Here are our best tips to succeed in selling quickly at the best price:
STEP 1 – DECIDE WHEN TO SELL
If only there were a simple answer to the question often asked: When should I sell my house?
However, there are important considerations to be taken into account:
- The time of year – The real estate market in Luxembourg is not seasonal, however January and August are historically the quietest months. We note that the best months to put a house on sale in Luxembourg are March, April, October and November, when buyers are motivated.
- The current competition in your neighbourhood – At any given time, there are only a limited number of buyers looking for the type of home you own. If these Buyers have a large choice of homes like yours to look at, you can expect to have fewer visits and fewer offers, which will generally result in a lower selling price. Conversely, if you own the only renovated 5-bedroom house with a garage for sale in your neighbourhood, everyone will flock to your home.
- Current competition in similar neighbourhoods – Most buyers have two or three targeted neighbourhoods they want to live, so it is important to consider what is for sale in neighbourhoods similar to yours. Similar neighbourhoods are not only those that are physically close, but also those that have schools or nurseries of similar quality, proximity to parks, restaurants, services and transport, and are similar in terms of the type of people living there (singles, couples, families, retirees, etc.)
- The state of the real estate market – Interest rates and consumer confidence affect prices, and while the Luxembourg market has been rising for a long time, like any other type of market, what rises can fall back.
- Your own personal needs and goals – If you want to move out of town, or if you have already bought a new property, then all this timing will probably be forgotten. Similarly, an upcoming baby, the need for a nanny at home, a marriage or divorce could dictate a drastic schedule.
STEP 2 – BE READY
- Gather all your documents – Your real estate agent will ask you for copies of your property titles, general development plan of the municipality, cadastral extract….
STEP 3 – ESTABLISH THE SALE PRICE
Establishing the selling price of a plot of land in Luxembourg is both a science and an art (and let us be honest, sometimes, a dice roll). Your real estate agent will discuss with you the advantages and disadvantages of defining a high marketing price with the intention of negotiating, compared to a market value price.
Ultimately, buyers will decide how much your land is worth by deciding how much they want to pay for it, and they will take into account:
- The prices at the are in your sector
- Construction possibilities (houses, buildings…)
- Other land on the market
- Current market conditions
- The situation, what is happening in your neighbourhood and how it will evolve in the short and medium term.
Special considerations for land
A PAP (Special Development Plan) is often necessary, and its completion can be long and costly. a real estate agent can offer a property to developers and home builders to get a higher price because they will feel in competition. And they will bear the cost of the PAP.
ETAPE 4 – MARKETING
One of your real estate agent’s most important tasks will be to ensure that your property is seen by potential buyers. A large marketing campaign for your property should include both traditional and digital methods, and above all to make sure that people fall in love with your property. Any real estate marketing plan should include:
- Photography / Drones – Professional photography is a must! Most buyers will see your home for the first time online, and if the pictures don’t catch their attention, they will move on to the next lot.
- The “For Sale” sign – It is not uncommon for buyers to walk around the area they are targeting, looking for the perfect site, so a sign is always recommended.
- Online Marketing – 92% of buyers start their search on the web: being visible online is essential! Make sure you are working with a real estate agent who has a lot of traffic on his website, and that he knows how to use other sites to your advantage.
- Email Marketing / Social Networks – The best real estate agents will promote their ads by email, and have a network of potential buyers they can reach via Facebook, Twitter and email. Don’t forget that you can help with the sale of your land by sharing the link to your ad!
- Paper advertising – Most real estate agents will print presentation folders for your property, so that the potential buyers to whom it is given have useful photos and information. Depending on your real estate agent and your ideal buyer, your land could also be promoted with flyers “for sale near you” and others.
- Your Ideal Buyer is not far away – He may be a first-time buyer, first-time buyer’s relative, international investor, a recently divorced woman, a young couple, elderly people who have simply sold their family home or a young couple with a baby on the way. Experienced real estate agents make great efforts to profile your Target Buyers and create a marketing campaign to reach them.
<h3″>ETAPE 5 – THE RELATIONSHIP
When a real estate agent deals with the sale of land in Luxembourg, he puts his relations first:
- From developers and builders ! They are often the first to be interested. Very quickly, you will get several offers through your real estate agent. All you have to do is accept the highest.
STEP 6 – OFFERS
Your hard work has paid off… and you get an offer from a buyer. Here’s what to expect: the Buyer’s offer will be presented to your real estate agent, who will forward it to you. It will contain some important points of the negotiation:
- Your contact details
- Purchaser’s contact details
- Identifying your property
- The proposed price
- The date by which you must answer
- The deadline for suspensive clauses
- The date of commencement of entitlement
- The date of the notarial deed
Once you receive an offer, you have 3 choices:
- Accept the offer : Congratulations, you sold your property !
- Make a counter-offer (with better conditions and / or prices for yourself). The Buyer at this point can accept your counter-offer, or make another counter-offer, or withdraw.
- Decline the offer.
Negotiation is an art, and if you have chosen your real estate agent correctly, he will provide you with solid advice, to get you the price you want. The final decision on the price when selling your property is yours, but a real estate agent is a strategic negotiator at your side.
ETAPE 7 – THE NOTARED ACT
The D-Day has finally arrived. The amount of the transaction will be transferred to you by the notary within days of signing the deed.