The US housing slump is over, according
to experts. I wish I could say the same for Freeport, but that would only be
wishful thinking. From the local perspective, our housing market is
still very slow, and the number of sales transactions are still very slow, with
a surplus of inventory meaning that there are lots of houses for sale. This
oversupply of property for sale makes this truly a Buyers Market: prices are
down and buyers can make aggressive offers because there is so much to choose
from.
It has been said that the best
investment on Earth is Earth, which means the best investment is and always
will be: Real Estate. It's hard to believe sitting here in Freeport that
things will improve in the real estate market, but according to many top
economists, the world economy is emerging from the worst recession in five
decades and the future looks hopeful. The housing market in the US has made a
big comeback over the past year and home prices in the US have surged some 8%.
Home buyers can't seem to buy up properties fast enough.
We are, of course, not
the US, but we are greatly influenced by the US market, so the trends are moving
in the right direction. Our neighbors in Abaco and Nassau are already feeling
the movement with increased real estate activity. This is due to the
world market recovery as well as the big projects like Albany, Bahamar,
Atlantis, and Baker's Bay. We do not have any of those projects, which would
change Freeport overnight, but the buyers are out there and they are interested
in buying in The Bahamas. We don't have all the amenities as Nassau—or the
beauty of Abaco—but Freeport is unique and is a perfect fit for many buyers.
So, we are in a Buyers Market
in Freeport—and that is not great news for you sellers BUT—if you are selling
your home this does not mean that you can’t or won’t sell your house. It
does mean that you have to be smart and deal with the reality of this tough
market. There are houses selling and it appears that interest
in real estate is coming alive again as the Freeport market is showing some
signs of recovery.
BEING A SAVVY SELLER
So if you are a seller in this
market and you want to be one of the sellers whose house does sell, you have
your work cut out for you because it’s a buyers market. Buyers have a lot
of options in Freeport so it is very important to make sure your
house is ready for sale. Think of a potential buyer as going on a
date with your house, and it’s your job to get your house ready for the first
date.
What does it take to sell a
home in a buyers’ market? … a fresh coat of paint or a kitchen overhaul? ,,, lowering
the asking price or offering incentives? From cosmetic to strategic
strategies, smart sellers can take advantage of a few simple tips to get the
most out of their properties and help sell their house. Here are a few
strategies to get your house from FOR
SALE to SOLD!
Boost Curb Appeal. Though these may be obvious things to look at, cosmetic
upgrades, such as painting and planting, can truly go a long way to forming a
fantastic first impression of a home. Also be sure to clean, clean, clean!
Make Big Fixes Where Possible, If budget allows, invest in bigger improvements. Focus on
“make or break” rooms like bathrooms and kitchens, because nothing says
“uninviting” like an unattractive cooking space. If budget is limited
think about smaller home improvements in these areas which could help close the
deal.
Transparency is Golden. Getting a preliminary professional home inspection and
sharing it with potential buyers may help them understand a home’s condition
and reinforce that everything is being done in a trustworthy and responsible
manner. Make sure to be clear about recent improvements that have been
made, and provide estimates on other optional upgrades—especially ones that can
be included as part of the agreement.
Go the Extra Mile. Do whatever you can to make your house stand out. You usually
only have a few minutes to make the first impression so make it count! As they
say...You only have one chance to make a first impression.
Be Realistic with Price. Selling in a buyer’s market takes skill and strategy. In
Freeport, increased inventory has given buyers the opportunity to be selective
in the home they want and the price they are willing to pay. Properly
priced homes are selling, and a good agent will help determine what that
price should be.
Also understand that it normally
takes a bit longer to sell a home in buyer’s market than in a seller’s
market. Sellers often take great pride in their homes, but
it is important to set a priced based solely on factors like location,
condition, size, and what other homes have sold for. A house in an exclusive
area may be appealing to some buyers, while others will want to be closer to
schools and shopping.
What is the physical condition of the home? Is it a
fixer-upper? Does it make a good first impression (or have “curb appeal”)? Will
it appeal to a growing family, or is it better suited for empty nesters? These
are all things that need to be considered when pricing a home.
These are a few tips to help you sellers get
prepared for this buyers market. So even though things may be looking pretty
dismal in Freeport right now, hang in there, because I believe that we are on
our road to recovery and your house can and will sell.
Until next time,
 |
| James Sarles, President Coldwell Banker James Sarles Realty 242.351.9081 |
