It is a fact that property prices in Freeport have gone down over the last 2 years but this downward trend seems to have stabilized.  If you look statistically at the actual transactions of what property sells for,  not what the property is listed for you will see that there has been a correction in the market even if the property list prices have not reflected it yet. I can assure you that buyers who are making aggressive offers are getting noticed and there are many sellers that are tired of waiting for their property to sell and willing to negotiate on the price to reflect realistic current market value.   

The good news is that if you are a buyer then 2010 is a great time to buy , but the trick is in the successful contract negotiations. There are motivated sellers in this buyers market but selling price for a home or investment property is only one factor in determining whether the buyer and seller reach an agreement...

This is my first article of the New Year so I’d like to wish all readers of Let’s Talk Real Estate a Happy Healthy New Year ! Its officially the year 2010 which sounds like a Science Fiction Movie but believe it or not  its real which means it’s the start of a new year and a new decade.  At the start of every year we all make  New Year’s Resolutions.  We take inventory of all the things we hope to change from 2009, we look in the mirror and tell that person about the changes to be made in the New Year. Of course what we don’t always do is follow through.  This year, as we enter a new decade and look back at one of Grand Bahama’s and the world’s worst real estate markets in decades , we have an opportunity to make some New Year’s Real Estate Resolutions.

If you’re buying or selling a home in 2010, keep these New Year Real Estate Resolutions in mind...

The question that sellers always ask around this time of year is  “Should I list or keep selling my home during the Holidays?  Many people would say NO you should wait until after the Holiday Season because everyone is too busy thinking about Christmas and not about buying homes or property.  This may be true for some BUT here are 10 reasons why you should list and keep selling your home during the Holidays. I know that many sellers are very frustrated with our soft  market but remember it only takes one buyer to make a deal and your deal might be just around the corner.  Wouldn’t that be the BEST  Christmas present this year?  Over the years we have sold many homes during the Holidays and this year could be your turn ! 

Here are the Top 10 Reasons a Seller Should List During the Holidays! 

As everyone knows by now WestJet launched non-stop service between Toronto and Freeport , Bahamas this week. This is a great shot in the arm for our real estate market because Canadians have traditionally been very interested in the Freeport market and have invested in real estate over the years.

Hugh Dunleavy, WestJet Executive Vice-President of Strategy and Planning is telling the Canadian media “a trip to Freeport is the perfect way to escape a Canadian winter!" To have someone finally promoting Freeport to the Canadians is music to Freeports ears! 35 years ago in fact Grand Bahama was the number one warm weather tourist destination for Canadians. So sellers get your house ready because 12,000 Canadians will be coming to our shores over the next 6 months which could mean that the buyer you have been waiting for may be on their way...

Can you believe that it is already October 8th which means that Christmas is  only 11 weeks away.  Boy does time fly when you are watching bad news on TV!   What a roller coaster ride we have had this year with the world economic meltdown which lead to the global recession, tourist numbers way down in the Bahamas, Royal Oasis still closed, Xanadu Closed,  a 3 year legal battle over the Grand Bahama Port  Authority ownership still dragging on, huge unemployment in the US and on Grand Bahama,  big multi-million dollar Bahama projects like Ginn stalled, the local real estate market  historically slow and depressed and the list goes on.

If you are pessimist and think the glass is half empty you probably think that everything will continue to get worse and you probably think that there is no real estate market in the Bahamas  and especially in Grand Bahama...

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As Abe Lincoln once said “Honesty is the best policy” and if Abe were a real estate agent he would have said Be honest and disclose any problems you have in your house upfront to your real estate agent. 

Let’s say that you just listed your beautiful home in Fortune Bay for sale, and you withheld a few “little” problems from your real estate agent – the roof leaks, but only when it rains; the outlet in the back bedroom won’t spark unless something is plugged in; and there is a stain on the oak floor in the living room that is covered up by a rug.  Will it be all right if you simply don’t mention these defects?  Definitely not!

If you have had your home on the market for a long time in Freeport you will may not believe this next statement but its true….  There are a few Buyers on the island and now is the time to make sure your home stands out if you want to sell. Home value is top of mind for many homeowners, particularly as our housing market begins to show early signs of recovery from the recent downturn.  Renovations and remodeling can play a critical role in both increasing the value of a home and ensuring that it stands out to potential buyers.

At a time when most people are looking to do more with less, few homeowners may be ready to commit the thousands of dollars it can take to fully redo even a single room.  But here are eight affordable home improvements for potentially increasing the overall value of a home, without breaking the budget:

Believe it or not according to many top economists around the world there are signs that the world   economy may be emerging from the worst recession in five decades.   As I have always stated whatever happens to our neighbors across the pond  is always a great predictor of our future in Freeport since we are so closely tied to the US.  

The US housing slump, now in its fourth year is stabilizing according to experts.   From the local perspective our housing market is very slow as I’m sure everyone is aware. The number of real estate transactions is down almost 30% and prices for homes actually sold are down almost 15%.

That is not great news, but if you are selling your home this  does not mean that you can’t or won’t sell your house…

As we approach the end of June that means that we are half way through 2009. These past 6 months have given some of us a lot of gray hairs and taken all of us on an emotional rollercoaster ride. Many experts predict that the real estate market is close to or has reached the bottom. Unfortunately no one can tell you exactly when we reach bottom because when the market prices begin to rise you missed the bottom. There is no doubt in my mind that if you are looking for motivated sellers and deals in real estate this is the time. It’s one of those times when the aggressive people make a lot of money and the timid just look from the sidelines and become what I call a “Would of Could of Should of”.

If you are a potential home buyer, condo buyer, duplex buyers, land speculator, canal home buyer or commercial buyer get up off your seat and look around for deals...