How to sell an apartment or house when sales prices are falling?

A correctly set starting price that will be close to the sale price of your property.

We will perform an expert calculation for FREE, which will determine the usual price (value) of your property, using the cost, comparison and income method according to valid and recognized methodology.

It's been more than a decade since the last real estate recession, and many real estate agents were used to estimating the price of real estate for sale. Sometimes they did better, sometimes worse. When the estimate was wrong and the property was overpriced, the sale took place only a little later. This was not such a problem during the period of rising sales prices. The rising market caught up with the inflated asking price and the property then practically sold itself. This was also the main reason for the creation of so-called "self-selling" real estate portals.

We have a big change here. Today, if a real estate agent or a property owner who is selling the property himself raises the asking price too much, then the property becomes an unsaleable lager, even if he lowers it. This can be easily confirmed, because on real estate portals, e.g., the offer of advertised properties increased by more than 27,000 from May to December 2022, which is an increase of 30% of offers! Real estate portals are happy about it, but sellers less so. After many years, the buyer is again in a better position than the seller. He very often requires a discount from the asking price because he chooses from many properties. Selling real estate through a real estate auction, which is still offered by some real estate agencies, is really ridiculous. Mainly, however, this system does not work and the seller thus loses valuable sales time and consequently his money - LOSS from a possible sale.

In today's recessionary real estate market, selling a property on your own without a licensed real estate agent is sheer folly. Only a small number of people interested in buying, or none at all, hear from brokers. Therefore, it is important to have an unbiased professional approach to the property being sold. Today, most owners who offer their properties on "self-selling" real estate portals have completely unrealistic expectations about the amount of the sale price. A property owner who decides to sell has a much better chance of getting a good sale price only in cooperation with an experienced and reliable real estate agency. One that can correctly determine the market price and determine the initial offer price based on it. It goes without saying that he uses professional business practices.

Today, it is especially important to count professional market pricing among the effective sales skills of a real estate agent. Its calculation, already at the stage of submitting the proposal of the brokerage contract, will show the seller the ability of the broker to understand the real estate market and increases the probability of a successful sale at a higher price.

A real estate broker can no longer rely only on real estate price estimates offered and sold by companies that purchase information on sales prices from the Real Estate Cadastre of the Czech Republic. These sales prices, which are used to calculate property price estimates, are now outdated. By doing so, they artificially increase the offer prices with a tendency to overestimate the real sales price and increase the potential of the property not being sold.

For a proper understanding, I would like to give two practical examples from the period of 2022:

In September 2022, I was asked by the owner of an apartment in Frýdek-Místek about the possibility of selling his apartment. It was only on the spot in the apartment that I learned that the apartment has been for public sale since January 2022. The husband and wife, the owners of the apartment, decided to entrust the apartment for sale to a large real estate agency, which, according to its practices at the time, set the wrong usual (market price) and therefore and the offer price and tried to sell the apartment in the form of a real estate auction with a starting price of CZK 3,900,000. After three months of unsuccessful sales, the owners made a mistake again and handed over the property to another large real estate agency, which slightly reduced the price of the apartment to CZK 3,600,000, but it was again well above the usual price and tried to sell it for CZK 3,500,000 until October 2022. At the beginning of October 2022, our office FORTUNA REALITY s.r.o. presented the spouses with a calculation of the usual price in the range of 22 A4 pages set at CZK 2,590,000 including our commission, completely FREE (taking into account all the strengths and weaknesses of the apartments being sold and with the current reduction in the sales prices of similar apartments) and the couple decided for the third time poorly. They entrusted the sale of the apartment to a local real estate agency, which although had our valuation available, but was unable to explain to the couple that according to the usual price set by us, it is necessary to adjust the offer price immediately and not lower it just a little to CZK 2,900,000. At the end of December 2022, the local real estate agency reached almost our usual price from the beginning of October 2022, namely CZK 2,595,000. The apartment is still unsold and is under real estate offer. The couple already have a LOSS from a possible sale of more than CZK 910,000 and it is still not final. The usual price of the apartment changed again in two months. Today, out of desperation, the local real estate agency decided not to list the offer price of the apartment. When a real estate agent does this, it means only one thing - he will sell has given up and doesn't know how to deal with it. Spouses have only two options. They will either give up the sale or entrust it to real professionals.

I would give the second example from the beginning of December 2022. The owner of a cooperative apartment from Ostrava decided to sell her cooperative share in the housing cooperative and the associated right to rent her apartment. I offered to professionally determine the usual (market) price of her apartment for FREE. After taking into account the strengths and weaknesses of the apartment, I estimated it at CZK 2,300,000, including our commission. After some time of our conversation, I understood that the owner was not interested in some of my calculations and that she decided to sell her apartment through a real estate agency, which will conclude a brokerage agreement with her on the sale of her apartment at the highest possible offer price. It's a classic example that was done right when real estate prices were going up and it somehow ended up selling. But unfortunately, and unfortunately for sellers, it no longer works today. The apartment was advertised by a local, relatively large, real estate agency for an inflated offer price of CZK 2,900,000. After about 14 days of sale, it was discounted to the maximum possible amount according to her brokerage contract to a special amount of CZK 2,780,680. I'm surprised there aren't even pennies, but it's more a sign of unprofessionalism again. The LOSS from any possible sale today is higher than CZK 250,000 and is still not final. The apartment is still on offer at an unrealistic offer price and will be there for as long as the real estate agency or the owner of the apartment does not give up and entrust the sale again to an experienced real estate agency, which will professionally and correctly determine the usual price of her apartment and take over the professional sale as our real estate brokers FORTUNY REALITY s.r.o.

Trust an experienced, professional real estate agency that does not promise you "blue sky". Rather, they will ensure a sale for you at the currently highest possible price.

Are you planning to sell your apartment, house or land? At any time and at any time on the website you can contact our virtual assistant, who will send you an estimate of the price of your property for sale to your phone or answer all your questions regarding the sale of real estate. She is also happy to put you in touch with our real estate agents at any time.