Real Estate FAQ | How long to sell a home in Costa Rica
How long to sell a home in Costa Rica is a real estate FAQ or a frequently asked question in Costa Rica real estate. The short answer on this FAQ is – That depends on you, the seller! Supply and demand conditions determine the price to ask for a property, not the wishes of the seller.
A motivated seller will want the property to sell real fast and will listen to professional advice. For lack of motivation, properties in Costa Rica take more than 6 months to sell. I have seen homes on the market for 7 years.
When I list a property for sale, the first question I ask sellers is how fast they want to sell. An overpriced property takes forever to sell.
The reason for a high sales price does not have anything to do with the market value of their home, only their wishes. A few reasons for overpricing are:
- I need to buy another house that is going to cost me an X amount.
- This is my nest egg and I need to retire with this money.
- I have 4 children and they all need a new condo from the proceeds.
It is quite customary that sellers take very long to sell a property in Costa Rica because they are not in a rush. They prefer a high price and take their time to sell. They usually end up lowering their price little by little. So by the time the property sells, years have gone by. Time and money are wasted.
Property tax is cheap in Costa Rica, only 0.25% of the registered value in the municipality. Therefore, sellers often do not care how long to sell.
So how can you, as a seller be sure it doesn’t take forever to sell your property?
Call as many agents for a listing appointment. Ask the agents to suggest a listing price. Don’t tell them at what asking price you would prefer to list your property.
Listen to those agents. If they’re professional agents, they will know what the home should sell for. Also, ask them how long to sell the property.
There are other reasons it takes forever to sell a property in Costa Rica:
1. Bad curb appeal
2. The need for TLC
3. Title problems
4. Horrible listing photos
5. Bad smells
This is a collection of Costa Rica real estate FAQ – frequently asked questions that I have put together to help you in buying or selling a home. Do you have any other questions that are not listed in our FAQ blog? Then feel free to leave them in the comment section below or send me a request. You can also subscribe to our FREE weekly newsletter, The Easy Times, below.