Quote:
Originally Posted by davidrudacille
Which is the current state of the real estate market on the north shore? Is it a buyers market or a sellers market. Or is it balanced? Is the market obviosly trending in any one direction.
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Ever since the first cinder block house was erected in the north shore, it has been a buyers market from then on...
Funny but true, in the DR you never pay the wrong price for any property like in other RE markets around the world...
To become a smart buyer in the RE market of the DR you have to achieve one important goal firmly:
What you're willing to spend on ANY property is going to be the absolute price maximum you'll end up paying for it.
In other words: You're the one setting the value for the property, not the seller. In all instances sellers set a "wished" for price and know that it'll be much less than that at contract.
Foreigners used to negotiate using their imported know how, often pay within the margin of the desired priced or at worst the wished for by the sellers. Dominicans use time as their most powerful tool to close deals at the prices they set from the beginning.
After all it was the seller who initiated the will to put for sale the property in the first place; hence they're under the clock to acquire funds.
Used to be that most contracts in the DR were closed after socializing among the parties involved and it only took a handshake to seal the deal. A mere "Acuerdo" was done and that was all it took; nowadays things involved RE agencies doing the show and dealing in between both parts.
Time is a very powerful tool to use in buying property in the DR, if you learn to use it as Dominicans do; you're bound to become a smart buyer...
