Interest in some properties has declined slightly: what does this mean for sellers?
High property prices and strict conditions for obtaining a mortgage. A cocktail that has resulted in some properties no longer attracting as much interest. Prices have not started to fall yet, but sellers are facing significantly longer sales periods or may have to make certain compromises. How can you manage a sale without losing out?
“When someone is selling a property, they usually want three things: for the sale not to take too long, to proceed without problems, and for the property to sell for an appropriate price. Put simply, they do not want to make a loss on the transaction. Many people are selling properties burdened by a mortgage, and due to high interest rates they cannot afford to reduce the price. However, supply exceeding demand can be stressful and may force some people to lower their price,” explains David Novotný of the real estate company Bohemian Estates.
However, in his view, reducing the price is not desirable. For many, it signals that there is something wrong with the property and may lead potential buyers to continue negotiating. It is therefore crucial to set the price correctly from the outset, taking into account the layout and condition of the property, as well as other listings in the area. “If you set the price correctly at the beginning, you have already won a large part of the battle. However, few people can judge what price is truly reasonable. In practice, the most common scenario we encounter is an overvalued property, and that simply does no good. All factors need to be considered when setting the price. Yet our internal statistics show that we are able to sell a property for an average of 10 % more advantageously. We have all the know-how, we know the market and we assess each property objectively,” adds Novotný.
A professional presentation of the property can also significantly speed up the sale, even in the current situation. “We advertise the property on all key portals, arrange professional photography and handle all the marketing. Above all, we have an internal database of prospective buyers to whom we offer it first. With the support of a real estate company, you will undoubtedly sell your property faster,” says David Novotný.
Representation by a real estate company also benefits buyers. They may encounter financing difficulties, and Bohemian Estates can help them with this part of the process. This means the sale will not fall through due to the buyer's insufficient creditworthiness, and sellers can avoid potential complications.
Another important part of the entire transaction is the legal aspect. The purchase agreement must be watertight and must not put you at risk. “We know the property sales process and all its potential pitfalls well. We know what to look out for and what to do to make the sale as quick and trouble-free as possible. We sell properties as if they were our own, and sellers need not concern themselves with anything unless they wish to,” explains David Novotný.
At present, it is generally important to be patient when selling and to trust the professionals. This is the best way to maximise the chances of the sale proceeding as you wish and without the obstacles brought by today’s property market.