The real estate market is finally starting to open up as the population comes to terms with “the new norm”, according to industry experts.And economic conditions are also said to have created a trend of older people selling their family homes and moving into new condo developments.Ed Williams, a sales representative for Coldwell Banker Bermuda Realty, noted the market fell extremely flat five or seven years ago because homeowners realised that they were not going to be able to sell their property for the price they wanted.Subsequently they began waiting for the market to bounce back to what it had been. And that never happened.But Mr Williams said: “This community is adjusting to what is the new norm. Now we are seeing more buyers because people are realising there are some good opportunities out there.”In the early days of the economic downturn properties were not moving at all, he said.“People would say ‘I will just sit here and wait for the market to bounce back’. But it never did.“Those people have now finally realised that they are going to get less (than they thought) for that family home but also they are going to pay less for that condo than what they would have paid five or seven years ago. This is the new norm. This is the reality. Five years ago buyers would look at properties and not make an decision.“People would look and then sit there and wait. Now we are seeing those same people coming back to us and saying they would like to look at that particular property again and often we have to tell them that the property had sold.”Kendra Mello, Corporate Services Manager at Coldwell Banker Bermuda Reality, pointed to a trend particularly affecting older people.“We have seen over the past few years people who are wanting to downsize because of their circumstances,” she said.“Some are retired or approaching retirement or they are looking at a period of their life where they are on a fixed income.“The most interesting change we have seen is the traditional Bermudians who have owned their homes and have had a rental income attached to their home, an apartment.“That was always their nest egg for when they retired. In their minds that has always been part of their retirement funding.”But with the downturn in the economy over the past few years, and the reduction of the workforce, renting that apartment is becoming harder and harder and the income from it has decreased.Mrs Mello said: “The demand for those rental units is not there. It no longer exists in the way it did previously.“Now those older property owners are saying they are going to need to downsize because their original retirement plan is no longer effective.“The rents have come down but the bigger issue in Bermuda today is the lack of demand.“An apartment that becomes vacant today it is much harder to fill it because there are not as many people working in Bermuda so there are not as many people to rent that place. It is all about supply and demand.“Many of those who are retiring today or have retired bought their homes in the 1980s and 1990s but their retirement plan has changed.”Mrs Mello said a number of people will hang on to that family home “but there is a segment that are stepping back and taking a look at what else is out there”.She explained: “I think it is difficult for a traditional Bermudian family to downsize to a condo. Although condos have been in place in Bermuda since the early 1980s, there still is a segment of people who say they don’t want to live in a condo.“But the condos of today do not look like the condos used to look. We are constantly trying to educate people about what a condo looks like these days. It is not necessary an apartment block although those do exist.“A good example are the (Hamilton) city apartments which are in high demand. Those apartments are all owned by Bermudians and are primarily rented out.”Mrs Mello said she tries to explain to older customers that there are “many options for condos today”.She said: “When someone is downsizing they could be talking about a city unit or a traditional development like Shelly Hall or they could be talking about these newer developments that have been built in the last ten years which are from three to five units.“They could also be talking about something like Whale Watch which is a community development and technically not condos. There is no one picture these days.“We try and educate people what options are out there. Many retired people today are looking for a place where they can just lock up and go. They may be visiting friends or relatives for six weeks and they just want somewhere they can lock up and leave and not worry about the lawn or whatever.”Mr Williams said the new small condo developments maximise every square foot possible whereas the condos of the past were more of a lifestyle choice with all the amenities ... and high maintenance fees.He also said that those people who are retiring or have retired “want to be able to enjoy life more”.He explained: “They don’t want a another house. They don’t want to have to keep painting the house and keeping the lawn up.”At the same time he said he sees younger families wanting to buy a home with a yard.“Older people are looking to downsize and those with young families are looking to step up.”While condo developments have maintenance fees they vary depending on what that development offers. Those with tennis courts, swimming pools and the like will usually have higher fees than the small developments.Some retirees have also made the bigger decision to leave Bermuda and live abroad because of the high cost of living on the Island.Mrs Mello said: “We have had a number of people who have moved abroad especially to the US. Atlanta has been extremely popular and the Carolinas as well.“The funny thing is that Bermudians often tend to flock (overseas) together. A number have gone to Tennessee and some Bermudians have flocked to certain pockets in Florida or Atlanta. They tend to migrate together.“We have been fortunate at Coldwell Banker because we have a network and have established relationships with a number of agents in some of the gateway (US) cities. We are able to say to a Bermudian who is going to migrate, ‘We understand and we can help you’.“One of the first things we advise people who are moving abroad is to get tax advice. They need to have their entire plan in place before moving and real estate is just one piece of that plan.”Other older Bermudians may have children in college in the US and they often buy an apartment to be near their children.Mr Williams said there are some Bermudians who live in the US for six months and the rest of the year in Bermuda.“They may have moved out of their family home in Bermuda and have moved into an attached apartment (to the main house). Also some Bermudians have moved abroad to assisted living developments because of health problems.”He said many of the developments in the US are set up for that ageing population which needs assistance.The ageing population realises they are living longer and their savings have to last longer.“Face it,” he said, “we are all ageing. A final decider (to moving abroad) is often health.”