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The first offer syndrome can create huge havoc during the buy-sell process. Often, a listing stays on the market way too long and unnecessarily. Again and again, our affiliate agents see sellers reject the first offer they receive and not even come back with a counteroffer. Some take low offers too personally (how dare they make an offer like that and do not consider the market conditions and surplus inventory.
Of course, we all want to receive the best price possible for the property you are selling. But it’s not always possible to sell with a huge profit. Sellers often finally sell their property for a much lower price after having it on the market for years. The first offer syndrome makes the seller tired, cranky, and at odds with the country, market, and life. That’s when the seller finally decides to let go.
Real estate agents spend time, money, gas, and media advertising to attract qualified customers. Most of it is wasted when the seller waits for a better offer. The right offer never arrives. In our market, buyers seldom stand in line to make an offer. That’s why we fight the first offer syndrome over and over.
Sellers who don’t even think about taking a shot at the first offer might wait a long time for the next one. During the real estate boom, agents had qualified cash buyers coming out of our ears. Buyers were ready to move to Costa Rica, and there was a meager inventory of houses for sale. Costa Rican properties were selling at incredible prices, and everyone was happy. In my Heredia real estate market, many sellers sold their properties at prime prices. Quite a few sellers made a fortune, and others put their expectations too high. Those great times are over, long gone.
In 2024, the current market conditions are different. We are in a buyer’s market again. Over 2,000 homes and apartments are for sale in Heredia, and too many sellers are not interested in lowering their asking price. You’ll find a similar situation in some other locations in the Central Valley (not on the coast). Desperate sellers still expect to receive a fortune for their property. Hence, the first offer syndrome.
I want sellers of Costa Rica real estate, especially Heredia real estate, to pay attention to this article to understand what is needed to sell their property and move on with life. Property prices are down in this current market, and only motivated sellers know they have to lower their prices to sell their property.
Feelings or business
To attract a buyer’s attention, you must have your property stand out against the overpriced properties for sale. Selling real estate is a business, and it is not intelligent to have your feelings for your possessions influence your decision to sell. Real estate agents here offer their knowledge and experience to make a fair and transparent transaction possible, and you need to provide the best deal possible so we can work as a team.
Your property for sale competes with others
Yours is not the only property on the market, and many are much more beautiful, better maintained, cheaper, and better located than yours. Of course, your property is unique to you. Is there anyone else who can appreciate and see all the benefits of your property as well as you can?
Priced to sell
The property’s price is not what the owner or the municipality appraises it at. The accurate sales price is the one a qualified buyer is willing to pay for the property.
A serious property seller should ask him/herself some questions before listing the property for sale.
- Where do I go when I sell?
- What will I do with my life?
- Why do I want to sell?
- Am I motivated to sell?
- Am I committed to selling my property?
I want to give all property sellers a message from my heart, the heart of a Heredia real estate agent with 30 years of experience: Owners, please think hard before you want us to list your home for sale. Consider what it means to decide to sell and if you are willing to commit.
Listen to what your real estate agent tells you; we have the experience you don’t have. If you are serious about selling your property, commit to selling your property at the right price, and make sure you look hard at that first offer your agent is bringing you. Don’t let yourself and your family down. Don’t sit on a price that’s too high for your property. Get rid of that first-offer syndrome!