For any real estate sale, begin with requesting an estimation of the value of the property. This will determine the sales price used as a basis for any selling strategy. Obviously, it is necessary to understand real estate prices in Luxembourg in 2020 in order to strategically position yourself on the market: trust the agencies, they perform a permanent monitoring in order to estimate the attractiveness of a house or apartment as accurately as possible.
Forget the Emotional and Trust the Professionals
For instance, agencies are interested in following property prices forecasts in Luxembourg as a whole as well as by area. Very concretely, professionals implement a permanent watch that allows them to be aware of trends, actual needs, most popular sectors and types of property that are most likely to be sold quickly.
As an owner, you will probably tend to overestimate your property as it is part of your inheritance, you may have carried out work in it, or have seen your family grow there… However, it is absolutely necessary to take some distance from all these purely emotional elements, which are pointless for the future owners who might visit the property. This is why it is always preferable to put your property up for sale with an agency: among others things, agencies know both property prices in Luxembourg City and new property prices in Luxembourg.
“You will probably tend to overestimate your property as it is part of your inheritance, you may have carried out work in it, or have seen your family grow there.”
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Use Luxembourg Property Prices in 2020 as a Basis for Deciding
Your property probably does not have the same value today as it did 10 years ago, regardless of the work you may have done inside and its intrinsic qualities. And it will not sell for the same price within 5 or 10 years.
The market fluctuates constantly, depending on supply and demand, current mortgage conditions, planned construction, the price of new real estate in Luxembourg, etc. It is therefore necessary to be extremely well informed to fairly estimate a property. Only professionals can do it!
In Case of Doubt, Ask for Several Estimates
To begin with, you may have already made an online real estate valuation in Luxembourg: various websites offer this service which gives you a first idea of the amount you can ask for your property.
However, this method gives indicative results, which should not be considered as 100% reliable. Indeed, nothing beats the expertise of a real estate agent who comes in person to make an estimate.
And if you think that his or her price is too low, if you fear your property has been underestimated, nothing prevents you from calling another agency and request a second evaluation, which will allow you to have elements to compare.
“Nothing prevents you from calling another agency and request a second evaluation.”
Remember that by yourself, it is quite normal to overestimate the value of your property, even if some manage not to fall into this trap. The most important thing is to know how to solicit experts and when: their objective, just like yours, is to sell the property quickly and at the best price. So it is in your best interest to trust them!
