However, the recession in the U.S. has prevented many would-be retirees from purchasing in Mexico. Many Americans retired there by using the equity in their primary residence to purchase a second home, later making a permanent move. That source of funds has become scarce. Other potential buyers are scared off due to the media’s depiction of violence in Mexico, which many agents feel is overhyped.
“I live and do business in Michoacan, supposedly a drug trafficking area. Violence is something we sometimes hear about but almost never see. Tourists are left alone. Occasionally, a tourist gets caught up in it, but it often turns out that they had cartel involvement,” says Linda Neil, NAR’s President Liaison to Mexico. “American buyers shouldn’t be apprehensive about buying property in Mexico when they use the services of qualified professionals.”
For more information, visit our Spotlight on Mexico page at www.realtor.org/articles/spotlight-on-mexico.