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 Homebuyer, Condo Buyer, Duplex buyers, land speculator, canal home buyer or commercial buyer get up off your seat and look around for deals. The market is soft right now so this is the time to get your deal at the right price. Listing prices have not fluctuated on paper but as I have said many times the actual deals that are being made reflect reduced prices. No one knows for sure what is in store for the world economics and Freeport but what we do know is that throughout history Real Estate has always been a great investment and while prices are down and sellers are motivated this may be the right time for you. So don’t be surprised if prices begin to rise again as local sellers start to feel more confident about the future of the market.
Prices really are a reflection of psychology or consumer confidence. So if you have been thinking about real estate this is the time to get out there and start looking now. How do you begin your search?? 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 of real estate professionals that they have worked with and helped them successfully with their real estate purchase and sale. When you find the real estate agent/broker talk with them about your practical needs and describe the property of your dreams.. Work with a 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, and research interest rates. Decide how much cash you can put together for a down payment and how much you need to put aside for closing costs, which typically amount between 4 % and 7% to purchase price of a property. Do your home work. As you go out property-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 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 – initiate your home buying process now because the future of Freeport might just surprise you. Many of us who have been around Freeport for many years know that Freeport has always been the bridesmaid and never the bride but the time is coming that Freeport will in spite of itself fulfill its potential. We all become very jaded and think that Freeport will never get ahead but it is impossible that Grand Bahama Island with all its potential will stagnate for ever. From a pine barren island inhabited by Aarwak Indians, then re-discovered by Columbus, settled by The loyalists and slaves and re-discovered again by Wallace Groves, the island has come a long way already. Consider the size and scope of the container port, the shipyard, the industrial sector, the airport, the infrastructure, the homes, the condos, the communities, the utilities, the schools, the restaurants, the shops, the business owners and employees, the canal system and the people.
Freeport is a city with great potential and it will move forward. Sure we could improve on everything but it only takes a small change to make a major shift. If we fix things like the airlift situation, create a first class cruise port, develop medical tourism, create more jobs, attract more investors and visitors, beautify this island and have all of Freeport working together then these changes will create a major shift in the economy and Freeport will be reborn. This will of course change the Real Estate landscape and this market could change from a buyers market to a sellers market almost overnight. There are many people working towards this change and we all need to pitch in to help our community fulfill its potential. It will not be done for us. All of us in our small way must make it happen and it will.
It is time to bring the magic back to what was once proudly called the Magic City. There are many new players on the scene now and the old guard is changing. There will be new opportunities soon to present themselves and new optimistic people from the Bahamas and around the world who will see the potential and act. At James Sarles Realty we believe in the future of Freeport. Good Luck with your property hunting and as I always say, don’t be a “woulda coulda shoulda” become a proud owner !
