How to sell your Costa Rica property within a buyer's market?

Jan. 26, 2010 - PRLog -- A buyer's market is defined as a moment when the market has large amounts of inventory with longer than expected periods of time on market. It also signals the end in rising prices and normally experiences a price plateau or even a decrease in prices. In Costa Rica the latter is most likely considering our great run for so many years during the seller's market of the past 10 years.

Like any other 'game' of strategy, one must think ahead before making their move.

Here are a few tips to help you to be better prepared to launch your home for sale in to a buyer's market. Realizing that your Costa Rica property more than likely will remain on the market for longer periods of time goes along way in this process. Understanding this is crucial.  If you go in to a buyer's market anxious and ill-prepared, one could very well lose substantially.

We hope these few helpful tips may assist you in better preparing yourselves for the road ahead.

1. Outline your limits Select a ceiling on price and duration.  Are you in a hurry to sell? Better be extremely open to any offers then. It is always the best solution to hold the property and wait until the buyer's market slows and morphs back to a seller's market. This requires time and plenty of patience.

2. Know your local market. Research your market ahead of time and seek the independent advice of various professionals currently marketing in the area. Ignore any advice coming from anyone currently residing in the same area as this is bias information. Go with your gut instinct and get a handful of opinions.

3. Kick it up a notch. First impressions are everything.  A little tidying up will go a long way. You don't need to break the bank doing it but simply do a little paint, landscaping and overall 'tidying up'. Considering the market is flooded with competition, you need your Costa RIca property to stand out from the rest.

4. Agent or FSBO? Unlike other areas of the globe, selling your property independently in Costa Rica can be a tough undertaking. However this is something you will need to consider. It is in our opinion, that selling your own property during a buyer's market is not the smartest route to take.  Listing with an agency like Costa Rica Property Site (http://www.costaricapropertysite.com), will provide your property with far more exposure than you could possibly achieve by yourself.

5. Negotiate. There's never a better time to negotiate than during an economic downturn. The same applies to a real estate buyer's market. Just as you negotiate on a presented offer, you should first negotiate with your agency on a discounted price for commission. And shop your listing around before committing to any one real estate company however during this 'shopping' process, absorb all the free advice you can stomach. Ask questions like what they would change in order to appeal more to the targeted market or their honest/professional opinion on market value.

6. Price accordingly and be flexible. Pricing of your property is crucial.  Of all the points of advice given here, there is no one more vital than pricing your Costa Rica property correctly.  Pricing your property 20-40% higher in order to leave "wiggle room" is not a bright idea.  Many potential buyers might take a quick glance at your listing and recognize that it is overpriced and move on. The property has to be priced at market value in the moment and having the capacity to be flexible is necessary. Research comparables throughout the area ignoring properties sitting stagnant on the market for extended periods. Anything above 15% is pricing yourself out of the market.

7. Stay on top of them. Staying on top of your listing agency is also advisable. The lack of centralized MLS in Costa Rica, has created a country littered with real estate agents. What this means is that chances are pretty good that your home is only one of many so if you want more attention given to your listing, then give them a nudge every now and then and be open to suggestions from the professionals on what you can ALL do in order to get more activity on your Costa Rica property.

8. Monitor the market and stay educated. Keep up with what is happening in the market in which you are trying to sell is important.  If you have an agent, ask him what's shaking in the Costa Rica property market. Be receptive to your agent and understand that he/she wants to sell your property as much as you do.

9. Don't try to predict your buyer. This error is often made and can drive a person insane.  When you least expect it, your 'specific' buyer will reveal themselves. Patience is key here.

10. Free your mind! Selling a property of any type during a buyer's market requires many different things.  The foremost important being an open mind.  If you have patience, flexibility and good negotiation skills, you could fend quite well selling to a buyer's market. If you lack any of these you will find it very difficult.

We hope you enjoyed this article and if you have any questions or concerns then feel free to contact Maic Salazar of Costa Rica Property Site (http://www.costaricapropertysite.com)

# # #

Costa Rica Property Site is a premium Costa Rica MLS site for buying property in Costa Rica or investing in the Costa Rica real estate markets.