In the Spanish real estate market, you may come across the term piso quemado (literally “burnt property”). Rather than referring to a building damaged by fire, it’s a colloquial way of describing a property that has been on the market for a long time without attracting any viewings or buyer interest.
If a home remains listed on property portals for months without updates, sometimes with numerous price reductions that fail to generate results, buyers tend to overlook it and lose interest. The most common reasons for a lengthy listing time include an asking priceThe asking price is the initial value at which a property is listed for sale. It is entirely at the seller’s discretion, which means it does not always align with the market price or the final sale pr... More that’s too high, unappealing photos, or a poor marketing strategy.
To revive interest under appreciated property, the best approach is to temporarily withdraw the listing from the portals, invest in a home stagingHome staging is a property marketing technique that combines emotional marketing with interior styling to present homes at their fullest potential. Created by Barb Schwarz in the United States in the ... More intervention and professional photography, and then relist it with a fresh marketing strategy (perhaps with a sole agency agreementA sole agency agreement is a contract whereby the property seller grants the exclusive right to market their property to a single agency for a specified period. The contract sets out the duration of t... More).
