Now is your golden chance to spring forward
I have heard that spring is the best time of year to sell a home. Is this true?
When it comes to real estate, spring is golden and it starts in January. Peter Goodall, who heads up Property Skipper, says: January, February and March tend to be the busiest months in terms of website traffic, this means people looking to both buy and sell real estate. There are several reasons for this:
• Christmas represents one of the few times in the year that people are at home for a long time, often with all the family present. It's usually then that they decide their home is too small or they need another spare room, or they just don't like their home anymore. People tend not to consider selling or moving just before Christmas, because they have so much on their social agenda that they just can't entertain anything else.
• New year's resolutions. Many families want to move but find the prospect daunting. The new year gives them the incentive to start looking at properties again. Often in November and December they are too busy with Thanksgiving/Christmas/family/travelling to focus on home search, so by January there is pent-up demand.
• January has the highest rate of divorce of any month. This is largely due to couples waiting until after the holidays to give the children a happy Christmas together. August can also be a very busy month for divorce as couples wait until after family holidays. Divorce triggers house sales, as joint assets are divided. Plus, one partner tends to move out and rent something.
• This really applies to the rental market but January and August are popular months to move jobs. In January, to coincide with start of year, and then in August, (especially in Bermuda), expats moving to the island want to be settled with family before school starts in September.
We have recently seen an increase in property sales transactions, with a shortage of inventory particularly in free-standing houses. So if you are thinking of selling, the next two or three months could be your golden opportunity.
• Heather Chilvers is among Coldwell Banker Bermuda Realty's leading sales representatives. She has been working in real estate for 27 years. Any questions for Heather, please contact her at firstname.lastname@example.org or 332-1793. All questions will be treated in confidence. Read this article on Facebook: Ask Heather Real Estate