Over the past few months, we have often been asked the question "is now a good time to sell your house?" Rightly so that you ask this question, because this is a worrying period for everyone, with many uncertainties. The pandemic has disrupted many plans due to people's financial and / or work situation. But it has also provided insights, so that people have actually made plans.
You can wait for better times for a higher selling price for your home, if you currently have no immediate reason to move. But there are also those who want to relocate now, for certain reasons; like a different job, change in family situation or living conditions. However, that does not necessarily mean that you will then sell your home for an unfavorable price.
We see 3 trends why now is the time to sell!
1. There is little supply in certain market segments.
The market has often had bad times, but we still see the effect of supply and demand. As soon as there is more demand for homes in a certain price ranges, you will see that the purchase prices in that segment will be higher. That also applies to neighborhoods that are popular and where people like to live, prices will also rise here. These market forces also exist in times of crisis.
2. Equity grows.
Even if it is crisis time, there are always people who have money and want to invest it, now that saving is not yielding anything; and even have to pay for assets in the bank in certain countries. We see that foreign investors are interested in investing their Euros in homes in the higher segment on the island.
We also see that there are local investments in a second home or apartment to rent out, as a little bit of return always yields more than leaving it in your account in the current economy. Here you can see the price ranges vary, it can be a fixer-upper or an apartment. The uncertainties surrounding the low interest rate and the currency value shows that people prefer to put their assets in real estate.
3. Home buyers are discovering new needs
The Pandemic forced us to be home. There has been less distraction from outdoor activities, leaving us with our focus on our house; our home. As a result, we see that people adapt their housing needs. Smaller living, but more garden; a second home in the sun for when one is retired.
People have more time to look at homes online and form ideas.
In short, we see movement in the market!
If, after reading these developments, you intend to sell or rent your home, we would be happy to make an appointment to discuss your specific circumstances and needs. We can then give you independent advice.