Selling real estate in 2011 is not the same as it was in 2006 during the peak of the market here in Costa Ballena, Costa Rica.

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Five years have passed since those golden days of the market when sellers could virtually name any price and get it. Unfortunately, many sellers still view this as 2006 and there is often a disconnect in pricing between properties that are selling and those which are not.

Basically, the properties not priced to sell get stale very quickly and are being bypassed by the new era of real estate buyers. Dominical buyers are increasingly more educated than ever before and are demanding more market analysis.

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Based on my experience as a professional Realtor in Dominical, if you haven’t managed to sell your property in Costa Rica, here are 5 simple steps that may help.

Please note that some of you may find this harsh but if you are serious about selling, consider the following:

    1. Lower your price. Currently, the general rule of thumb is to reduce your asking price by 25% and this will just be the beginning of the negotiations. Due to simple economic fundamentals like supply vs. demand, there is a good supply of inventory causing downward pressure on sellers.
    2. Work with a reputable Realtor who deals with sellers and buyers on a daily basis and knows the market area. Finding the right Realtor can mean the difference between a hassle-free sale and one filled with unfulfilled expectations and grief.
    3. Understand your competition. How is your property priced in comparison with other comparable properties? Is your property $100K more than others with similar view, land size and accessibility? A knowledgeable Realtor can help determine that so that your property is competitively priced.

 

  1. Set reasonable expectations. Buyers are not concerned with what a seller paid or what the seller has invested. Buyers are only interested in the fair market value and obtaining the best for less.
  2. “I need to net X” is a common term that sellers would be best avoiding because buyers are simply not concerned with what you need to net. So if you purchased your property at the very peak of the Costa Rica real estate market and expect to sell it for the same, prepare to be on the sidelines for a (long) while.

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Yes! There are real estate buyers and investors in Costa Rica. However, the only way to gain their interest is by realistically pricing your property for today, because the buyer from 2006 is long gone!

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