I imagine many of you have been enjoying your large homes but holding your breath hoping that the time would come again when you could downsize but not downgrade and have some additional money with which to enjoy your retirement.
A few years ago, maybe 9 or 10, many of my transactions were selling homes ranging between 2m. and 3m. to young upwardly mobile families. These sellers would then find a nice townhouse or condo in a good location for say 1m. or 1.5m. Then just in a flash all that stopped – there weren’t so many young upwardly mobile families in the market at that level so owners couldn’t move. Now that has changed. We have many more people active in this sector and not enough homes in that category to sell – which of course means that in that segment it is more of a seller’s market. But the same thing hasn’t happened in the executive condo market and there are a few good buys to be had – so you’d be selling high and buying low. Who doesn’t like to do this?
There are Bermudians spending at this level as well as new individuals who now have an opportunity to purchase as Permanent Resident Certificate holders.
Of course it is a chicken and egg sort of thing! Do you sell first or buy first? Every individual’s circumstances differ and this is a conversation you should have with your real estate agent when you first consider putting your home on the market.
Contact Margaret Young at Rego Sotheby’s International Realty on 534-9393 or firstname.lastname@example.org