Do you know that, according to Fotocasa, only 21% of sellers manage to complete the process of selling a house in a period of less than two months? Selling a home is a process influenced by various factors. In this post we want to analyze how long it takes to sell an apartment and what elements influence it to sell more or less quickly.
In general, in Spain it takes between 12 and 18 months to sell a home. But the time period is different from one autonomous community to another and from one city to another within the same community. For example, in large cities like Barcelona, the period can be reduced by half and it can take between 6 and 7 months to sell an apartment, even though prices in Barcelona are higher than in other cities.
According to Fotocasa’s 2021 Buying and Selling Experience report:
– 21% of sellers take less than 2 months to sell their apartment.
– 18% take between 2 and 4 months.
– 17% take between 4 and 6 months.
– 17% take between 6 months and 1 year.
– 15% takes between 1 and 2 years.
– 13% take more than 2 years.
Therefore, the process of selling an apartment can be long and although factors such as the state of the market or the situation of demand influence, other elements that depend on the seller themselves must also be considered. We see them below.
Elements that influence the time it takes to sell an apartment in Barcelona
In Barcelona, as we said before, the deadlines for selling a home are shorter compared to other places, but there are elements that can influence how long it takes to sell a flat. They are the following:
Collaboration with an expert real estate agency
Collaborating with an expert consultancy in real estate intermediation and knowledgeable about the Barcelona residential market can greatly help speed up the sales process. They will be in charge of the entire process: conditioning of the home (Home Staging), visits with potential buyers, setting the purchase and sale price, support during the negotiation and closing of the operation. For their services they charge a percentage of the purchase and sale price, but it is an investment to sell at the right price and reduce the sales period.
Housing prices
The price of the home is an essential element in any sale. In fact, according to the Fotocasa report, 56% of home seekers maintain that they have not purchased because the prices do not fit into their budget. In fact, an excessively high price can deter buyers and significantly delay the closing of the transaction. The price can be adapted depending on the visits and calls received from interested parties in the apartment. But it is important that it is adjusted to the market, for which it is necessary to carry out a study of the prices of similar apartments in the area or request a market valuation from an expert. In some cases the seller may not recover the money he invested when purchasing, but this should not be an obstacle to adapting the price to the current market.
State of conservation of the floor
The condition of the home you want to sell will also influence the time frame to sell. If the home needs a comprehensive renovation, you need to take this into account when establishing the price. You must consider that the buyer, in addition to the purchase price, must pay for the remodeling work. Another option is to hire a Home Staging service that includes: deep cleaning, painting, carpentry, repairs, aesthetic improvements, furniture moving or storage, landscaping and lighting, among other aspects.
Housing advertising
It is evident that putting a sign on the home portal announcing the sale is not the same as putting up the sign and announcing it on specialized real estate portals and developing an appropriate marketing plan. It is important to use all the means available to promote the home and reach the largest number of interested buyers. To do this, several measures can be taken:
– Order photos of the home from a professional. We already know that images are important. Well-taken photos with good lighting can make the difference in whether your listing catches the attention of a buyer.
– Write the ad so that it is attractive. It is important that you do not hide any defects that the home may have. That you describe it in the most attractive way possible, highlighting its strong points: luminosity, floor height, quality of construction materials, terrace, balconies, nearby places of interest, area services or public transport, among other aspects.
Documentation preparation
Another aspect that influences the time it takes to sell an apartment is documentation. It is important that you have all the documents prepared for the sale. Also that the buyer may request and that you verify that there are no errors. These are the most relevant documents that you should prepare:
– Deed of sale or title by which you own the house.
– Copy of the latest Real Estate Tax (IBI) receipts.
– Energy certificate.
– Simple note of the updated home.
– Documentation related to the home mortgage.
– Floor plans and quality memory.
– Certificate of occupancy.
– Electric bulletin.
– Statutes of the community of owners.
Market factors
Along with the factors that we have seen above, other elements such as:
– The situation of the real estate market. The real estate market has experienced various situations in recent years that have affected the length of time it takes to sell homes, such as ups and downs or changes in the demand or supply of existing homes.
– The demand for a certain type of housing. Demand changes over time. For example, after the pandemic, many people wanted to buy apartments with a terrace or ground floor apartments with a garden or homes with some space to the outside. This meant that these types of houses would sell more quickly.
– Financing conditions. When interest rates are high and banks’ conditions for providing financing are tightened, buyers have more difficulty obtaining the mortgage loan they need, which can delay the sale.
In short, if you are wondering how long it takes to sell a flat, it is essential that you know that there is no single answer. The average time we have seen can vary greatly (expand or reduce) depending on the measures you take to speed up the sale of your home. In this sense, the help of expert real estate consultants who tell you the actions to take is essential. This way the apartment will sell faster and you will be able to obtain a good purchase price.
Real estate tricks for
sell a flat fast
