Selling a Home At Costa Rica’s Real Estate Market

If you are planning on selling your home at Costa Rica, there are some important factors you should consider before you begin the process of finding a potential buyer.

Real Estate Tip #1.

Are you going to advertise “for sale by owner”, or would you prefer to list your house with a Real Estate agent?

Each have their advantages and disadvantages. If you list your home with a realtor, they will handle all the details from listing, to showing your home, as well as closing the sale, however be prepared for the 6% commission on the sale price of your home which could be quite costly. If you decide to sell your home on your own, be prepared to put some effort into your sales tactic and practice patience. Potential buyers do not always drop in your lap from a “Residences For Sale” sign in your yard or a few adds in the local newspaper. However, if you have the patience and diligence, you could save yourself a considerable amount of money not paying realtor commissions.

Real Estate Tip #2.

Asking Price and the condition of the home are the most important factors in selling a home, even in a down market. You will want to price your home to reflect the current market trends as well as the condition of your home. By using comparative sales (comps) information, available through a real estate agent, or by paying for a professional home appraiser to objectively evaluate your home's worth, you will have a better idea on where to price your home. You should also be prepared to go through the house and repair any obvious cosmetic defects that could deter a potential buyer.

In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also you will have to make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, and a listing on the local multiple listing service.

Real Estate Tip #3.

When To Sell

Selling a house depends on supply, demand and other economic factors of the current market, however the time of year can also make a difference in the time it takes to sell a home and the final selling price. Most of the time, the real estate market will pick up starting in February, with the strongest selling season usually lasting through May and June. With the start of Summer, the market usually slows with July often the slowest month for real estate sales due to a strong spring market putting possible upward pressure on interest rates. Plus many prospective home buyers take vacations during mid-summer.

Real estate sales tend to pick up for a second time in the fall, which usually lasts into November, then the market slows again as buyers and sellers prepare for the holidays.