In today’s episode of The Nick Fong PODCAST, Nick is joined by his two guests Claudia Velo and Korey Riggs from Cabo Mil News. Nick is the founder and broker of Ronival Real Estate, the fastest-growing real estate firm in all of Mexico. As such, he always shares the latest and greatest news and information form the region.
The topic today is the real estate market in Baja Sur, which includes Los Cabos, Todos Santos, Loreto, La Paz, and many other amazing towns throughout the state. This year, there’s much to explore to inform you what to do and what not to do when considering buying or selling real estate in Baja Sur.
Continue reading to uncover what to expect from the real estate market in 2023.
A little about Korey Riggs
Born in Tucson, Arizona, Korey Riggs has always wanted to know how to speak Spanish. This makes sense knowing that Tucson is only an hour north of the border. But of course, he didn’t actually learn Spanish until he was 27 years old. In college, he needed to speak a second language to graduate, so that was his calling to finally learn Spanish.
Kory has been involved with many foundations in Baja Sur. One important foundation helps the children of Baja Sur. Right now, the foundation is located in La Paz, with busses that run to and from there. Amazingly, these busses have been running throughout the pandemic without pause.
The 2023 real estate market expectations
As you can see in the video, Claudia, Korey, and Nick are all excited to share the 2023 real estate market expectations in this PODCAST. Therefore, that’s where they begin. Nick quickly shares that 2023 will be a great year for real estate in Baja Sur.
In 2022, the real estate market was like a roller coaster, though it grew and had a great outcome. According to Nick, everyone on his Ronival team had been used to prices climbing rapidly and properties selling fast. But in 2022, the market slowed a bit due to inflation and other economic factors, causing the market to “normalize” in his words.
Now that’s it’s 2023, Nick expects a normal real estate market, which means you actually must work to sell real estate. When he says that, they share a laugh because the market has grown so fast over the last few years that it’s been easy lately. But as we all know, buying and selling real estate takes effort. Now they’re back to reality!
Nick expects real estate prices to stay very stable throughout the year. There may be a contraction in real estate professionals, as they decide they don’t want to put in that extra effort, and the normalizing market will cause perception shifts like a reset in thinking after the real estate boom.
Factors for choosing the right brokerage
During the video, Claudia asks Nick about how to choose the right brokerage, now that the amount of real estate professionals has increased in the area. Nick responds with a neutral answer, saying how important it is to work with a licensed broker and agent.
Being such an easy market recently, many people started selling real estate without a license. Nick says that is very dangerous to both the buyer and the seller. Some projects in the area have taken place without proper, legal representation. Not using a licensed agent is super risky according to Nick.
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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.