When should I sell?
Well, that is the question! This will depend upon your property location and the price you are looking to achieve for it. There are several other points to consider when deciding to sell. Firstly, the market may not behave the way you think it will over the next few months or even years. Other sellers may decide that they cannot wait any longer and place their property on the market at a much lower price than your property. The number of buyers may not change and you will be competing against a greater number of sellers. Secondly, exchange rates weigh heavily on both buyers and sellers (unless of course you are moving elsewhere in the Eurozone) and if you are thinking of selling to move back to the UK, then now is a great time to sell due to a very strong € and weak £ and US$, but the strong Euro currency situation will not last much longer... Remember, if you purchased your property in Spain several years ago the £/€ exchange rate would have been anywhere from 1.300 to 1.700, so although your property has depreciated in value since then, what you are losing is very likely to be offset by the change in exchange rates, so remember this when trying to sell your property and adjust your sales price accordingly as this will help you to sell!
Although there are far fewer buyers in the market at the moment there are still buyers out there. Whilst there are those who are looking for a bargain property, be it distressed or a repossession, the majority are looking for the right property in the right location and although price is a key factor they are still buying for the same reasons they were several years ago - location, location, location!
Remember, there has been a worldwide decline in property prices so whatever price you finally sell at will be relative should you wish to re-buy elsewhere, or indeed in the same area!