Waiting to see if the situation improves before selling: This is the attitude taken by some owners. However, this is not always possible, especially in the case of transfer, divorce or inheritance. Moreover, selling at this time can ultimately be a good deal in sectors where properties for sale are rare, as it will be possible to find a buyer without too much difficulty. However, it is essential to put the right price on the property.
“Sellers know that prices are falling, but they don’t always listen to us because they think they are at a loss compared to recent months and they regret not selling at the right time.”, regrets Iad real estate agent Emmanuelle Epaillard in Saint-Nazaire (Loire-Atlantique). In this city, where prices have increased significantly in recent years (+11.5% in two years), as in almost everywhere else in the region, it is especially difficult to persuade sellers to accept the new market price.
That’s why good advice on price from a trusted agent is crucial at this time, and selling on your own is more complicated than usual.
Also, it would be better not to rush too much. Sale times have gotten longer almost everywhere and vary depending on where the home is offered for sale. “It basically takes a week longer to sell your house than it did a few months ago.”, predicts Barbara Castillo Rico, head of economic research at Meilleurs Agents. Selling a property takes sixty to seventy days, depending on location.
One in two loans rejected
Another requirement: Buyers’ ability to pay needs to be checked, as real estate professionals estimate that one in every two loans is rejected. “More and more buyers are learning about the state of the market and knowing that borrowing money is difficult. “Many see their financial advisors before starting visits and know how much money they have.”, rejoices Clément Chaillet, director of the Guy Hoquet agency in Bordeaux. The ideal configuration is for people who already own property, have resold their property, can purchase for cash, and do not have a loan deferral clause in the sales promise agreement.
Real estate experts estimate that only two in ten purchases are made without credit. In this case, the sale can be quick as the two months typically left for buyers to contact their banking institution are eliminated. In addition, the seller is confident that he will receive his money quickly and does not face the risk of reselling his property if the buyer cannot get a loan.
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