As we all know, to a certain extent the Bahamas Real Estate market has always been affected by the US market. US President Obama is about to push through an economic stimulus plan worth close to a Trillion dollars which everyone hopes will put the US back on track as the US economy is entering its sharpest downturn since before World War II, according to many economists.

This is very important to the Bahamian market because a strong US economy is vital to our tourism economy and the health of our market in general especially the real estate market. So it appears that Hope is on the way which means that if you have been thinking about buying real estate this is a GREAT time as the market is reaching the bottom because the next cycle will mean increased prices. Don’t be a “woulda coulda shoulda” investor and make your move now.

Economic ups and downs are cyclical so any seasoned investor knows that we will get out of this slump and those that have the courage and foresight to take advantage of a down buyers market will prosper. History has shown that Real Estate is the best investment you can make and “If you snooze you lose”. You will never know that a market has hit bottom because when you know it has hit bottom that means it is already on its way up.

So Homebuyers, Condo Buyers, Duplex buyers, land speculators, canal home buyers, commercial buyers now is the time to get ready for action. The market will heat up again and current economic conditions represent opportunity for buyers because many sellers want to cash out and sell. Many smart sellers want to sell and buy the next property of their dreams and that’s what makes the Real Estate world go round.

Our Grand Bahama Listing prices have come down a bit and sellers are very motivated now so they are very receptive to offers but that won’t last long and don’t be surprised if prices start to climb in the next 12- 18 months as the world leaders and economists fix the current economic problems through stimulus plans. These temporary problems will be corrected because the problems and underlying causes have surfaced and the entire world is working together to get the global economy back on track. If a new property is part of your plan for this year, here’s what you can do to position yourself to buy the property you want.

First, find a real estate professional that will help you identify and locate the features you’re looking for in a property. Ask your family, friends and business contacts for referrals and then call the realtors they recommend. Talk about your practical needs and describe the house of your dreams. Work with the realtor you feel you can trust, who communicates a clear understanding of your goals and shows you listings that match your search criteria.

Do your financial homework. Meet with the banks to determine how much you can borrow based on your income, research interest rates etc. Decide how much cash you can put together for a down payment and how much you need to put aside for closing costs which generally are 4- 7% based on the cost of the property.

As you go out house-hunting, concentrate on neighborhoods that are ideal for your needs. Look at homes that have enough square footage, a pleasing floor plan and a suitable yard for your family, and boat dockage if that’s important to you. You can always repaint the walls and replace the carpet, but changing the “footprint” of the home is more complicated and costly.

Don’t procrastinate. If your realtor has a property to show you, go out to look at it immediately. If you really like the home and can picture yourself living in it contentedly, consult with your realtor about making an offer right away.

Listen carefully to your real estate agent about how much you should offer on a property. Try to make your offer as “clean” and uncomplicated as possible, because the seller may be comparing it to other offers.

Before entering into negotiations for the home, ask the seller to fully disclose any serious defects that may require repairs particularly any that involve one of the major systems in the home.

Don’t wait for interest rates to climb and the economy to recover because now is the time to get the good deals – initiate your home buying process now! Good Luck with all house hunting and as I always say, don’t be a “woulda coulda shoulda” person become an owner! So buyers on your mark get set GO!!!