We're often asked whether the amount of time a home spends on the market affects its value. Many people feel that if a home or condo has been on the market for an extended period of time it's probably defective in some way. In the Cayman Islands, this is certainly not the case, not always at least. Homes are often on the market for an average of 465 days before being sold, while condos are typically on the market for about a year.
This high number of days on the market is not because these homes and condos have something wrong with them. Rather, it is entirely normal for great places to remain on the market for long periods of time here in Cayman. So don't hesitate on a great property simply because it has been on the market for what seems like a long time - know that the market works a bit differently here. In main part we only have a population of 60,000.
Now, if a vendor really wants to sell their home quicker, that is of course possible - but it's a matter of reducing the asking price accordingly as well as incorporating some great sales techniques and incentives. It really comes down to a fine balance between your specific timing and your financing parameters. If you want to get top value for your home, you should anticipate it to be on the market for quite a bit longer than it would be in North American jurisdictions.
If you have any questions about this topic, feel free to give me a call or shoot me an email. I would be more than happy to explain a little better or guide you in other respects.
No comments :
Post a Comment