House Hunting in Puerto Rico with Urbital
To make an informed decision when purchasing a home in Puerto Rico, one crucial step is utilizing comparable data to determine the right prices.
- By Giancarlo González of Urbital
- September 20, 2023
- 3 min read
When considering buying a property in Puerto Rico, the biggest challenge is having access to the right information. To ensure that you make an informed decision, one of the crucial steps is utilizing comparable data to determine the right prices.
There are two multiple listing service (MLS) systems in Puerto Rico, Stellar and Xposure, combined they represent around 20-30% of the real estate market. This limited source of information requires Realtors and real estate industry leaders to depend on other sources of information to gather a complete picture of a particular market. While there are several web apps offering access to this information, there is only one mobile app in Puerto Rico, Urbital, that has consolidated all sources of real estate market data and made them accessible through a mobile platform.
Using Comparable Data
Comparable data, often referred to as “comps,” is a critical tool in determining the right price for a property. Here’s how to effectively use Urbital to browse for comparable data when buying a house in Puerto Rico:
- Location is Key: Start by identifying your preferred location in Puerto Rico. Whether you’re looking for a beachfront property in San Juan, a historic house in Old San Juan, or a home in the suburban region, the Urbital app will present neighborhoods for easy access to review.
- Property Type: Save zones or regions by type of property and stay alert on possible new listings. Are you looking for a single-family home, a condominium, or a multi-unit investment property? Each property type comes with its own pricing dynamics.
- Recent Sales: The app will keep you informed on recent sales. The report you can purchase will analyze recent sales data for properties in your chosen location and present additional details. You may also request consultation from local realtors and property appraisers who can provide valuable information on recent sales.
- Price per Square Foot: Urbital will help assist in calculating the price per square foot for comparable properties. This metric allows you to make more accurate comparisons, especially when dealing with properties of varying sizes.
- Market Trends: Keep an eye on the real estate market trends in Puerto Rico. Factors such as supply and demand, economic conditions, and government policies can influence property prices.
- Local Expertise: Enlist the services of a local real estate agent who is familiar with the Puerto Rican market. Their expertise can help you interpret comparable data and negotiate effectively.
Buying a house in Puerto Rico offers a unique opportunity to own property in a tropical paradise with attractive tax benefits. However, making an informed decision requires a thorough understanding of the local real estate market and the effective use of comparable data. Whether you’re seeking a vacation home, an investment property, or a permanent residence, Urbital offers a wealth of information for those who are interested or ready to take the plunge.
If you are ready to purchase a home in Puerto Rico, read all about the process here.
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