Is This a Good Time to Sell?
We are often asked the question, “Is this a good time to sell?” Despite the economic impacts felt globally last year, 2020 ended the year as a seller’s market, but sellers were the last to get the memo. What does this mean? Now is an EXCELLENT time to sell with inventory at an all-time low, and demand unusually high.
Why 2021 is a Seller's Market
The average home price across 150 urban markets worldwide rose 4.7% from June through September compared to the same period a year earlier, according to Knight Frank’s quarterly Global Residential Cities Index. The real estate market boom is the result of many things from government stimulus, work-from-home fueling a move away from city centers, and Millennials entering the housing market as the fastest-growing segment of home buyers and second-home buyers. Would-be buyers who planned to purchase in 2020 held off during the early days of the pandemic but are ready to buy now. Fewer sellers listed their properties for sale in 2020 due to fears of an economic downturn, but the housing market rebounded remarkably quickly resulting in an unprecedented low in available properties for sale, despite an increase in demand.
The Bahamas is no exception to this global phenomenon with fewer properties for sale, and an increase in buyer demand, especially among luxury home buyers, as detailed in Luxury Portfolio's recent report on The State of the Luxury Real Estate Market.
Ready to Sell?
Are you ready to sell? Find out why you should sell with a Bahamas Realty agent to get the best result for the sale of your property, and request a free comparative market analysis to determine what your home is worth today.