How’s the real estate market?

This is a question I get asked all the time, several times a day, from people I bump into on the street, at the grocery stores, banks, groups, exercise classes, parties and the like.

I have to say that I’m always pleased to be asked this question because, firstly, it means that after 28 years you recognise that I am still in real estate and, secondly, it means that you may have an interest in buying or selling or know someone that is. This means you may be needing to use my service now or at some time in the future. Which is all good news to me.

So what’s the answer?

This is in fact a very broad question and really depends from which perspective you are looking at it. The market is never entirely good, or entirely bad, or somewhere in between. It’s always good for some people and bad for others. How the market is depends upon you, your needs and your circumstances.

For instance, if you are a buyer, currently it could be a very good time to buy. The banks are loosening up their lending policies just a little bit, prices are sensible and indeed, for first-time buyers, there are many good opportunities to be had. Get a foot on the real estate ladder by purchasing a condo, even if it is one that needs a little TLC, it can be just the opportunity you are looking for.

If you are a seller the prices aren’t what they were in the real estate boom, however the market is active and houses are selling at the right price. At Coldwell Banker more than 30 per cent of our sales have been cash in the past year. So some people do have money and are prepared to spend it in Bermuda. If you are thinking of downsizing, then it’s true that you may not get as much for your house as you hoped — however, remember it’s all relative, the smaller house or condo that you are buying won’t cost as much either. The same goes if you are upsizing.

If you are renting out your property, we have seen an increase in demand which means the opportunities to rent out your apartment or house are getting better and the rents will be most likely be getting stronger. Conversely, if you are paying rent and rents are strengthening that may not be good news for you … so maybe now is the time to look at buying that starter home, and getting on the first rung of the property ladder.

The takeaway is … when you ask the question, be prepared for a discussion about your own motivation and your position in the market. It’s my job to provide you with relevant information that will help you on your real estate journey, however that may look for you.

Heather Chilvers is among Coldwell Banker Bermuda Realty’s leading sales representatives. She has been working in real estate for 27 years. If you have a question for Heather, please contact her at hchilvers@brcl.bm or 332-1793. All questions will be treated in confidence. Read this article on Facebook: Ask Heather Real Estate