WHEN TIMES ARE TOUGH.......

There has been so much in the news recently about how hard it is to sell a property in today´s economic climate and scare stories abound. But vendors are still selling. Of course, not as much as in the heydays and not always at the price they hoped for. The two basics remain - location and quality sells.

Buyers are more choosy and why shouldn´t they be? Buying a home is a life-changing decision. Banks are also more choosy about who they lend their money to, and while this ends up as a disappointment for many when their mortgage application is turned down it can sometimes be a help in the long run. The Spanish and their banks have always held urban land in high regard as they know that it has a very tangible value and as such will be easy to re-sell. They therefore classify it as low risk. The problem is that we English are romantics at heart and we long for our olive and orange groves with our dream `finca´(farmhouse) and pool in a pleasant rustic setting. And this is where the big change has come, as banks have now become rather difficult when it comes to giving out mortgages for this type of property. They also require deeds which are squeaky clean, which may be an unwelcome irritation for the buyer who just wants to move straight in to his/her dream home. But it will make them think that when they come to sell up, the next purchaser could have to go through the same procedure unless the banks ease up or the buyer pays cash.

Times are also hard for estate agents and many have gone under. But for those of us who are still around we see that more vendors are placing their properties with us instead of selling privately, as they know that not only do we reach a wider market but they can also keep their pride intact. As we know, pride is one of many Spanish (and perhaps English!) traits - they hate to reduce their price and will not do so until a buyer is found. So, that is where your estate agent´s negotiating skills come in!