Elena H. Ghazale La Boutique Sales Manager & Coach

Welcome March!

If you are thinking of selling your house, this blog is of interest to you, so don't leave just yet.

Have you ever wondered what the sale of your house depends on? Why are there houses that are sold in 3 months and others that don't even sell in 3 years?

One of the fundamental keys for the sale of your home to be effective in a fast and efficient way is the price. And that is exactly what this blog is about, how to calculate the right price for your property.

• FIRST KEY •

The first key is to understand the market. As the famous Scottish economist Adam Smith said in the 18th century, in the market there is an invisible hand in charge of regulating prices and precisely that invisible hand is governed by the law of supply and demand.

So the first key is to find out how many houses are for sale that could replace mine. If there are many, the price goes down, if there are not so many, the price goes up. Do you know what I mean? Diamonds are expensive because they are scarce and wheat is cheap because it is abundant.

Obviously, giving an answer to this first question is not an easy task. You have to research the market, analyse the sales, the prices at which these sales have been concluded and the areas where they have taken place. It is also important to know if the demand for homes like mine is booming, falling or stagnant.

To do this, real estate agencies have technology that provides us with this information quickly and accurately. Nowadays there is a series of intelligent software that analyses all the information on the Internet. This software is too expensive for a private individual to buy, but for estate agents it is one of the most important tools in their work. Ask your estate agent! This service is usually free and very necessary.

• SECOND KEY •

The second key is to remove all the emotional value that each one of us unconsciously attaches to our homes.

I know, that is very difficult. It is natural that we mix cement and block with the emotions that it evokes in us, after all, houses, homes, make us experience unforgettable moments, multiple family gatherings, marriage proposals, birthdays, celebrations, romanticism and other sensations that we consciously or unconsciously attribute to the property without realising it.

Sadly, when the buyer visits a house, he only sees the construction. He cannot see what you see, because he has not yet lived there and has no memories. I don't know if I'm making myself clear.

When I talk to my clients, I stress this point a lot because it is one of the most common mistakes that delay the sale. But don't be overwhelmed, as I said before, it's something very natural. We are emotional beings and getting the price right is not an easy task, sometimes it can even be disappointing. But we have to be realistic if we really want to sell.

In fact, Spain is one of the few countries where the owner decides how much the property is worth. In most countries, houses are appraised and sold according to the appraisal price. Just like that.

• THIRD KEY •

However, there are other factors that should be considered and that we often ignore. For example, everything that surrounds my house. And that brings me to the third key. This third key is all about the surroundings of my home, what is around me: schools, beaches, theatres, universities, parks, leisure centres, shops, hospitals, airports, etc.?Everything that is around me and that makes my life easier, gives value to my house.

That is why a cottage in the country, even if it is usually bigger than one in the city, is worth much less.

But what happened after the pandemic? Many people wanted to move out of the city to live in the suburbs and today country houses have become more valuable than ever before. That brings me to the first key point: "The law of supply and demand".

The future plans of an area, makes my house a better or worse opportunity for whoever buys, but what is already created around me is what determines today's price.

So now you know! first analyse if there are more houses or if there are more buyers, then analyse what its real value is without thinking about the emotional value that we unconsciously put on it and finally analyse the surroundings of your house to see what we are really offering.

• FOURTH KEY •

Most of these factors are not directly controllable by us, as they do not depend on a single person, but rather on the behaviour of a society, but there are others that do depend on us and directly affect its value and that brings me to the fourth key that will help you sell your house. The state of the house, it is not the same to sell a house at market price when it needs a complete renovation as it is to sell a house at market value, ready to move into. Isn't it? Well, that's just it.

When a tidy, clean, minimalist and impersonal house is presented, it sells more easily because it gives free rein to the buyer's imagination.

For this there is a technique called Home Staging, also used by real estate agents who use interior designers to create a more appealing environment for your clients.

I know, there are many things and factors to take into account, and the truth is that I have left out some more, but I don't want to overwhelm you with so much information.

• FIFTH KEY •

Selling a house is not an easy task, therefore, for me the only important key, and that is why I have left it for the end, is the fifth key, which is to use a good real estate agency, as they will make sure that all the previous keys are met and you can sell your house successfully.

With love, Elena.