To begin: How is the real estate market in the province of Buenos Aires?
The truth is that there is a lot of movement: there are people who need to buy and know that today is a good time, since prices in the last four years have dropped between 40 and 50%.
Will they keep going down?
It is not known. I think there are no factors that indicate that it can go up. The only thing that was there was money laundering, but unfortunately it did not give a boost to the sector. So if they can’t go up, they might just keep going down a little bit more. There are several negative factors that go with this criterion: salaries measured in dollars are very low, there is no access to a soft-rate mortgage, the vast majority of people do not have the capacity to save.
So is it a good time to sell?
That depends a lot on the need or motivation of each one. Four years ago, the properties were worth at least 40%, which means that this is not the best scenario. Now, you have to focus on what motivates that person to want to sell: the family grows, there is a divorce, they go to live in another city, etc. When there is a real motivation, it is no longer important if houses were more expensive before or not. The important thing is that the family is enlarged, or the divorce, or the trip. So whoever needs to sell understands the market conditions, goes on sale at a competitive price and manages to sell. And let’s keep in mind that if you also have to repurchase (for example, you sell a two-room apartment to go to a three-room apartment) it’s a good scenario.
How do you find that “competitive price”?
Doing a market study, where we analyze the prices at which other similar properties have been sold. That information is usually private—only known to buyers, sellers, and real estate brokers. What we do is work in collaboration with other brokers to share valuable information when setting the market launch price. If the price is not correct, it must be corrected quickly, until reaching the point that the demand shows interest and the sale is made. And by the way I want to break with the myth that “it takes a long time to sell”: that is not true. We are going to put ourselves in the place of the one whose family is growing, these people have to buy yes or yes, with which for one or two months they concentrate one hundred percent on looking for the right property and when they find it they make an offer. That is why I insist on the importance of publishing with a competitive price: today if a property is out of price, it will not generate interest and will go unnoticed by potential buyers.
Patricio Tufaro is a real estate broker in the City of Adrogué (Mat N° 4059 CPMCLZ), specialized in the residential market.
Contact information:
Telephone: 4294-1636
Cell: 1154276847
Instagram and Facebook: @patriciotufaro
Web: www.tufaropropiedades.com
Email: [email protected]
by CEDOC
