Is Spring the best time of the year to sell your home?
Article by Heather Chilvers, Coldwell Banker Bermuda Realty
When it comes to real estate, spring is golden and it starts in January.
Peter Goodall who heads up www.propertyskipper.com 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 and 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 - this is when 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 before Christmas because they have so much on their social agenda they just can’t entertain anything else.
New Year resolutions: Many families want to move but find the prospect daunting. The New Year gives them the incentive to start looking at properties again and 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 holiday. Divorce triggers house sales, as joint assets are divided. Plus one partner tends to move out and rent something.
Job Market: January and August are popular months to move jobs, to coincide with start of year and then in August (especially in Bermuda) for expats to move to the island and be settled with family before school starts in September (This really applies to the rental market).
We have recently seen an increase in property sales transactions, with a shortage of inventory particularly in freestanding houses. So if you are thinking of selling the next 2 or 3 months could be your golden opportunity.
Heather Chilvers is amongst Coldwell Banker Bermuda Realty’s Leading Sales Representatives. She has been working in Real Estate for 28 years. If you have a question for Heather, please contact her at firstname.lastname@example.org or 332 1793. All questions will be treated confidentially.
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