchmarks to estimate the average selling time
Start by taking an interest in the local real estate market. In this respect, your best asset will be the expertise of a real estate agent who monitors supply and demand on a daily basis.
If you wish to estimate it yourself, make a selection of offers for equivalent properties: same city, same district, surface area, number of rooms, garden, etc. and observe how long they remain on sale. This approach can be carried out on classified ad websites and through the windows and sites of real estate agencies in the sector. Many of them indicate the time it took to finalize the sale of a particular property.
Elements that influence the selling time
The characteristics of the property It happens that as soon as it is put up for sale, a property finds its buyer. But generally, this deadline is based on a few elements to be studied beforehand:
A house or apartment offered at a consistent price sells quite quickly. On the other hand, a price that is too high lengthens the lead times and beyond three months, the seller is often forced to lower it.
A property located in a quiet area, with public transport and schools, close to public services and shops will attract the interest of many potential buyers. The geographical location of the property must be objectively taken into account, particularly when it is very remote or close to sources of noise pollution, for example. That said, quick access to major traffic lanes can be an asset. For the sale of an apartment, the floor, the view, the conditions of access to the building or a condominium by-law can also influence the choice of buyers.
The general condition of the property
A properly maintained and clean property will more easily attract buyers. However, an interior that is too "personal" in style can hinder visitors' ability to project themselves into it. A simple refresh of the paintings and the removal of decorative elements are sometimes necessary before the sale. Finally, urgent repairs or work to be planned may extend the time limit and lead to price negotiation.
The real estate market and valuation, key factors for a quick sale
When demand exceeds supply, a properly estimated house or apartment can be sold within 15 days. In this case, the buyer will often be the one who first justifies a financing. When supply exceeds demand, buyers visit more properties, so competition is stronger. It is then necessary to be patient and if the property is offered at the right price, a few weeks will be enough to receive offers to purchase. In the absence of an offer beyond one quarter, it is to be expected that buyers will be seen or seen again who are determined to lower the price of the property.
And when we found the buyer?
It generally takes three months between the compromise of sale and the signature of the notarial deed. The notary actually needs this time to carry out all the procedures with the urban planning services and other administrations. At the same time, it allows the buyer to apply for and obtain a mortgage. This period may sometimes be extended at the joint request of the seller and the buyer. If the buyer does not obtain the financing on time, the compromise sale is simply cancelled.