Real estate buyers remain selective despite strong demand
- Many sellers are not prepared for potential sceptical buyers
- Sellers should invest more time in the transaction process
- Owners should be fully aware of the shortcomings and the value of their own property
Anyone wanting to sell property during the euro crisis is in a comfortable position, given persistent strong demand for "concrete gold" and still low interest rates. But real estate buyers continue to take a selective approach despite strong demand. "Recently, many home-owners have been taking the view that potential buyers will buy anything at any price. The main thing is that they were able to acquire property. But the situation is actually quite different", explains Robert Anzenberger, managing director of Bank Austria ImmobilienService. "Most potential buyers are well informed and closely scrutinise the property before taking a decision on whether to buy or not." He added that as prices rose, so did buyers' expectations in some cases.
He believes that private sellers, in particular, are insufficiently prepared for sceptical potential buyers. "Many people think that with demand being so strong, the sale of their property will more or less settle itself", says Anzenberger. "If they are then required to respond to critical questions regarding the property, or the interested party wants to negotiate the price, the sellers often become disconcerted and make mistakes which can jeopardise the sales process."
The sale of property requires professional planning precisely in times when demand exceeds supply. According to Bank Austria ImmobilienService, this involves knowing the weaknesses of the property and how to respond to critical questions in a reasonable manner. It is particularly important to determine the specific value of the property and to make it transparent for a potential buyer. Robert Anzenberger: "At the end of the day, the current situation of the housing market will require sellers to invest much more time in the entire transaction process."
Bank Austria ImmobilienService, a subsidiary of UniCredit, was founded in 2001 for the purpose of expanding Bank Austria's customer services. The company has for ten years been specialising in offering real estate brokerage services while also advising customers and meeting their specific needs.
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