In short – YES and NO. Let me explain a bit more and also give a few tips how to get one.
NO, there is no such thing as COVID price for (residential) property in Pattaya per se, for following reasons:
- Pattaya is predominantly cash market, most property owners have no financial obligations on them, these are debt free assets, not financial burdens
- Pattaya predominantly is a holiday home or investment market, means for most property owners it is not their only home, for many not even second or third, so even in situations of crisis, they usually have multiple solutions. And as mentioned above, debt free properties would not be on top of the list to unload
- From a long term perspective 1 or 2 years of holding the property and waiting for “better times” is not long period of time, normal property investment strategies are in 5-10-15 year range
So, for the reasons above, we do not see many COVID reduced properties coming up on the market.
NOW, YES there also IS such thing as “COVID price”, and here is why
- Some owners still wish to sell now for reasons other than COVID, and willing to adjust their price point to make it happen ASAP
- As borders are closed, number of buyers is limited to local market, plus experienced investors that are confident to make purchases from overseas, hence supply is higher than demand at the moment
That being said, we do have at any moment of time a few properties that are priced to SELL, here and now, and below are a few tips hot not to miss and grab one, that is right for you:
- Have cash in hand. No really hot deals will wait for you to sort your finances. Deposit should be on hand on the day of inspection and full payment in a week.
- Don’t be picky. You may have a dream of a perfect 3 bedroom house with a pool, but if you wish to get a real steal, consider ALL options coming up in your area. It’s more realistic to convert a hot deal into a dream home, rather than a dream home come up as a bargain.
- Be patient but act fast. Once you have cash in hand, WAIT )) The right property may come up immediately, but it may take weeks or months. Once you see it…, take it, on the spot, before someone else does.
- Make friends with a broker. SUPER hot deals hardly ever reach online marketing. They come and go in an instant. Befriend an agent you like. Discuss extra incentive on the sale or a split investment.
Happy deal hunting! Paragon Team is here for you to help in this exciting adventure
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