tomgates Posted May 12, 2013 Report Posted May 12, 2013 We know 4 people who have sold their homes in the past couple of months, two higher end homes and two lesser priced homes. Are things heating up or what?
giltner68 Posted May 12, 2013 Report Posted May 12, 2013 I'd call them "lucky" - the bigger question is why did they sell, are they moving back NOB?
tomgates Posted May 12, 2013 Author Report Posted May 12, 2013 Only one of the four is moving back NOB.
satnrose Posted May 12, 2013 Report Posted May 12, 2013 I know of one, who offered her home one quarter less than she paid. It's been on the market 6 months. The last time I talked with her she had an offer. She is returning NOB.
bradshoe Posted May 12, 2013 Report Posted May 12, 2013 We saw friends last evening who had their house for sale and asked how it was going. House sold within a month to a couple who had to sell their house first. Second couple sold their house within a week of listing it. Our friends are moving to a rental in an effort to downsize from their very nice home. Two house sales - all staying in the area.
Rony Posted May 12, 2013 Report Posted May 12, 2013 The eternal discussion, strongly influenced by a dose of wishful thinking and limited personal experiences that do not reflect the whole market, nor does it give any idea on REAL average prices. A decent market study needs a lot more data and has to be done by objective, neutral professionals. All the rest is just wild guessing and believing what you like to believe. For the longest time, very close friends of mine have been trying to sell their very nice, centrally located house (at a very decent price) for a long time (through professionals and others) and without luck. Does that mean that real estate business is bad.....? Maybe yes, maybe no, we just do not know by only focussing on a few examples (out of the hundreds and hundreds that are for sale) in this thread. What I do notice, is that there are a lot of bargains + a whole bunch of rentals outthere.
giltner68 Posted May 12, 2013 Report Posted May 12, 2013 And a very lovely house and large property near me is for sale at a good price, the last time anyone (and only one) looked at it was December?
bwhite1948 Posted May 12, 2013 Report Posted May 12, 2013 The For Sale signs I see are the same ones I've seen for literally 2 years, in some cases (some go off market for a bit, then reappear with a new real estate company's sign). Some sales in the under$ 200,000 range have been purchased strictly as rental income properties. I also know of one high-end property that sold recently. People who can plunk down nearly a million in cash aren't hurt by a bad economy. Its the middle price range (the vast majority) where the properties have languished for several years. I wonder if the new higher income requirements for NEW expats is having an affect on the market yet. If it hasn't, it will soon as word spreads. It will cause many who thought of coming to Mexico, to reconsider and look elsewhere. Or to come here, but as renters, not buyers.
giltner68 Posted May 12, 2013 Report Posted May 12, 2013 I'm not sure I've heard the final definitive numbers regarding owning, but before, when we needed $1,200 a month plus half again for a spouse you could buy a property and it cut that requirement in half as I remember. The last I heard is that now the property has to be worth $195,000USD to get that and of course now we're looking at higher qualifications. So yes it surely will have an impact if that is the case.
tomgates Posted May 12, 2013 Author Report Posted May 12, 2013 On some of the immigration threads on the Mexico topic indicate that INM will be relaxing the income requirement for permanente.
Rony Posted May 12, 2013 Report Posted May 12, 2013 On some of the immigration threads on the Mexico topic indicate that INM will be relaxing the income requirement for permanente. And let us really hope so because that law is one big disaster and one huge dragon, not mentioning some of the unfair consequences (like not taking into consideration all the money that former FM2 holders actually lost now). The fact that new arrivals can become permanent immediately and in a really bad world economy focussing on the shrinking better off middleclass is not a smart move, while Mexico is already suffering terribly from its bad image. All that is not helping the average Mexican.
carib Posted May 12, 2013 Report Posted May 12, 2013 I'm not sure I've heard the final definitive numbers regarding owning, but before, when we needed $1,200 a month plus half again for a spouse you could buy a property and it cut that requirement in half as I remember. The last I heard is that now the property has to be worth $195,000USD to get that and of course now we're looking at higher qualifications. So yes it surely will have an impact if that is the case. House ownership is no longer taken nto consideration for visa purposes. You heard wrong. Permanente or Temporal no matter. The law may change but as of today no ownership to lower the requirements. Real estate is depressed in the area. Too many properties not many buyers. In the month of April there were 28 sales and 2 of them were lots. The season is over and so are the buyers. Compound this with the uncertainties (visa, crime, corruption and abuse from the authorities and so on) I don't see a rosy picture for the area. As time goes, the realty pool ( agents) is going to thin down. How long can anyone go spending money ( ads, membership, phone, gas, car maint, working visa etc.) and no sales. The time of the mana from the sky is over.
giltner68 Posted May 12, 2013 Report Posted May 12, 2013 Thanks Carib, as a renter I haven't followed the ownership threads much, so it's actually worse than even I thought.
