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THE REAL BAJA REAL ESTATE MARKET, Should I buy or should I wait?

By Hector Lara,

For decades, foreigners have been buying: land, homes, condos and commercial properties in Mexico… Some apply due diligence to their purchase, most do not. Those that do realize Mexico can provide a safer real estate investment than a comparable purchase in the United States.

Baja real estate is a great opportunity for Americans who want the attributes that motivate so many Americans in moving to the West coast. The world is in a bad economic moment. Millions of US homeowners are losing their homes or their jobs. The same is occurring, but to a lesser extent, in Mexico. While US real estate values plummeted almost 60%, Mexico’s decline is in the 10-15% range. Baja prices for condos, homes, lots and commercial properties are at about the same or a little lower than last year.

Mexicans own properties as a long term investment not a speculative “roll over”. They traditionally live out their lives in one home and then leave it to their heirs. This creates a more stable real estate market. In the U.S., the average home buyer moves to a new one every four and one half years. Also, Mexican banks are much more conservative than stateside institutions. Making sure the borrower can repay the loan. The U.S. is a more speculative real estate and property financing market. The results are obvious in the home value and banking crash that the U.S. is experiencing. Mexico’s markets have remain relatively stable…

Realtors everywhere are being asked the same question: GIVE ME YOUR OPINION, SHOULD I BUY NOW OR SHOULD I WAIT?

I am not a sales agent or buyer. As a telecommunications specialist in the real estate industry, I have a particularly unbiased, “close hand” view of the market. My answer – Now is time to buy. Americans and Canadians that have their life savings in a bank, are not receiving the interest they need to preserve a decent lifestyle. A chocolate bar that had a price of 20 cents , 10 years ago, now costs a dollar. REAL ESTATE values may decline for a period of a few short years. But historically, real estate will recover with the economy and surpass values at the peak of past markets.

At the RE/MAX Office in Ensenada, we are beginning to see investors moving their money from US/Canadian Banks and investing in Mexican REAL ESTATE that has real value. The lower cost of living in Mexico provides home owners with a quality of lifestyle unaffordable in the U.S.. Foreign Investors are also buying commercial income producing properties. And once paid for, will provide more than enough income to live well or the option of selling it at a substantial return on investment.

Visionaries are buying now. Prices are at a recent history low and sellers are motivated to sell. Seize the opportunity to own something REAL. Real Estate in Ensenada, Rosarito or any other part of Baja Mexico is a good investment. Call your confidential sales professional for investment options. There are lots of “urgent to sell” properties available (look for Foreclosures at any of our websites); seller financing is available with low interest rates (ask your realtor for this option); highly negotiable prices when buying cash (just try it).

New year 2009 is almost here, many baby boomers took their opportunity and grasped the moment – investing in Baja. Now is the time for the post baby boomers. If you have savings, use it for something REAL.

 

Hector Lara.

Master in Telematics, specialized on search engine optimization. Currently works as webmaster for RE/MAX Baja in Ensenada.
Hector also has worked as real estate consultant for foreigners on buying real estate in Mexico since 2004.

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