# Confusing property asking price



## Corkydog (Nov 6, 2019)

Good afternoon
I have for several months been researching property in the Torrox area. I will be visiting in a few weeks and have booked up some viewings. 

One of the properties is being sold via a sole agent, and after booking my appointment time (spoke on telephone and have ad email contact) I now notice on the website that the property price has jumped up by 15%. The property has been advertised at the lower price since I started looking. I am trying not to be cynical that the price has increased due to the fact that I am a British buyer, so want to ask the question, is this usual practice? Do price reviews happen over time? The price rise occurred the day after my appt. was confirmed.

Thank you for any help on this matter.


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## Isobella (Oct 16, 2014)

Corkydog said:


> Good afternoon
> I have for several months been researching property in the Torrox area. I will be visiting in a few weeks and have booked up some viewings.
> 
> One of the properties is being sold via a sole agent, and after booking my appointment time (spoke on telephone and have ad email contact) I now notice on the website that the property price has jumped up by 15%. The property has been advertised at the lower price since I started looking. I am trying not to be cynical that the price has increased due to the fact that I am a British buyer, so want to ask the question, is this usual practice? Do price reviews happen over time? The price rise occurred the day after my appt. was confirmed.
> ...


Wouldn't be surprised but not just because you are british. There is a strange logic amongst some that if there is any interest it may have been priced too low.
We were interested in a villa. two Spanish sisters inherited the place from their Father. They were from Madrid. Via the Agent we put in an offer. Not only was it refused they upped the asking price by 5000:roll eyes: The Agent came to see us and he was furious with them but they were adamant.
I would ask the Agent for the reason, it is a bit of a hike.


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## Lynn R (Feb 21, 2014)

When we were first looking for a house to buy here, we requested a second viewing of one property. The agent rang me the next morning and said "I don't know how to tell you this, but the vendor is now saying that the advertised price was a mistake and it is €10k more". The vendor was British himself, btw. We went ahead with the second viewing, just to waste his time and have him salivating that his greed might bear fruit, but had no intention of buying it after that.

It used to be commonplace 15 years ago when we were looking for the asking price of a property which had remained unsold all year to be increased at the start of the next year - for inflation! We were interested in a house and would have made an offer (in December) but the vendors were buying a new build and did not want to move out until the following October (but expected us to buy their house and pay for it!). The agent said it was a good deal because by October the house would be worth so much more. Yeah, right.

I think the vendor of the property you have requested to view (or maybe the agent) has just scented interest and is trying it on.


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## Chopera (Apr 22, 2013)

View the property and, if you are interested, put in an offer of 15% below the original asking price, and then walk away. Too many people in Spain seem to think it's the seller who sets the price. It isn't. This isn't helped by the fact property transaction prices in Spain aren't made public, so few people know what the market price for a given property is.


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## davexf (Jan 26, 2009)

Chopera said:


> View the property and, if you are interested, put in an offer of 15% below the original asking price, and then walk away. Too many people in Spain seem to think it's the seller who sets the price. It isn't. This isn't helped by the fact property transaction prices in Spain aren't made public, so few people know what the market price for a given property is.


Hola 

Sorry but I disagree; The sellers set the price they want and a price they will accept. If the buyer doesn't match up, then the Spanish wait until a buyer comes along that does.

Also remember that it is not unusual for an estate agent to tell the seller what he will receive net from the property and then advertise the house at a greater price to include his commission etc. 

Davexf


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## Corkydog (Nov 6, 2019)

Thank you all for your replies. It would seem there are a number of reasons for the possible rise. I will go ahead with the viewing as there is nothing lost with viewing a number of properties for comparison. However, it is now out of my budget so if I wish to pursue it I will have to make an offer based on the original purchase price.
Regards


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## snikpoh (Nov 19, 2007)

Corkydog said:


> Thank you all for your replies. It would seem there are a number of reasons for the possible rise. I will go ahead with the viewing as there is nothing lost with viewing a number of properties for comparison. However, it is now out of my budget so if I wish to pursue it I will have to make an offer based on the original purchase price.
> Regards


Just remember that a property is only worth what someone is willing to pay for it.

