Puerto Vallarta, Mexico - Something we hear a lot from those thinking of listing their home here in Puerto Vallarta is "we will wait until high season to list our property." I understand the seller's rationale being that the city is slower, there are fewer tourists, and agents might take vacations.
While this is somewhat true - there are fewer tourists, things are hotter and agents do like to escape a few weeks on vacation during this time - in my opinion, listing your home now is extremely smart and puts you ahead of the curve. Let me explain why.
There are agreements to sign, profiles to be prepared and pricing decisions to be made. For print advertising, several of the major real estate print applications in Puerto Vallarta have deadlines in the Summer, several months before the major Fall publication date.
You want this all to be in place prior to the start of high season. Agents also have more time over the summer to work with you and make sure your home is marketed as professionally and extensively as possible.
Typically during the summer season your home is easier to show. With no renters or guests staying with you, agents are more able to show your place and at last minute notice. This means you are likely to get more showings and you are less inconvenienced.
A lot of purchasers that are buying today are looking for high quality rental places. Those that have a high occupancy rate are extremely difficult to show in the high season as they are rented. Typically we have to give at least 24 hours notice to show them and may not even get a response from the renters, meaning missed showings. In addition, you are inconveniencing the renters. When showing a place that is rented, the condition we find it can also be less than flattering. During the summer, when rentals are lower, we are much more likely to find a clean and neat place to show potential buyers.
Buyers also like to secure a property prior to the high season to have it ready for them when they want to enjoy. They may want to do renovations or upgrades prior to returning or getting it ready to market to potential renters, ensuring they have people in place for the all important rental high season.
The numbers support this too. Last summer had some of the highest number of sales during the year. According to the flex multiple listing service, from May to October 2014 (considered the slowest part of the season tourist-wise), we had 148 sales in Puerto Vallarta. During the other 6 months when the majority of the tourists were here (January-April 2014 and November-December 2014, we had 137 sales. So more than half of the sales in Puerto Vallarta real estate occurred during the "slow" season.
This year is looking like the trend will continue. The highest number of sales in 2015 so far were in April. From personal experience, I've had more buyers and sales in the last month then during all of high season. The close rate, meaning those that get in my car to look and then actually make an offer, is significantly higher now.So, if you are going to wait, you risk having a large investment sitting idle which could be marketed and shown during a time when historically we know that some of the highest levels of real estate sales take place.
Warren Brander is an Agent specializing in investment properties at Tropicasa Realty. If you are thinking of buying or selling your investment property here in the greater Puerto Vallarta area, email Warren at Warren(at)Tropicasa.com, or visit his website at WarrenBrander.com.Click HERE to learn more.