Monday, February 11, 2013
Sellers told to cut prices by up to 15%
A leading French estate agency group has recently written to its vendors telling them to cut their asking prices by 5-15% if they want to sell in a reasonable timescale.
How’s that for proof that we are definitely in a ‘buyers’ market’ here in France.
Bernard Cadeau, President of Orpi Immobilier which has agencies across France, particularly here in Brittany, was speaking as banks moved yet again to boost the market by dropping mortgage rates to their lowest since ‘the Liberation’ meaning that a 20 year fixed loan of €200,000 costs you €20,000 less now than it did at the beginning of December last year.
Mr Cadeau said, that in a recent test, cutting prices by 3% had seen the delay in getting a sale fall by 17% and increase their sales across the test by 20%. He also highlighted the movement between asking prices and final selling prices for properties which grew from 7% at the start of 2012 to 15% by the end of the year.
It’s time to grab a bargain ….. and as on average our property finding network saved between 16-18% on advertised asking prices last year we can save you even more money just because we are here on the ground and understand the market on a local basis……….
….. and having recently negotiated a massive 36% off asking price for a recent client, sometimes we even surprise ourselves.