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When I first moved to Panama, the typical buyer in my town was looking for houses in the under $500,000 price range and they were all cash buyers.
Starting about 2015, the demographic for buyers changed. They are mostly looking for houses under $150,000 and some need financing. Houses priced between $150,000 to $250,000 would sit on the market for a year before they would sell. Anything over $250,000 could take 2 years. And I know some houses priced over $700,00 that have been on the market for over 5 years with no prospects.
My rentals in Garland only went up about 3% a year until two international schools where built close to where they are located, then houses started selling like hot cakes with multiple offers the 1st day yo advertised them.
Have the demographics changed where you live? I bet they have.
Things change and they can change fast. That’s why you really need to know the demographics for your target market(s) before you buy.
Are sales going up or going down?
What is the % of price increase or decrease per year?
which zip codes are hot? Which zip codes have the least amount of sales?
Has crime increased?
How has your market changed and what do you think will happen in the next year or so? These are things you need to know
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