A straightforward look at why some Marbella properties are not selling, and what has changed in buyer behaviour in a more selective market.
Why some properties in Marbella are not selling in a more selective market
"Why is my property in Marbella not selling?" is a question we are hearing more often at the moment. Just the other evening, we were talking about why more properties seem to be staying on the market unsold in Marbella.
In fairness, it is something we are seeing more often. Homes that would probably have sold quite quickly a couple of years ago now seem to be taking longer, and in some cases are not selling at all.
We've been talking recently with a few owners who have been asking why their property is not getting viewings or why it hasn't sold when they had expected it to.
The natural reaction is to assume that the market has slowed down or that demand has dropped off, particularly with all that is going on in the world at the moment. In reality, that is not quite what is happening.
Marbella is still attracting strong international demand. Buyers are still coming and transactions are still happening, but the way buyers are behaving does seem to have changed somewhat.
Buyers are definitely taking more time comparing more options and looking much more closely at value for money before they make a decision.
This shift is important. It does not mean that the market is weaker, but it does mean that it is becoming more selective. In a more selective market, it is inevitable that there will be some properties that would have sold previously that are now getting left behind.
It is interesting to try and identify the reasons for this:
Price is always a factor. If a property is priced above the level that buyers see value, then it will no longer draw interest in the same way. A couple of years ago, a property that was marginally overpriced would have still attracted viewings, and buyers would have negotiated. Now it appears that overpriced properties are more likely not to attract viewings, and that buyers are more likely to move on and focus on something that feels more in line with the market.
Buyers today have a lot of choice. If a home does not stand out clearly for the right reasons, whether that be the price, its condition, location or layout, it can very easily be overlooked.
Expectations are also a major consideration. Some sellers are still very much guided by what they have heard the market is doing, rather than being influenced by what buyers are actually doing. There can be a significant gap between where a property is placed on the market and where buyers think it should be. Matching up to other people's asking prices is one of the most significant factors in creating this divide.
Global factors certainly play a part in the background to the market conditions. Uncertainty around politics, inflation, and travel costs can make buyers more cautious. It does not stop them buying, but it does make them more considered in their decisions. The current global factors, in many ways, are having the effect of attracting some buyers to Spain. But this all feeds into the more selective market.
So, in full consideration, it is fair to say that when a property in Marbella is not selling, it is usually not because of a lack of buyers. It is more often because the property is not quite aligned with what buyers are currently looking for, either in terms of price, presentation, or general perception.
It is important to read the market and adjust wherever possible to help attract the buyer. When a property is in line with the market, it will always be easier to sell, and we are always happy to advise, as best we can, the necessary steps to make a property more market ready.
If you are struggling to sell your Marbella property and would like to talk it through without obligation, please do not hesitate to get in touch with us.
Call us on (0034) 952 90 52 00, WhatsApp us, email info@michael-moon.com. We look forward to hearing from you.
