Over the past few months, and some would say even longer, the local economy has been much slower than in the previous past. This has impacted a number of industries, not the least of which is Real Estate.
This impact showed itself in the market by having more and more inventory staying on the market longer, as buyers in many segments of the industry, hold their hands on purchases; added to this is the trend of many new rental homes being added to the market along with many others being added back to the pool, by expatriates leaving at the end of contracts, university students that opt to brave the highways to and from class instead of booking an apartment, etc.
Based on this, the price of homes should theoretically drop, right? Well, we have seen movements, but on very subtle levels; sellers and even rental property owners are interested in closing the deal, and are more and more willing to negotiate prices, but in many instances the room for negotiation is based on their pre-existing financing arrangements for the said property. Mortgages or business loans that are rolled into the properties certainly can limit the flexibility of the negotiation, and present to the prospective buyer or renter with price ranges that can be surprising at times or even disheartening in some cases.
We thought to put this question to the readers of our blog and the followers of our page, to get a better understanding of the way the Trinidad and Tobago economy has affected your search for a real space, or if you have a property available, how you may have had to adapt your approach when entering the market.
How has the economy impacted your perspective of the local Real Estate Market, and what changes have you made to adapt? Leave your comment and lets start the discussion.