Hud Posted May 12, 2013 Report Posted May 12, 2013 Know a couple who went back NOB several months ago. had a nice house listed for $125,000. Told them I had a friend that may be interested, but his limit was $100,000. The wife was very emphatic, "no, and when this contract expires, it will become $140,000". They were leaving because of increasing violence and they were afraid. I told my friend, but he was no longer interested because of the increased violence. About 3 months later, I get a phone call from the husband, saying they will take $100,000. I couldn't help them. I heard from their best friend here that they sold to Mexicans from Guad for $90,000. So, houses do sell here.
carib Posted May 12, 2013 Report Posted May 12, 2013 Know a couple who went back NOB several months ago. had a nice house listed for $125,000. Told them I had a friend that may be interested, but his limit was $100,000. The wife was very emphatic, "no, and when this contract expires, it will become $140,000". They were leaving because of increasing violence and they were afraid. I told my friend, but he was no longer interested because of the increased violence. About 3 months later, I get a phone call from the husband, saying they will take $100,000. I couldn't help them. I heard from their best friend here that they sold to Mexicans from Guad for $90,000. So, houses do sell here. Couple of personal experiences but not enough to make a difference in the market. As of today the sales equate to last year's. I am one of those on the market and unless things get better we may be here a couple of years. Health not fear is the reason for most of the sales and for sale in my neighborhood. A close friend is leaving soon, she is scare. Some of the comments about different situations here are getting to the level of hysteria.I was one of them with the mayhem caused by the new visa law until I decided there was nothing I could do but to chill out. Everything worked for us. The real estate market is what it is and not much we can do about it..I wish I have a magic wand (Vicky Potter) but I don't.
bwhite1948 Posted May 12, 2013 Report Posted May 12, 2013 It comes down to lowering your price if you want a quick sale. If your willing to wait, wait you will.
Hud Posted May 12, 2013 Report Posted May 12, 2013 It comes down to lowering your price if you want a quick sale. If your willing to wait, wait you will. Seems to be what is happening now.
ajijicis4me Posted May 12, 2013 Report Posted May 12, 2013 The For Sale signs I see are the same ones I've seen for literally 2 years, in some cases (some go off market for a bit, then reappear with a new real estate company's sign). Some sales in the under$ 200,000 range have been purchased strictly as rental income properties. I also know of one high-end property that sold recently. People who can plunk down nearly a million in cash aren't hurt by a bad economy. Its the middle price range (the vast majority) where the properties have languished for several years. I wonder if the new higher income requirements for NEW expats is having an affect on the market yet. If it hasn't, it will soon as word spreads. It will cause many who thought of coming to Mexico, to reconsider and look elsewhere. Or to come here, but as renters, not buyers. What do you consider middle price range? And for price ranges, the area that the house is located can make a huge difference.
ajijicis4me Posted May 12, 2013 Report Posted May 12, 2013 As the Belgian mentioned, I have never seen such availability of rental property, especially in November and onward. I can remember just a few years back when if you didn't have a rental by the end of October, then you had big problems, but no more. What does this say? Depends on which side of the fence you sit. I know that with most rentals, you can bargain for some really good deals, especially if you are willing to pay for at least 6 months up front, and no longer term contracts. Why buy when it's a renters paradise? Gee, why do you say there was such an availability of rental property?
ajijicis4me Posted May 12, 2013 Report Posted May 12, 2013 House ownership is no longer taken nto consideration for visa purposes. You heard wrong. Permanente or Temporal no matter. The law may change but as of today no ownership to lower the requirements. Real estate is depressed in the area. Too many properties not many buyers. In the month of April there were 28 sales and 2 of them were lots. The season is over and so are the buyers. Compound this with the uncertainties (visa, crime, corruption and abuse from the authorities and so on) I don't see a rosy picture for the area. As time goes, the realty pool ( agents) is going to thin down. How long can anyone go spending money ( ads, membership, phone, gas, car maint, working visa etc.) and no sales. The time of the mana from the sky is over. Why focus on negativity? Only a little of what you say is true. Crime is waaay down. The Visa thingy will get resolved.
ajijicis4me Posted May 12, 2013 Report Posted May 12, 2013 Seems to be what is happening now. I have been watching MLS weekly for 16 months. Very few people are lowering prices enough to make any difference. As far as any glut on the market, there are 505 homes in MLS, yet when we came in year 2999, there were 1,100 homes.
FHBOY Posted May 13, 2013 Report Posted May 13, 2013 It is possible we are seeing the fallout from the USA Housing bubble burst of 2008. Just a thought, but those who came here pre-2008 had not had their equity in their homes destroyed by it, or the selling price of their free and clear homes reduced dramatically. If the sale price of their USA homes was artificially high prior to 2008, then they had more income with which to buy property elsewhere (here of anywhere else). For many Boomers - it was all gone with the wind and yet prices here for many homes seems to have not moved all that much. Following the 2008 crash, many of the Boomers coming of retirement age did not have the resources. We looked at a home two years ago and the price was "x". Now two years later, that price, "x", has not budged and the house is still unsold, to this day as are others within the same area. Maybe if sellers want to move their houses, they will need to take in this new reality which is just making it here four years later. Just an idea. I'm no economist, but it seems that the 2008 crash has had many repercussions and some may not have yet materialized.
harleybikelife Posted May 13, 2013 Report Posted May 13, 2013 I do believe some people have finally realized they will have to reduce the selling price on their home if they are going to sell it. From what I have heard most of the homes that are selling have been reduced and in some cases drastically The bottom line is regardless of what you paid for a house it is only worth what someone is willing to pay you for it. Right now there are more homes for sale then buyers which will drive the prices down.
Hud Posted May 13, 2013 Report Posted May 13, 2013 Why focus on negativity? Only a little of what you say is true. Crime is waaay down. The Visa thingy will get resolved. It's comments like this that confuse people, especially new and prospective people. Those of us that have been here since before 2000 know that the other comments are actually the way it is here and that you are connected to the real estate business.
joco69 Posted May 13, 2013 Report Posted May 13, 2013 The place has been overbuilt and overpriced and the consequences are felt now. Real Estate will pick up again just as its picking up in the U.S. its a natural occurence. INM rules don't have much to do with this, Mexico's entrance requirements are still the most liberal one's compared to other countries.
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