It's a Buyers' Market so Price it Right !

If you own a home or land in Grand Bahama and you who want to sell today in the middle of this world economic crisis you have a choice: You can sell in the current market at current market prices or you can wait and wait until you get “your price”. Of course, the second option assumes that buyers will wait for you but there is If you really want to sell your property today, my recommendation is that you need to forget about the real estate market of just a few years ago and face the new reality that Grand Bahama is now a true buyers' market, and you will be competing with a growing supply of motivated sellers to get buyers interested in your property.

A buyers market basically means that we have more sellers than buyers and from this excess supply of sellers, buyers have more choice and can therefore get better deals because there is greater Supply than Demand. To add fuel to the buyer’s market there are many motivated sellers out there who are competing for buyers and really want to sell their property and therefore are dropping their prices. Grand Bahama always had more sellers than buyers but for the first time based on world economic conditions there are sellers who really want to sell and so many buyers are shopping and looking for great deals and getting them.

If you are a seller do not take this as bad news because there is hope out there … but you have to be smart if you want to sell.

If you want to sell your property today the most important advice I can give you is to Price It Right. Set the price at what you can get, not what you think it's worth, not what your friends and neighbors think the price should be, not what you need in your pocket, not what the neighbors sold their property for last year, and not what the appraisal that you had done 2 years ago said. In a Buyer’s market it doesn't matter what you or anyone think your house is worth -- the only thing that matters is what a buyer is willing to pay.

So the question everyone wants to know is have prices of property dropped in Freeport? Well if you take a look at the MLS and all the local brokers web sites you would NOT think prices have dropped like the rest of the world. Except for a few priced to sell listings the prices on web sites have not come down.

But if you dig deeper and look at what is selling you will find out that sellers are very very motivated and accepting offers below the list prices which basically means that prices have dropped. The deals that are closing today have a willing buyer and a willing seller with realistic expectations. If you are a seller and are willing to be flexible with your price than there are buyers out there for you and it is that simple ! If you are stubborn and stuck on old pricing and want to wait until you get your price, I suggest that you take your property off the market until you really want to sell.

So if you want to sell Price It Right and if you want to buy now is the absolute best time to buy because there are great buys in every category of property. There is still time to buy a house and close by Christmas.