There are no “quick sales” in this market unless you are extremely lucky or give your property away. A “quick sale” in this market is realistically around 6 months. Some homes have now been on the market for 3 years and more! There are ways to move your property in this market and there are ways to sabotage a sale – after you read this you can make the necessary changes or give your self a pat on the back for a great marketing job and the knowledge your Cyprus property will sell sooner than others!
In the course of a week I spend endless hours on the phone with home owners who would like me to sell their property. Many of these calls are sellers who already have their home on the market so they are very aware of the current market and understand how difficult accomplishing a sale is. During our initial conversation sellers almost always tell me that they want a “quick sale.” They come to the conclusion that their home is ‘special’ with views of the Paphos coast, sea or mountains, is renovated, upgraded with all the bells and whistles and is priced correctly so they assume it should be no problem to sell. Now all I need to do is wave my magic wand and SHAZAAM!! Here you go, sir, exactly what you ordered; the perfect buyer for a “quick sale.” However, they don’t realize I get a new and ‘special’ listing every day. There must be at least 100 homes for every buyer. So, with that figure sellers need to re-do their math and take into account some other factors such as:
- If title deeds are available, purchase them! There are many buyers that won’t even look at your home without them.
- Sign on with a reputable, professional and knowledgeable agent and make sure the company has all information needed to sell your home such as title deeds (if available), floor plans, keys or pass code to get in and place a “for sale” board.
- Don’t allow the builder to be your sole agent in selling your re-sale. They already sold it to you once and they concentrate on off plan and new builds so don’t kid yourself! They will overprice it to make another giant profit from you.
- Price it realistically. If you really need to sell you may even lose money in the current market. Unfortunately many sellers bought property in the last few years and grossly overpaid.
- If your home does not have “curb appeal” potential buyers may not even want to look inside. Even if you do not live in the home make sure the home is maintained. Do some basic cosmetic upgrades: plant pretty, nice smelling flowers, keep the pool clean, if you have a pigeon, insect or rodent problem take care it ASAP! Paint if there are patches or crack since many Cyprus homes are not damp proofed and it shows. Make sure there are no unruly vines or weeds in the garden. You don’t want a buyer to arrive at your property to a jungle of a garden swarming with flies or wasps!
- Depersonalize and stage your home if possible. Many buyers don’t have a wide scope or vision of what a home can look like. A home cluttered with personal effects is difficult to sell as a buyer can not see it as their own. .Eliminate as much clutter, family photos and other personal belongings as possible.
- Keep in touch with your agent, seller if possible, lands office and attorney so that the sale progresses and if there are any problems you can rectify it right away. Many times, sales fall through after months of negotiation and work because the buyer has had time to reconsider or just back out because it has just taken too long to close the sale.
- Lastly, don’t take your home off the market until a substantial deposit has been placed! You can lose out on other serious buyers if the sale falls through.
If you have done all of the above, well done! Sit back and enjoy the Cyprus sun!