According to Idealista, the city of Madrid broke a record in May, when it reached a price per square meter of 3,833 euros. This constitutes the highest figure recorded by the portal, which collects data since 2006.
However, since the Central Bank announced that it would raise interest rates, the Euribor has shot up and the market is beginning to show some signs of cooling off. The latest data published by the INE, for example, show a decrease of 2.7% year-on-year in the number of sales contracts signed in the Community of Madrid during the month of April.
In this context, selling the house now can be a wise decision, since prices are high and demand is still active. How can the trade be closed before this trend changes? Contacting a real estate agent is a good starting point, but there is more.
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Pricing is the key
Currently, demand prevails over supply. This means that there are more Spaniards looking to buy, compared to those who want to sell. Therefore, to find a buyer before the market cools down, it is enough to get the price of the property right. That is, publish it for a value similar to what buyers would be willing to pay. This task, however, is not as simple as it seems.
Currently there are more Spaniards looking to buy, compared to those who want to sell.
There are currently many free online appraisal tools that allow you to estimate the price of a flat or a house based on market conditions. These tools are useful and should be used as a starting point. But they are not always as accurate as expected. For this reason, the most appropriate thing is to use them, and then contact a real estate professional who will study the characteristics of the home in situ and fine-tune the accuracy of the valuation. This procedure is key to closing the operation as soon as possible.
Contact to request valuation
iBuyers can buy the house in record time
Another option to sell the house now is to contact an iBuyer. These are companies that buy flats in an average of seven days and almost all operate in the city of Madrid. The advantage, in addition to the speed, is that they acquire the homes directly, without intermediaries or the need for financing. Therefore, they are not conditioned by the rise in the Euribor or by the requirements demanded by banks, as a conventional buyer would be.
Since the Central Bank announced that it would raise interest rates, the Euribor has shot up and the market is beginning to show some signs of cooling off.
It should be noted that the purchase price is usually lower than the market price and that the iBuyers demand certain requirements in the property, such as, for example, that it is not a protected home, that it is unoccupied or will be vacated in the coming months and that it has an elevator if it is located on a fourth floor or higher, among other things.
In any case, the owner can request a non-binding offer to assess whether the property meets the requirements and whether or not the offer meets their expectations. If this is true, you will be able to sell in record time. If not, he can always contact a real estate professional to sell under market conditions.
Request an offer from an iBuyer
Home Staging and visits make a difference
If you decide to sell under market conditions, another trick to close the deal as soon as possible is to apply Home Staging. This technique consists of improving the appearance of the home to attract the attention of a greater number of buyers and thus reduce the average time of sale. Some real estate agents apply it by default, others will only take it into account if the owner requests it.
On the other hand, and taking into account that part of the home buyers in Madrid are investors who buy to rent, the quality of the advertisement can make things much easier. Including a virtual visit, high-quality photos and videos will not only improve your positioning in real estate portals, but will also more easily capture the attention of investors, who will be able to study the possibilities of the house even before going to visit it.
real estate visit
Everything indicates that the real estate market will tend to slow down in the coming months. But it is still a good time to sell the house and get the maximum return, since demand and prices are at all-time highs. With these tricks you will be able to close the trade before the market cools down.