Property prices and negotiation

Questions relating to buying or owning a property. Moving to Menorca Sub-forum: moving to, or living and working on Menorca
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Gorson
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Property prices and negotiation

Post by Gorson » August 30th, 2021, 1:06 pm

I realise this is a pretty ambiguous subject, but do Estate Agent prices bear any relationship to what actually gets agreed at sale?

We bought our flat at the depth of the crisis from a bank so bascially it was cheap and we just stuck in a silly offer which was fortunately accepted. When we move to Menorca full time the intention is to buy a much larger villa/chalet. I assume there's no way to find out actual sold prices? (In the UK the land registry data is publicly accessible.)

Or do you just take advice/try to judge how strong the market is and make an offer accordingly? I;ve noticed that several properties seem to be reduced after a couple of months on the market whereas other seem to stay overpriced (imo) but eventually go off sale.
Last edited by Gorson on August 31st, 2021, 9:53 am, edited 2 times in total.

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kieronf
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Re: Proerty prices and negoatiation

Post by kieronf » August 30th, 2021, 5:05 pm

It very much depends on a number of factors such as where you want to buy and what features you want in a property. I live in a small urbanisation and pretty much know most of the housing stock around me. I sometimes look at what is on offer locally on the agents sites and it amazes me how much prices can vary between similar housing types and I can't for the life of me work out what differentiates them.

Front line properties also come at a premium, land adds to the price as does an established garden, pool, outdoor cooking area etc, all the lifestyle choices come at a cost. There has been keen competition at the high end of the market this year because the French and mainland Spaniards are buying up large numbers of property, conversely there seem to be bargains to be had in a number of resort areas where expats who own rental villas are selling up - a) because of the 90 day rule and b) brexit/covid has caused a collapse in some rental markets.

Bottom line, there is no public land registry data, prices for two identical neighbouring properties can be vastly different and the golden rule is to just give it a go, the seller can only say no. Some people need to sell, others are just playing the wait and see game. Three years ago we bought our place for just under 200k under asking - so bargains can be found.

Try www.menorcapropertyfinders.com

Gorson
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Re: Proerty prices and negoatiation

Post by Gorson » August 31st, 2021, 7:10 am

Thanks

We'll be looking in/close to Ciutadella in more of a residential than out-and-out resort area which seems to be a reasonably pricy requirement. I was expecting prices to be a shade more reasonable given the average salary levels - but then I suppose we're looking in a price range which probably has a fair bit of competition.

The only thing seems to be to keep looking at prices so that when we're ready to buy we know what's overpriced. I'd not thought of putting offers of £200k under asking though!

Any further suggestions of websites to avoid trawling every estate agent? I check Idealista and Fotocasa.

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kieronf
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Re: Property prices and negotiation

Post by kieronf » August 31st, 2021, 12:31 pm

Rightmove features most of the major agent's properties but do still check their independent websites. We bought through Ses Moreres but the property only featured on their local website, not on Rightmove. Turns out the seller didn't want to pay the tiny bit extra in agent's fees for the added exposure.

Tigipaul
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Re: Property prices and negotiation

Post by Tigipaul » August 31st, 2021, 2:48 pm

https://www.rightmove.co.uk/properties/ ... l=OVERSEAS

How about this ,after browsing through.
Do you think they'll take an offer 🤔😁

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SusieH
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Re: Property prices and negotiation

Post by SusieH » August 31st, 2021, 5:20 pm

Was gonna phone em straight away .... then I noticed 'Rental Only' :shock: :shock: :???:
I'll stop moaning, when you give me a pay rise this :arms: big


Image

:nonono: SITE POLICE - REMEMBER i'm watching you :nonono:

Tigipaul
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Re: Property prices and negotiation

Post by Tigipaul » August 31st, 2021, 5:31 pm

Well spotted Susie , it was Mrs Tigi who got excited just that bit to much 😁
Usually she reads the print off the page !!
To good to be true as they say .

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