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Real Estate
VIEWPOINT
24 www. .com March 12 to 18, 2011
By Harriet Murray
Too many choices…
How does the average person planning for a second or retirement
home take best advantage of a buyer’s market?
A large supply can be a blessing or cause confusion, like the customer
given too many choices at the lipstick counter. Having a plan, like a
professional investor, can serve you well.
Where do you want to buy? Why? What are your needs and wants?
List them separately to determine where you can compromise and
where you cannot.
Can you prioritize you needs? Can you compromise with your
partner? Can you accept the realities of the market with its advantages
and its limitations?
I have found the most successful purchasers use a system to not
become overwhelmed with an oversupply, which is often the case
in a buyer’s market. In a recent case of a couple looking for their
retirement home, we saw properties each day, usually not more than six.
Afterwards, we sat down and had a drink or bite to eat and discussed
the pros and cons of each property. My purpose was mainly to review
or point out details for clarification. The buyers did their homework
after I left. They discussed the properties more thoroughly and were
able to tell me what to focus upon, to schedule for the next showings.
Only certain properties were left on the “Possible” list.
Choose the country and area first. Investigate the answers to the
first questions you will have such as health, safety, cost of living,
recreation, accessibility of airports to your preferred cities for travel.
You normally will not want to look for a home until you know the
area you desire. You can have more than one location chosen, but
don’t look for a home seriously until you have answered these first
questions. You may need to take a first trip to do this research before
you line up properties to see. Certainly, you will want to know if the
area you choose has properties in your price range. However, starting
with looking at properties is the opposite of what I recommend you
do. Frankly, questions about security and living costs need to be
researched and sourced, more than talking to real estate agents You
are not going to get the depth of answers you are looking for without
a selection of third party reliable sources.
I have found the serious buyers come prepared, knowing that they
want to be here or are seriously considering this location as one of
few choices of where to live. This focus allows them to control the
amount of properties they see and cope successfully with the potential
confusion of seeing too much.
I have seen buyers come into a market with a large amount of supply,
and then return home confused, having made no decision. They were
overwhelmed. Part of this problem is theirs and part is the agent’s.
Pricing in a Buyer’s Market
Now is the chance to get a very good price for the property you
have selected. I recommend you not fall in love with only one home,
but have at least two you will be glad to own. There is a fine line
or balance between arriving at a price you will want to buy and the
seller will want to sell. If you have more than one choice, you can
be more objective. If you expect to beat the seller up about price and
lose the home for what in the long run will not be worth it, you have
tipped the balance against yourself. Nothing happens until someone
buys. This occurs when the seller is willing to sell and the buyer is
willing to buy …for the same price.
This article is based upon legal opinions, current practices and
my personal experiences in the Puerto Vallarta-Bahía de Banderas
areas. I recommend that each potential buyer or seller of Mexican
real estate conduct his own due diligence and review.
Harriet Murray can be contacted through www.casasandvillas.
com Photo by Jim Manson