Buyer or sellers market

[SKY]

Buying a house in the DR is the same as buying a painting on the beach in Sosua, Boca Chica, or anywhere else over here.

For example, the seller quotes you a price of 1,000rd, knowing full well you will bargain him down to 500rd. What you did not know is the real price that he will accept is 200rd.

The post before covered this quite well.

[John Evans]

hmmm so you have bought a property for less than half the asking price ...well done

[AK74]

Originally Posted by John Evans

I've noticed that a lot of sellers are not in a hurry to sell- -ones that havent sold for a while even go up in price...does that make it a sellers market?

Because they are not "SELLERS".
Listing a property for sale is free, so everybody immediately upon purchase a house puts it for sale at some crazy price in light hope of a stupid tourist/first time visitor who becomes overwhelmed with the beauty of the island and listens to his wife who says - "let`s buy!!".

But it does not happen often. So these houses "for sale" do not sell for years and nobody cares, just increase prices even higher.

A very different thing happens when a house owner really becomes "seller", in other words NEEDS to sell.
In this case the prices are VEEERY different and much more realistic.

It is a normal greedy human nature. Beeing in their place I would do the same.

[AK74]

Originally Posted by John Evans

hmmm so you have bought a property for less than half the asking price ...well done

Depending what was the asking price. Sometimes buying even at asking price without further negotiations brings an excellent bargain.

In other cases buying at one third of asking price still means huge overpaying.

Depending how MOTIVATED is seller, how fast he needs cash, and how much he intends to play games.


Just hold your cash firm. With cash in your hand - you are king.

Let them run after you trying to please. Forget those who sit in air-conditionned offices, drive late model jeepetas, wear elegant suits.

They want YOU to pay for their luxurios offices, hot young secretaries, and relaxed caribbean lifestyle.

[yogibear]

i saw i property on the torra alta sold for 100.000$ and this week i have seen a similar property for sale at 295.000$ there seam to be a big difference in price is someone trying to make a fast buck

[John Evans]

no someone made a hefty loss

[AK74]

Originally Posted by John Evans

no someone made a hefty loss

It is his fault only.
Had to be smart from the beginning, not to trust RE agents and not to overpay back then.

Or maybe he was smart and bought for $75G and made profit now. We do not know details.

[DogKeeper]

Be careful bashing agents.
The fact is that if you find a good agent you will want to treat them
like gold.
The key is finding a good one.
Asking for references is key. Then check the references.
Next, work with an agent who LIVEs in the area where you are
considering.
Don't ever show your hand (good agent or not) when it comes to
your motivation to buy. Your willingness to walk away is often your best negotiation tool.
I believe the guy who started this site sells real estate...When we are ready to buy I will call him first.
By the way...I dont sell real estate and have no affiliation with this site.

[AK74]

Originally Posted by DogKeeper

Be careful bashing agents.
The fact is that if you find a good agent you will want to treat them
like gold.
The key is finding a good one.
Asking for references is key. Then check the references.
Next, work with an agent who LIVEs in the area where you are
considering.
Don't ever show your hand (good agent or not) when it comes to
your motivation to buy. Your willingness to walk away is often your best negotiation tool.
I believe the guy who started this site sells real estate...When we are ready to buy I will call him first.
By the way...I dont sell real estate and have no affiliation with this site.

Maybe. But from my humble point of view as soon as the amount of agent`s commision directly depends on final selling price, his one and only motivation and aspiration can be - up, upper and uppest!

[DogKeeper]

I used to think that as well...
but, consider how small as a percent their commissions are....
for every $10k they get paid what...$300 more? I would have to think that if I was doing MY job as a buyer (or seller) I wouldn't of selected an agent who would throw me under the bus...especially for $300!
When we buy in the D.R. I will work with the agent whom is the most invested personally and professionally in the area.
In all reality..we all work on commission. Regardless of what you do. ie your pay and position is directly tied to the job you do.