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In today's market, should you be flexible about the asking price of your property?

You have time and you have already experienced it in the past, if you want to reach a given selling price, you just have to wait.

Indeed, in a bull market such as we have known for years in the Grand Duchy of Luxembourg, if your asking price is above the market price, over time, there will be a catch-up effect. The market will join your asking price and amateurs will contact you.

In a stable or bearish market, the situation is quite different. In this case, no matter how long you wait, nothing happens. Even worse, if the market falls, the longer you wait, the further your price will be from the reality of the market.

Today, the number of prospective buyers who can access a given property is reduced. This, mainly because of the rise in mortgage rates that has come to give the final blow in a market already difficult for many. At present, rates are not announced downwards.

On the other hand, we can hope that the index tranches planned for next year will allow some to have a slightly higher budget granted by the bank. Still, this won't fundamentally change the game, as the impact of rising rates is greater.

What to do in this case?

Several solutions are available to you. If you do not absolutely have to sell the property, you could rent it, the rental market is doing well.

If you want to sell, you may need to be flexible. It is always the market that dictates the price. If your intention is to buy another property with the funds, think that if you have had to adapt, it is probable that other sellers will have to do it too.

6 Dec 22


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