Home Buyers Still Offering 20.9% Below Asking Prices
During the month of July, home buyers in Spaincontinued to make offers on homes at well below the prices set by the owners. At the month end the average reduction requested was 20.9%, according to data from a study by property portal,idealista.com, which analysed over 2,100,000 offers presented by potential home buyers to the sellers via their portal since January of 2010. This figure is only slightly lower than that recorded in July of last year, when the average discount requested was 21.6%.
Looking at each of Spain’s regions, the greatest gap registered between buyers and sellers was in La Rioja, where buyers demanded, on average, a discount of 23.6% off the selling price, followed by Cantabria (-23.5%), Murcia (-22.7%), and Valencia (-22.6%). In contrast, Madrid is the region where both parties were closest, with the difference between the amount offered and the purchase price reaching just 16.5%, followed by Navarra and the Basque Country, both requesting discounts of around 19.7%.