Today, Nick Fong presents the First Quarter Market Report for 2022 in this latest episode of The Nick Fong PODCAST. Nick is the founder and broker of Ronival Real Estate, which is now the number-one real estate brokerage in all of Mexico. As such, he’s pleased to present this market report with his two top specialists, his Sales Manager Greg Willis and his Operations Manager Sergio Benitez.
In this episode, Nick and his market specialists answer the question about whether the market is similar to that of the United States and Canada. When you see the data, you’ll realize that if you see a property you are interested in, don’t pass it up and make an offer! Now, read on to see the report and to learn more about why this is a great time to buy in Baja California Sur.
So far this year – Q1 2022
What a surprising year so far! In fact, all expectations have been exceeded in an amazing way. And, the market results have been much better than last year, even though last year’s expectations were exceeded as well – last year was a phenomenal year. Going into Q2, there’s no end in site and Nick and his team are really looking forward to the rest of 2022 – the market is strong.
As an example of how well the market is doing so far this year in 2022, whenever a property is listed for sale, offers come in the same day or the next day. On top of that, multiple offers come in for every property listed so far this year. Greg Willis tells Nick that this type of market condition has never been seen before in Cabo and throughout Baja California Sur.
Baja California Sur is a seller’s market today
NAR (National Association of Realtors) defines a seller’s market as a market where there’s less than six months of inventory. Applying that metric to the current market in Baja California Sur, Greg Willis tells Nick that there’s less than five months of real estate inventory throughout the region. On top of that, it’s decreasing rapidly, which means now is the time to buy.
Greg compares the decreasing inventory in the market to the back side of a mountain, as he explains to Nick. Both Americans and Canadians, along with people from other countries, are buying up real estate faster than it can be produces and faster than people are selling their current properties. This applies to houses, condos, and lots that are ready for building a home, a development, and a community.
Dealing with multiple offer situations
When you receive multiple offers at the same time, never submit more than one counter offer at the same time. To begin, it’s an MLS violation that can get you into trouble. On top of that, if you provide a counter offer, you and your seller will be in a bad situation. Legal action is a possibility if you allow that to happen.
Be sure to let your buyers and sellers know about the current crazy market conditions. Proactively, you can prod a new opportunity for yourself, just by taking action on the phone. Don’t take for granted the information and expertise that you have and not sharing it with your previous clients. That would be a big mistake and cause missed opportunities that can be developed simply by communicating on the phone.
Listen to the full episode on Spotify https://spoti.fi/3OqrNXL
Or Apple https://apple.co/3Mn6gNM
Work With Ronival Real Estate
Ronival Real Estate has helped thousands of buyers and sellers across Los Cabos since 2010. If you’re interested in Cabo Real Estate, our team can assist with everything from showings and negotiations to closing and property management. Have questions? Contact us here or call +52 (624) 227 5766.