Multi-Offers: The Signs of a Changing Costa Rica Real Estate Market

Could it be true that we have hit the inflection point once again? It was only six month ago when I wrote about how we are “back in the saddle” of the market bottom. When I wrote that the last 5% of price reductions were near, or perhaps we hit bottom and the first 5% upside was in place. A lot can change in six month – lets take a look at the latest data….

Most of my real estate colleagues agree and share similar stories of heavy buyer activity. The increase from Q1 to Q2 was quite astounding. Now that Q3 is 45 days into its period, the activity level has increased again. We thought it would happen, we planned for it, but we had no idea to what level it would occur.

I used to wave to my colleagues as they drove by on the highway with no one in their cars, often on their way to the beach for a surf or yoga class. Those days are thankfully now over. We are still physically fit (my colleagues should thank me for the compliment) and ready for which is clearly the early stages of the next run on real estate sales, market absorption and inventory consumption.

It is fun again! We now need to manage our time with the best time management tools available.

Enough of the past – here is what the present looks like. Deals. Escrows. Lead generation on the rise. Prospective customers are booking flights. Phone conversations are comprehensive and we can hear a new sense of urgency. Customers return our calls now.

Hmm. Perplexing, I know. And you thought you had plenty of time to get here? You did. And that was part of your strategy. It is time to rethink that if you wish to be successful here.

I used to tell my customers (you) that until or unless we see money flowing into this part of the world, be patient. Now I am telling you to hurry up and be prepared to make offers – now. It is not a game that we play with you. This is the most important decision of your life. We take our experience very seriously and want you to succeed.

In the last 30 days I have been involved in two situations where I had to inform my customer that another offer was on the table. You were shocked, “But John…” I had two others that wanted to let the seller stew on it, but the sellers did not stew at all. Other offers came in and deals got done. This week I was able to get two customers to believe me when I told them time was of the essence. They put in a reasonable offer and it was accepted. On the back end we have more customers asking, “what happened?” and they missed out.

We are watching the story of a new chapter play out. It is happening, right now. Not in six months. Not next season. Now.

For those of you who have waited to find the markets’ sweet spot, your time has come. The pendulum is shifting before your eyes and my pipeline is filling up.

I could not be happier. You?