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Real estate process

karynllanders

Could someone please explain the real estate market?  Where we come from there is one site of listings that any realtor can show from. The buyers are represented by their own agent and the seller has there own representation as well.


Here it appears that you have to look at each realtors agencies listings. If it is what we are thinking it will be cumbersome. Also any insights into the LasTerranas market ie nuances? What to stay away from?  Are the prices usually negotiable?

See also

Real estate listingsLiving and accommodation on the South Coast of the Dominican RepublicLiving and accommodation in the up and coming Southwest of the Dominican RepublicAccommodation in Santiago de los CaballerosLiving and accommodation on the North East Coast of the Dominican Republic
ddmcghee

@karynllanders

It would be so nice if there were an MLS here! The reality is that exclusive listings are extremely rare and not beneficial to the seller. Agencies end up duplicating listings from other agents without any contact with the seller!


We have our home for sale in Las Terrenas, and it's amazing how many different websites have our home listed without ever contacting us! I'm not sure how they handle it if a client sees the listing and is interested in our villa!


Unfortunately, you have to pick an agent and hope that they have access to all the properties you want to see. I would suggest spending time on the different agency websites - I'll provide links to the big ones below - and pick one that has the most properties you are interested in. Also, make sure you choose an agent that you can communicate with. If you are not fluent in Spanish, be sure to find an agent fluent in English. There are several who have been in Las Terrenas for quite a while and really know the area. If you are interested in a listing on another agency's website, you can share that with your chosen realtor to see if they can get you in to see it. If not, you might have to contact that other agent directly.


Most properties are priced with some room for negotiation. It is definitely a buyer's market in LT, so if you find something you are interested in, make an offer! I know of one property that was listed at $750k and had been on the market for quite a while. The buyer offered $375k, and it was accepted! That was an outlier, but offering 5-10% below asking is typical.


What to stay away from:

  1. buying before you are ready - all expats should rent for a while to make sure you acclimate well
  2. apartments - LT is a vacation spot, so most are primarily rentals and prone to noisy weekends
  3. areas you aren't very familiar with - explore properties during the week, on the weekend, after a decent rain - you want to understand the noise patterns and any environmental concerns
  4. areas that flood - and there are a lot!! The Punta Popy area has gotten really bad because development is allowed without regard to drainage and impact to existing properties. There is no requirement to disclose prior flooding!


Larger agencies in LT:


We've been living in LT for over 5 years now. If you have any specific questions, feel free to reach out!


Denise and Dave (RockyM on here)

planner

Most of this is great info. I however would never pick 1 agent to do the looking for me. You will not see anything that they cannot get a commission from. Sadly there is no understanding of  half of something is better than all of nothing!


If you drive around and see a  place you are interested in your  realtor can call and ask about it. But if there is no sharing agreement then it will end. You or someone not a realtor can call anyone you want and ask to see a place!


Check out the multiple websites online and see what you do and do not like. Understand that  evading the truth is common.  Understand that  what you see is not necessarily what you will get!


Great info on the  advice for Las Terrenas market!

ddmcghee

The only "Se Vende" signs I've seen in LT have been on undeveloped land, never on homes or apartments.


We don't have one on our house because we're off the beaten path, we don't want lookie-loos trying to see it, we don't want anyone to think the house is unoccupied, and you can't see the house from outside the gate!


And like Planner said, the pics on the websites are often old! Many of the properties listed will have already been sold or are otherwise off the market. Classic bait and switch!