If you're thinking of selling (or letting) your property, your main interest is likely to be what it's worth. Foytina can definitely help you to find out your property's value; however please readthrough the beneath content which will definitely help you understand better the context within a valuation by Foytina is conducted.
Before proceeding any further, there are some important factors to keep in mind when having your property valued. It is imperative that you intimately understand these factors which are factored by Foytina's staff.
Perfect Title Deeds: Things in Cyprus have rapidly changed since the so called 'hair-cut' of the Cyprus banks. Buyers might not consider your property at all eventually, even if they fall in love with it, if it does not bear perfect title deeds, meaning that the building sitting on a piece of land must be fully registered on the certificate of ownership (title deeds). Issue of perfect title deeds not only forms a decision making factor but gives additional value to your property!
Leave Aside any Emotions: You must put your personal feelings about the property aside. Feeling in this case has nothing to do with buyers or tenants except that they are looking for a place to make their home. In keeping with this principle, you have to view your property as objectively as possible and advertise it like the property anybody can easily acquire. Foytina does acknowledge this!
Understand the Marketplace: It is of paramount importance to know the surrounding marketplace. Have a look around the neighbourhood your property is located and you will certainly get an index. Asking prices of properties located within a range up to 1000 meters can through light on what range of prices we are talking about. Foytina pays attention to your neighbourhood and what sets it apart from the others. The same principles apply when comparing your property against another one. Foytina will use similar properties to yours as a comparable; you can check them on your own on our website www.foytina.com
Exploit the ‘Time’ factor: Never forget the fourth dimension! Ask yourself: ‘How much time do I have to sell?’ The answer to this question will help you determine the asking price when listing with Foytina Real Estate Agency. Timing, along with the current market conditions, both on local and national level are two crucial factors to consider. Foytina advices that the quicker you need to have your property sold, the less the asking price should be! If you fall under the category of people that are not desperate to sell then you can wait for that ‘perfect’ buyer to come along, which might never happen either! In this case, we have to remind you that if the market is tight and demand exceeds supply, prices will not dropdown! If however a lot of people are selling and supply exceeds demand, prices will go down and you should begin reconsidering your asking price.
Determining the right value of a property is crucial for a succesful deal. Potential purchasers and tenants looking around to find a property are never ready to pay as much as an owner is asking for, even if they love your property!
Owners should talk to Foytina the reason of selling/renting, the time-frame of a deal sought and any linked liabilities of the property. If a ‘quick sale’ is sought, a lower asking price must be certainly set. If time frame is more flexible, the price will be adjusted accordingly. The ideal price would be to determine an asking price in a way to benefit both owner and property seekers. That can be done by not setting the price higher than the going price for adjacent comparable properties while on the other end its' not dropped in a risk of loosing money and spoiling the local market. It is also a common secret that people get distrusted when a product is sold below the average market value!
On the other hand, both for sellers and for Foytina, the first priority is to sell the property, not to realize a huge profit, hence the balance point must be found. Foytina can assure you will act in a manner to net the most the owner can get out of it. Although desliked by owners, Foytina highly advices them not to do the biggest mistake, which is the overpricing of their property hoping for a larger return. By asking for a price which is considerably higher than comparable properties you actually deter potential buyers from making an offer. Buyers and tenants are fully aware what Market offers and might wait for a better deal!
Foytina Real Estate Agency is in position through its profesional staff, experienced agents and extensive knowledge on Market to help you value and price your property accurately for a balanced deal, both pricewise and timewise!