Selling your home in the Cayman Islands should be a pleasant and stress fee experience and the aim of Cayman Islands Sotheby's International Realty is to convey the sale of your property in the least amount of time, for the highest price that the market will allow, with a level of professionalism and service that clients of Sotheby's International Realty expect. Cayman Islands Sotheby's International Realty offers an unrivalled quality of service, presentation and global marketing exposure for all of the properties it lists for sale, making the decision of which real estate company to use in the sale of your property an easy one.
It is often said in real estate that “timing is everything” and whilst it is not the only concern it certainly is a major consideration when selling your home. Many of Cayman Islands Sotheby's International Realty clients are long term customers and have been through more than one buying and selling cycle and realize that in order to maximize their profit when selling real estate and obtain the best value possible when buying a home, they need to keep in regular contact with their Cayman Islands Sotheby's International Realty realtor so that they understand exactly where the real estate market is at any given point in time and how it relates to their present real estate needs. There are many factors that may effect the timing of a real estate sale and there is no definitive “best time to sell” in a real estate cycle as this will also be dependent on individual circumstances, for example if a family is looking to sell their property and move to a bigger house it may be the best decision for them to sell their current home at a loss while the market is low because this will be mitigated by the discounted rate at which they purchase the larger property.
Your Cayman Islands Sotheby's International Realty realtor will be able to advise you the best time and manner in which to market you property taking into account your personal circumstances, the property you are trying to sell and the real estate market in general.
To familiarize yourself with the overall sales marketing strategy for Cayman Islands Sotheby's International Realty view our web page: Marketing.
To see specific information relating to the sale of your property and online marketing view our web page Online Exposure.
To see specific information relating to the sale of your property and print media marketing view our web page Print Exposure.
Pricing a property to sell Commonly the phrase “Priced to sell” is used in real estate parlance to describe a property that is listed for sale below market value but technically any property listed for sale should be priced to sell, otherwise why is it on the market? The pricing of a property then, is of significant importance, the first hurdle in any real estate transaction and often times the biggest for the seller to overcome, after all to the seller this is not just real estate, not just a house but a home, for most Vendor’s there is significant emotional attachment to the property in which they live and certain value is placed on sentiment.
Recent comparable sales When it comes to valuing a property for the purpose of listing it for sale there are a number of components that should be considered, the first and most pertinent is recent comparable sales. This not only gives a good indication of average square foot values in your neighbourhood but also can highlight whether the market is moving up or down, the number of sales and time on market is also a key indicator especially if you are looking to price a property to sell quickly. Because the Cayman Islands are relatively small, in total around one hundred square miles with a population of around fifty thousand, even when you include property purchased by those non-resident (e.g. tourist buyers) the overall sales in a year for a particular area can be too small to gain any meaningful average and so either the area of analysis has to be extended or the time period for sales, for this reason historical sales data in the Cayman Islands is very valuable.
Comparable listings for sale Although of lesser importance than sales figures the property’s presently for sale on the market, against which yours will be competing should be noted. It does not follow that just because the condo next door is listed for $1.5m and you’ve spent $250k on renovations that your property should list for $1.75m because this assumes that the list price of the other property was correct to start with, however if the list price of your property were calculated and another similar property was listed significantly less than yours you may well have to reduce your list price to remain competitive or wait for the other property to sell before listing yours. Especially in condo complexes but also with houses the number of units available at anyone time can significantly affect the value and the perception as to whether it is a buyers or sellers market.
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