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Nick Fong reveals how the recession affecting the housing market

Welcome to the latest real-estate tips video from Nick Fong.  He’s the founder and broker of Ronival Real Estate, and has grown his great brokerage to become the number-one brokerage in all of Mexico.  As such, he loves to share advice from his immense knowledge and experience he’s gained over the years.

Today, Nick talks about the possible coming recession and how it might affect the housing market in Baja California Sur.  This is a question he is being asked by his clients.  Therefore, read on to uncover Nick Fong’s take on this negative economic forecast.

Dave Ramsey’s opinion about this

According to Nick Fong, Dave Ramsey got it completely right.  What Dave Ramsey had to say started with a definition.  He defined a recession as two consecutive quarters of a down market.  But, that does not mean the housing market will crash.  And this time, it absolutely will not, says Nick.

The market will slow down a bit, but that’s okay.  In Baja California Sur, the housing market has been extremely hot over the last year, after the first few months of the pandemic.  That means, prices will still increase, just not at the super fast pace they have been lately.  In other words, the real estate market will still thrive – it’s still a great time to buy.

Buyers who use multiple real estate agents

One of the most annoying things you will encounter in real estate is having to deal with buyers who use multiple real estate agents in your area.  As Nick asks in the video, what do you do when this happens?  In the video, Nick explains how to start by asking them one question: Are they working with another real estate agent?  If so, you must convince them to work with you exclusively.

To attain their complete attention, reveal what your unique selling propositions are.  Then, prove to them you can find them better properties.  To explain, they need to understand that through you, they will find properties that are better suited to their wants and needs and to their budget.

Show them how your negotiation skills are better.  In other words, you will achieve the lowest price from the seller.  Then, let them know how you work with more buyers allowing for more options.  Additionally, reveal to them how you work for one of the best real estate companies in your area.

Buyer feedback is also an important selling point.  As such, ensure that they see your reviews.  Put them on your website, but also carry them with you.  When you present feedback from buyers who found exactly what they were looking for through you, your buyers will be impressed.  And by showing the original comments with names, buyer confidence will grown.  Also, you’ll become their real estate agent exclusively.

Protecting your client when selling real estate

If you have a client that wants to purchase a pre-construction property, but you don’t know the developer or even the listing agent for the property, what do you do?  Nick’s recommendation is to write up the offer for your client first.  Then, make a special provision.  To explain, allow 15 days or so for a licensed real estate attorney to review the paperwork.

After the licensed real estate attorney receives the offer paperwork, they can make any needed changes to the content – the sales contract.  From there, you can write a new sales contract that is bilingual to protect your buyer.  This works very well when it’s a new construction property or a pre-construction property when you’re representing the client.

Baja California Sur real estate

Many Americans, Canadians, and people from other countries choose to make Los Cabos and other magical towns in Baja California Sur, Mexico, their home or vacation home. Discover how to purchase your dream home in Baja. Make an appointment with the top Real Estate Broker in Baja: Nick Fong, featured on HGTV’s Beachfront Bargain Hunt.

Since 2010, Ronival has been helping clients find the best homes in Cabo and throughout Baja California Sur. And, they’re highly-skilled negotiators that’ll get you the best price. Whether you plan to buy a property or quickly sell your Baja real estate, they’ve got you covered!

If you’d like to take a tour of a property in Cabo or anywhere else in Baja California Sur, just click CONTACT to inquire. Or, call directly at 619-831-2000. Ronival will be happy to answer your questions You can also schedule a time to show you around this breathtaking location.

Ronival on YouTube

See Nick Fong in action on his Ronival YouTube Channel. Find his videos on the Rovival VLOG, where you can read a short, yet in-depth post. Below is an example of one of Nick Fong’s Ronival videos:

Thank you for reading Nick Fong reveals how the recession affecting the housing market. Be sure to read other posts about Cabo and Baja California Sur on the Ronival blog. There, learn about the many wonderful aspects of Baja California Sur, Mexico, from blog posts like this.

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