Question
I was hoping for some advice regarding making an offer to buy a house in Spain. How much below asking price should i offer? Is there an expected % reduction? How much of a reduction on the original asking price is offensive to the seller? Any info on your experiences would be great.
Answers
These are the answers of some Facebook group members:
“I got 11k reduction but the house had been on the market for a while”
“Is the house priced properly or they are fishing for the expat coming here with a bag of money ? How long has the property been on the market ?Just a few things that would make you offer differently.On top of this, just a little stat coming from idealista: valencia is the Spanish province where there the biggest difference between advertised prices and real sales price. In certain areas it’s around 20%, so yes generally speaking there’s room for negotiation.”
“You need to work out what you think it’s worth. Are they increasing the price for expats? How long has it been on the market? Are there similar houses for sale? Hard thing to answer. I guess they can only say no.”
“A house is what you want. Some agents add to what the owner is looking to achieve thus increasing the price. Prices are negotiable but if it is far too low you could infuriate the owner. So in answer to your question, it’s up to you and the asking price is a very good guideline.”
“We got a 17% reduction but we had our architect doing the negotiation; he could provide examples based on knowledge of why the asking price was too high.”
“We got 14% reduction”
“It just depends. Part of the problem is that the actual sales prices are… murky, to say the least. There’s no central source of information that is 100% reliable; the prices people report at the notarios, the prices they list for, the prices they tell the listing outfits they sold for, etc etc etc can all vary.”
“I got 3k reduction.”
“I’m just in the process of buing an apartment right now. We’ve agreed on the price and I was only able to get a 3,8% reduction from the asking price. But, the asking price was really reasonable to start with. So I think it’s OK.”
“We got nothing and paid the full price.”
“There is no general rule. It depends how long the flat is on the market and do they really want to sell the proper ty. And, believe it or not, sometimes they don’t. Well priced flats sell within a week, everything else is negotiable. Since the agent is not obliged to present the offer if he doesn’t like it, you will probably not negotiate with the owner at all, unless your offer is very close. Therefore there is no harm in offering low to the agent and then moving up later.”
“3% reduction.”
“We got 17% reduction”.
In conclusion, the amount of reduction on the original asking price for a house can vary greatly and depends on a number of factors such as how long the property has been on the market, if it is priced properly, and the specific area and location. According to Spainguru’s Facebook group members, reductions on the original asking price can range from 3-17%, with some even reporting no reduction at all. It’s important to do your own research and consider all factors before making an offer on a house. Additionally, Idealista’s data on price reduction offers in Spain can also be a useful resource. Ultimately, it’s important to work out what you think the house is worth and to be prepared to negotiate with the seller.
Recommended reads:
Buying property in Spain: Introduction to the process (part 1)
What are the best websites for finding a house to purchase in Spain?
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