Coldwell Banker Real Estate Market Update
“Long term, real estate remains a good flexible investment where you have some control over the return on investment and use of the property,” Coldwell Banker Bermuda Realty said.
In their latest real estate sales market update, the company said, “We have been closely monitoring the real estate sales activity since 1993 and our current database contains over 16,200 sold listings with total sales of over $8.35 billion.
“During the peak of the market in 2008 that average price of all sales transactions was $949,832 while the average for the calendar year ending 2016 was $975,221. For anyone that has been tracking the real estate market this is a sign of an improving market, as it has been reported by several sources that prices dropped 35%+ from the height of the market.
“Other encouraging data supporting the health of the market is the number of people purchasing with cash. This number has been growing in strength for several years, and presently we have recorded that 46% of purchases in 2017 via Coldwell Banker Bermuda Realty have been cash.
“Due to the delay in collecting the real estate data from government records, we typically release our findings mid-year and we anticipate final figures for 2016 will mirror those for 2015 which is approximately 300.
“In addition to the data shared above, there are other indications that the market continues to improve including homeowners investing in renovations/additions to current property or newly acquired property which certainly assists with economic growth.
“We have seen an increase in interest in purchasing for investment either for long term tenancy or jumping on the Airbnb/short term bandwagon. Our agents report a renewed interest in purchasers looking for vacant land particularly in the central parishes with some lots selling in as little as 34 days, whilst average days on the market [DOM] of 241.
“Long term, real estate remains a good flexible investment where you have some control over the return on investment and use of the property. Owners have the option of renting the property out or living in it depending on the stage/events in their life.
“Whether you are a first time homeowner or a multiple property owner, there are plenty of opportunities in the marketplace with robust inventory and the banks are actively lending money to qualified applicants.
“But beware, it is important that you have done your homework in advance and come armed with a pre-approval and readily available closing cost because there is competition. So start with these easy online mortgage applications…
- HSBC Online Mortgage Application
- Butterfield Mortgage and Loan Application [PDF here]
- Clarien Bank Loan and Mortgage Application [PDF here]
“It is encouraging to see increased and growing confidence in the real estate market. We realize that uncertainty in the market may be caused by economic and political changes in Bermuda, but we remain optimistic about the future of Bermuda and the real estate market. For more information on how you can own your piece of the rock, contact your Coldwell Banker Bermuda Realty agent at 292-1793.”
