Have put my one bed apartment at international city up for sale a few weeks ago. How long should it take to sell in the current property climate. How long should I wait before lowering price. Any advice appreciated
Kauser
Where you have put up your apartment for sale? Have you searched the market price of 1 Bedroom apartment in International City before putting up your apartment for sale? What is your asking price for your apartment?
I would suggest that you must contact a property agent working in International City in all cases either a buyer will directly contact you, you need an agent to complete the transaction and he can also guide you well about the market prices.
As per my information, the current market scenario is a little stagnant, prices are stable in International City and properties are changing hands but I would suggest to put your apartment at lower end of market range. More buyers will get attracted towards your apartment.
Once you are done with all these things, I do not think that you will have to wait more.
I agree with Arub, prices are not fluctuating a great deal, however to pull a quick deal in this environment, you would need to market your property at the lower end of the market selling range.
If you can specify, where in International city your property is located? perhaps I would be able to guide you better in terms of what your asking price should be to pick us a quick sale.
Thank you Zeeshan & Arub for your replies. My apartment has been marketed at Dhs 320,000, the agent i am using has said it will not sell for this price as the price going around at the moment is Dhs 280,000. I put my apartment for sale Dhs 320,000 initially but what do you think is the realistic selling price.
Hi Kauser,
What you can do is make a survey by yourself and visit some properties in your property area to know the prices and features they have. Then compare your property with them and set the price.
Further you may set your price till Dhs 300,000 and tell people it's negotiable. I think somehow maybe you may manage to get a client who can offer you till Dhs 290,000 or so.
If this doesn't works, then you have to wait till property prices rises as demand for 1 bedroom apartments seems to increase in coming future.
My suggestion is that you should go with the advice of your agent. As we have already suggested you to market your apartment for sale at the lower end of the market selling range.
If you can wait more then you must market your property at Dhs 290,000 and you will surely get an offer around it.
Kauser, your agent is pretty much quoting the right going price. As of Nov 2010 the realistic selling price for a 1 bed apartment in Spain cluster is around 280K to 290K.
If you want to sell your property quickly then I would recommend lowering your price to within this range. The lowest price for an apartment in Spain cluster which I have come across is 280K. Of course there are not many apartments available for this price, however within the range of 280 to 290 there are quite a few available.
Kauser, its simply a principle of supply and demand. The asking price (seller) is around 290K + and the bid (buyer) is around 280K. So if you want to be the first one to sell your apartment then put it at 280K, however if you have a little patience then your asking price should be 290K +. The downside of this is that if the market keeps losing value you might end up selling your apartment at 270K. As per my opinion, market is quite stable at the moment and no major fluctuations are expected, however there is no guarantee that the price might go down to 270K or start going up. We have to wait and watch. If you need to free up your money quickly then a price of 279K would be ideal.
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