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Selling a home in a buyer’s market in Mexico

All real estate markets go in cycles. Sometimes, there’s more demand and limited offerings in the investor. The wheels turn and suddenly there is more supply and not enough demand. In such cases, you make necessary adjustments to ensure a successful transaction.

So, what should you do when you’re planning on selling in a buyer’s market? Continue reading for tips that will help you create demand for your house in Mexico.

Prepping your home for sale

One way to create demand for your property is to make sure it’s the best in the neighborhood. You start doing that by making sure your house is 100 percent ready for sale. Here are a couple of things to add to your to-do list:

  • Deep-clean the home. Wiping and scrubbing won’t just do. Deep-cleaning the entire home (inside and outside) will ensure your house is free of dust, dirt, and even unwanted, pungent smells. A proper cleaning job can also reveal repairs that were previously covered with grime.
  • Give the walls a fresh coat of paint. Repainting the property can make it feel new again. It also does wonders for your house’s overall curb appeal, which you can use to attract home buyers.

    Neutrals are often the best colors to choose, but you can also go for hues that suit the location and architecture of your property.

  • De-personalize. For prospective home buyers to imagine themselves living in the house, you need to remove personal items, such as family photos, heirlooms, and possessions you treasure away from plain sight. Better yet, start packing up your belongings so you can easily move out once a sale pushes through.
  • Declutter. After you’re done de-personalizing the house, go through the other items and pack-up anything that won’t help with the sale. It can also be a good time to figure out which furniture you’d like to keep and which ones you’d like to sell or donate.
  • Stage the home. You can create demand for your house by telling a story about why this is house of everyone’s dreams. Staging is one of the ways to do that, as it artfully showcases each room’s strengths and highlights and gives each space a purpose.

    You can hire a professional home stager, or you can browse home decor resources and do it yourself.

Coming up with the right asking price

With your home fully prepped for sale, it’s time to put a price tag on it. Doing that in a buyer’s market, where supply outweighs demand, can be tricky. Even if you feel like your house is worth so much more, it’s important to either match the prices of the other homes for sale in the market, or even go lower.

All these doesn’t mean, however, that you should go ahead and put a low price tag on your house. Establish a baseline, then work from there with your real estate agent to make sure you’re not overpricing or underpricing your home.

  • Look at homes in your area. Your real estate agent will look at comps, which include homes that are for sale and were recently sold in your neighborhood. These comps must be similar to your property in size, age, features, and location.
  • Get the market value of your house. An appraiser can come and take a look at your property to give you an estimate of its market value. You can use this figure as the benchmark for the house’s asking price.

Depending on your timeframe, you can choose to price competitively and (hopefully) sell your house fast or you can wait until a buyer who is willing to match your price comes along.

Marketing your home

Marketing also plays an important part in making sure your house stands out in a buyer’s market. These tips will help you boost demand for your property:

  • Hire a professional real estate photographer once your home is prepped and ready for sale. You can use the photos for the online listings, social media posts, and pamphlets, should you wish to include that in your marketing strategy.
  • Build a website for your property. This is great for a long-term strategy, where you are in no hurry to sell your home. You can provide virtual tours of the house and display the photographs in their full-width, high-definition glory.
  • Network. Foreign communities in Mexico are often tight-knit and use word-of-mouth to relay information. Reach out to your neighbors and tell them your property is for sale. Who knows, they might have friends who are planning on buying a home in the Baja California Peninsula.

Want to know how to sell real estate in Mexico?

Selling real estate in Mexico is best done with a local real estate agent by your side. Get in touch with Catherine Buchanan today to learn more.