If you want to sell a home in Verona, it is good to know some basic facts about the area's benchmark real estate market.
- How many annual purchases and sales are there?
- What values do they stand at?
- What are the trends?
In this article you will find the answers to your questions
Housing market trends, the data:
You need to take a moment to properly analyze the industry data available within periodic reports that are very useful because they illustrate, for example, the trends and prospects of the national and local real estate market and the role of real estate agents in buying, selling and renting needs.If properly interpreted, this information may prove to be strategic to a successful conclusion of your transaction.
MARKET DATA:
The latest analysis released byNomisma's Real Estate Observatory introduces precisely these issues, starting with the rise in Italy's Gross Domestic Product, which after the low point of 1,541 billion euros in 2013 is steadily recovering, with a forecast for 2021 of 1,640 billion euros: unfortunately, this trend is not directly reflected in the climate of consumer and business confidence, which is greatly influenced by the political situation and the media, and sees a swinging and downward trend.
ENCOURAGING HOUSING MARKET FORECAST:
But life goes on, and the market does not stand still, indeed, as forecasts of purchase and mortgage intentions for the next 12 months and the number of annual residential purchases and sales show a continuing share of households interested in buying a home, already active in the search or inclined to do so soon, and more than half of them will do so via mortgage; the amount of national residential transactions, will be between 543,188 in 2018 and 578,481 forecast for 2021.
The detail on the city of Verona illustrates 3,359 normalized transactions in 2018.
Despite the upswing in transactions, average property values are falling, confirming a negative trend that has not stopped since 2009.
As far as the forecast is concerned, for the next few years values will remain more or less stable with slight increases, but without the negative sign.
Specifically, for the Verona real estate market, the reduction in prices is softening. In fact, we can see that the annual change in the sale price of housing in Verona went from the 2015/2016 biennium at -2.5%, to the 2018/2019 biennium at +0.2% (with -0.3% for offices and -0.4 for stores).
WHAT ARE THE AREAS OF VERONA WITH THE HIGHEST VALUES?
Going into more detail, the June 2019 OMI dossier (Agenzia delle Entrate) shows that the highest prices are found in the areas of the Historic Center, S. Stefano, S. Maria Rocca Maggiore, Lungadige, and Ponte della Vittoria. Here homes in excellent condition can come to cost between 4,000 and 5,600 euros per square meter, while for a home in average condition you can pay between 2,450 and 3,600 euros per square meter. One can save something, remaining in the same territorial context, by opting for the cheaper and older houses with less than excellent state of preservation, for which one can come to spend between 2,000 and 3,000 euros per square meter.
THE AREAS WITH THE LOWEST QUOTATIONS
On the opposite side of the central area, which can guarantee owners higher values, we find instead the more suburban area of Galtarossa, Lower Acquar, Railway Park, Fair, Z.A.I and extensions, where the costs of an apartment are generally between 950 and 1,350 euros per square meter for civilian housing in normal condition.
THE ROLE OF THE REAL ESTATE AGENT IN THE MARKET
Despite the common belief that do-it-yourself is the best solution, the data reported in this study show another view of the transaction market. If real estate buying and selling were a movie in which buyers and sellers are the main actors, real estate agents are given the role of director, and it is interesting to see how households perceive this strategic figure and what elements are able to create a truly profitable and trusting bond.
The main reason why 48 percent of Italian buyers chose to rely on a real estate agent in their search for a home to buy is the ability to promote and have the properties of interest found on the right communication channels, while 64 percent of sellers did so because they were convinced by their knowledge of the agency's performance (i.e., the concrete results the real estate agent is able to achieve). More than half of the total clientele would return to their agent in the future because they were reassured by the agent's professionalism.
The rental market is slightly different: for the search of a tenant or rental home without having to pay commissions, the Internet leads the way even though the knots then come to a head, and we find that 35 percent of renters who turned to an agency did so to receive support in dealing with paperwork, while 33 percent of tenants prized in-depth knowledge of the context in which the property is located.
KNOWLEDGE AND NEGOTIATION
The strength of the professional real estate agent calculated on those who have had at least one buying or selling experience(i.e., 59% of the Italian population) is in local real estate market knowledge and negotiation skills, i.e., a specific professionalism that clients cannot improvise, while the real estate agent refines and deepens it on a daily basis.
In fact, the same sample of clientele expressed a high satisfaction rate of 32 percent, while it touches 46 percent the rate of high probability of turning to the same real estate agent in the case of further buying and selling activity... In short, data in hand, the real estate market is growing and opening up to new prospects, and the good work of those who believe in it always rewards, rewards everyone!
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