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Originally Posted by Sahl Hasheesh  We have all heard 'thats the lowest I can accept because I can't afford to move on less' but that doesn't cut it any more. If you can't afford to move then maybe you have to stay where you are. |
The problem is many people bought their properties in Spain during the boom, which means they spent too much buying their homes in the first place.
The market was due a correction, but behind these properties, theres real people with real lives - they can't afford to take a 100,000 loss, that will affect their standard of living for the rest of their lives. That's why many put their properties on the market, and just wait it out.
There's a huge problem in Spain with unprofessional agents allowing vendors to dictate their own prices, without reasoning or education on the market from the agent - and that's part of the reason we're in this mess now.
Vendors aren't all just going to drop their prices, they'll sit it out where they can afford to and wait for the market to catch up with them, if they can't afford to sell now, they'll rent their properties and move on. It's going to be a long bumpy road for Spanish Real Estate.
