Well, this section is sitting there all empty, so I thought I'd attempt to kick things off.

Is property selling in Lanz? If so, where, and what type?If not, why not? What could sellers do to stand a better chance of selling their property?

Anybody tried advertising their Lanz property for sale in the UK and Eire, How did it go?

How do Lanzarote estate agents (about 150 of them!) currently make their money?

Thats a BIG question!!
Some agents are saying that they are doing just fine thank you, I think its a slow. I think that off island promotion is probably whats assisting people to sell.
Some smaller or less tenacious agencies have closed recently.

For me - its a frustrating situation, house prices are dropping, many people want to sell and there are some very good deals out there, but people dont have as much spare cash and mortgages are difficult, significantly more difficult that in recent years.
Thats a doomy old picture isnt it! Im not intending to be negative. For those in a position to buy now is a good time here, but for those for whom its a dream it may not be realised just yet.

DrRobert, the response is deafening. Have all the agents left the island?

Some of us are still here. Maybe the rest are too busy selling lots.

Is that wishful thinking Clohdee selling lots? I would think it is a buyers market and I know some Spanish who have been turned down for mortgages whether they asked for too much or not is another question, but the banks wouldn't lend them it.

Some of the apartment prices we looked at are very inflated for what you are getting, what type of offers can you reasonably put on a 120,000 euro apartment

Geoff

a silly one they can only refuse as I say it is a buyers market.

I was being a bit rude saying selling lots, the agents here have had it easy for a long time, its now time to earn your money these days I think.

For me with little brain the problem is two fold, mortgages have become difficult, the company that I work with on occassion in mainland spain are losing products beacuse the banks are tightening up on everything, as a consequence even the real bargain houses are not selling as well as they ought because people cant get finance, for those with actual money now is fab, people are really knocking their prices down to sell and there are some good deals to be had.

We all became so reliant on credit when it was offered on a plate, its now back to people needing a reasonable deposit and a reasonable income. You simply cant get 100% mortgages anymore. Which I think was what assisted the big buying glut we had in recent years. I think the banks are ebing a bit OTT but thats the way things are....

IMO, it will level out but from a buying perspective its not so hideous right now, but only if you can physically really afford it.

I know what your saying John but I personally wouldnt put in an insulting offer. I have been on the end of these back in England. However it is interesting that Spain, is seeing the same credit squeeze as the UK market.

We are getting squeezed but I think in fairness the brits are being squeezed more.
I would say an offer is an offer, people may be insulted but then again they might not be, you dont know unless you ask!!

Hi

Me and my husband are just in the process of buying a villa in Playa Blanca and I just hope that we are doing the right thing. I've heard so much doom and gloom about Lanzarote and in my experience property still seems to be over priced, as is everything else in Lanzarote! But heyho its a great island and the weather is fantastic and I truely believe that it will turn around.

Try not to listen too much to the negatives. I understand that prices in PB are good at the moment, I know of some houses that are extremely well priced compared to other areas.

I think as long as you make your decisons wisely and dont jump into things you will be just fine, its still a great life here.

I also think that people wrongly compare the island to mainland spain price wise - its just not the same kettle of fish, we have an absolute limit here on how many houses we can have, as a consequence yes its more expensive to buy here but the value seems to hold certainly in the long term.

If you make a silly offer, the seller can either a) Say no-his choice. b) Say yes. If so, good for you! c) Politely refuse, but say he'll meet you half way. Worth a shot!

Buyer's Market?

Simply put, buyers' markets exist when there are a lot of homes on the market and very few buyers and home buyers are in an enviable position to negotiate.

If you're like me you will want to offer less than asking price. (It's just human nature) But if you plan to offer low, you'll probably be unsuccessful at getting that type of offer accepted if the home as just been put on the market, look at homes that have had recent price reductions or have been on the market for at least 30 days or more, these sellers are more likely to be receptive to a lower offer.

In a buyers' market, you're in control.

Good luck

Its most definitely a buyers market - would love to be in the position of having the cash in the bank and being able to make silly offers and see who is desperate enough to take them.

I know of several villas in CDS in PB that have gone for ludicrous money - way under £100k because of people needing to get cash.