It really infuriates me when someone asks "how much lower should I offer" or "what percentage below should I offer".

The answer is, just offer what it's worth to you!

[rant over]


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## xgarb (May 6, 2011)

Agree with the offer how much you think it's worth to you.

Also I would rent in the area over the winter (cheap holiday rentals should be available) to see how the places you like really are.


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## Megsmum (Sep 9, 2012)

Chopera said:


> View the property and, if you are interested, put in an offer of 15% below the original asking price, and then walk away. Too many people in Spain seem to think it's the seller who sets the price. It isn't. This isn't helped by the fact property transaction prices in Spain aren't made public, so few people know what the market price for a given property is.


I work for an estate agents and it is the seller who stipulates the price, they think of a number and that’s it, some are way over and some are way under.


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## NickZ (Jun 26, 2009)

How long has it been advertised? There are ads you know somebody forgot a zero or sometimes two zeros. Having somebody ask about it often leads them to check the ad and notice the mistake.

Around here there is a tactic of hiking the price. Then the next week cutting it back. This way anybody searching the various property portals will see the new price being a cut. Even if it's the same price they've always wanted. 

I agree with the others you need to have an idea of what the property is worth to you.


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## DonMarco (Nov 20, 2016)

Corkydog said:


> Thank you all for your replies. It would seem there are a number of reasons for the possible rise. I will go ahead with the viewing as there is nothing lost with viewing a number of properties for comparison. However, it is now out of my budget so if I wish to pursue it I will have to make an offer based on the original purchase price.
> Regards


Not wanting to poor cold water on your expectations but as you appear to be on quite a tight budget, make sure you add the 8% Transfer Tax to the asking price. Its unlikely to be included in the asking price.


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## The Skipper (Nov 26, 2014)

Things may have changed but when we were looking for property in 2007 it was not unusual to see the same house advertised by three or four agents at widely differing prices! We also encountered several Spanish estate agents who told us that the advertised price did not include their commission (yes, they expected the buyer to pay them 3% of the agreed price for their services!). As it happens we ended up buying our house privately although one of the estate agents (English) who had it listed tried unsuccessfully to claim commission.


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## Mforster (Mar 27, 2019)

We have also experienced a (dramatic) price increase once we put an offer in on a property in 2018. When we asked what the reason was, "it was to cover the investments the seller had made" He was also planning on having the property as a casa rural. Anyway, we didn't buy the property and 1 year on, it's still for sale.

The one positive note is..... you do learn what a reasonable/good price is by seeing lots of properties and making comparisons in your head.
On the otherhand...very frustrating if it ticks all the boxes then is suddenly out of reach where budget is concerned.


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## xgarb (May 6, 2011)

I've just remembered that this happened to me as well.

I'd agreed to buy a house and then the seller decided after a few weeks that it was too cheap! (It was _way_ too cheap).

She put up the price 25% so we walked away. It was still by far the best house for the price we'd seen but we just thought the owner would do the same again as we proceeded.

3 months later and not seeing anything else remotely as nice I agreed to the new price.

4 years later (3.3 years to buy, 0.7 years for permissions and finding builders) it's nearly ready to live in - which is why I forgot about the price increase.


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## Chopera (Apr 22, 2013)

davexf said:


> Hola
> 
> Sorry but I disagree; The sellers set the price they want and a price they will accept. If the buyer doesn't match up, then the Spanish wait until a buyer comes along that does.
> 
> ...


If all the Spanish are setting prices too high then for the vast majority a buyer willing to pay the asking price simply won't come along. Which is precisely what is happening. Overpriced property hangs around the market for years in Spain. The agents don't seem to care about pricing to market, they are quite happy to have the property on their books because they don't make much of an effort to sell it.


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