If you’ve been watching the real estate market locally you’ve probably already noticed that in Cayman’s current housing market, homes are in short supply! It’s interesting to note that we were already facing a housing inventory shortage pre-COVID, however our post-border-closure, COVID-free environment continues to challenge buyers, with inventory far lower than demand.
There are many possible reasons for the shortage, not the least of which include homeowner delays in selling due to uncertain times, buyers looking to take advantage of record-low interest rates, and a steady stream of people arriving to take advantage of lifestyle and tax benefits, to name but a few.
At 1503 Property Group we are working with active buyers and sellers, yet seller participation is somewhat lagging. At the time of writing, the number of existing residential properties across our three islands, officially listed for sale with CIREBA registered companies, that are not currently already under contract, dropped to a mere 187. You read that correctly, 187! There are more real estate agents than there are move-in-ready properties.
The current market is very competitive, for some segments of the market it’s like trying to buy toilet paper in 2020level competitive! At 1503 Property Group we know we’re not alone in the uptick that we’ve seen in properties going to contract within days or less of being listed. We’ve also seen an increase in homes achieving sales at their full asking price and multiple offers from competing parties being received. The number of days that properties sit on the market is coming down, pretty much across the board.
The Good News For Homeowners
Homeowners are prepping their properties to sell with many eyeing more relaxed border closures as an ideal time to go to market. This may make sense for the vacation home market where many of the buyers have not been able to visit for the past year and a half, but if this last year has taught us anything it’s, don’t count the local buyers out! For all of the stories of purchases made sight unseen from afar, there are at least 50 more purchases where the buyers are right here, locally, with the rest of us. For that reason, if you’re eyeing a sale, now is the time.
When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to have a property on the market.
How Can 1503 Property Group Help You Purchase A Home Successfully In This Market?
With homes spending less time on the market than they have previously it means you need to be made aware of new entrants to the market sooner, and technology helps us do that. 1503 Agents are CIREBA licensed professionals who have access to tools and data designed to assist buyers, including the ability to set notifications within their database so that they are alerted as soon as homes meeting certain search criteria hit the market. By tailoring search criteria and notifications to properties which are a complete match, purchasers can move quickly and compete successfully in a faster-paced real estate market.
The current market environment across all three islands is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your property now, you may not want to wait for your neighbors to do the same. Contact us today for advice on how to benefit from today’s high demand and low inventory.