When buying or selling a property anywhere, the List Price always raises questions. When in fact, the List Price is actually irrelevant, as it is the Sales Price which defines the market. As everyone knows, the Sellers do not set the sales price, the Buyers do. How much are the Buyers willing to pay?
The Sales Price is really the most important number for both Buyers and Sellers. As a Seller, using the statistics from the MLS, their real estate agent can suggest, based upon prior sales, what the market is willing to bear for a sales price. As a Buyer, knowing the current Sales Price to List Price ratio will assure that you are paying a fair price for your property.
In Roatan, due to the high number of Condominiums for sale, and the sheer size of Roatan, they seem to have learned how to accurately calculate List Prices. Last year Condo Sales to today's date showed they are getting 98% of the list price. This means that the Sellers and Buyers both know what a fair price is for a Condo, so that the List Price and Sales Price are almost equal.
In Utila, the real estate market now seems to be recovering from the worldwide economic crash back in 2007-2008. Although sales prices will take awhile to return to their values in 2007, the height of the market, List Prices are increasing. Home Sales for the last year (up to today's date) are at 92% of List Price. So Sales Prices aren't too far off the mark.
There are a few reasons why a Seller finds it difficult to properly price their home for sale:
Land Sales in Utila are at a more accurate pricing of 95% of List Price. This could be due to a much larger inventory of properties for sale, and competing prices are making Sellers more accurately price them closer to what the Buyers are willing to pay.
Hope this helps if you're property hunting in Utila! Happy Sunday!
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