9 Common Mistakes made when Selling Real Estate

Mistake #1 – Incorrect Pricing
Every seller naturally wants to get the most money for his or her product. The most common mistake that causes sellers to get less than they hope for, however, is listing too high. Listings reach the greatest proportion of potential buyers shortly after they reach the market. If a property is dismissed as being overpriced early on, it can result in later price reductions. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they likely would have had they been priced properly in the first place.

Mistake #2 – Mistaking Re-finance Appraisals for Market Value
Re-finance appraisals can be very encouraging for homeowners, leading them to assume that the appraisal is the amount that they should expect to receive for their property. Lenders often estimate the value of your property higher than it actually is, however, in order to encourage re-financing. The market value of your home could actually be (and often is) lower. Your best bet is to ask your Realtor® for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3 – Failing to "Showcase"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable, and remove as many possessions as you can prior to showing. A poorly kept home, or one with too much clutter, will make it dramatically more difficult for buyers to become emotionally interested in your property.

Mistake #4 – Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. Pointing out any unnoticed amenities and being receptive to questions is advisable, but this is not the time for negotiation and salesmanship.

Mistake #5 – Trying to Sell to Lookers A prospective buyer who shows interest because of a For Sale sign or an open house ad may not really be interested in your property. Often, buyers who are not accompanied by a Realtor® are 6-9 months away from buying, and are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.

Your Realtor® should be able to distinguish realistic potential buyers from mere lookers. Realtors® should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your Realtor® fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing to the wrong people. If you have to do this work yourself, consider finding a new Realtor®.

Mistake #6 – Being Ignorant of Your Rights & Responsibilities
It is extremely important that you are well-informed of the details of your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing any contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money.

Mistake #7 – Signing a Contract with No Escape
Hopefully you will have taken the time to choose the best Realtor® for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your Realtor®, or perhaps the Realtor® has other priorities on his or her mind. In any case, you should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract.

Mistake #8 – Limited Marketing
There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, Realtors® often use open houses solely to attract future prospects, not to sell that particular house. Does your Realtor® have a website? There are very few successful real estate professionals who don’t, and for good reason.

Your Realtor® should employ a wide variety of marketing techniques and should be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your Realtor® is working on selling your home during these hours (many Realtors® work part-time).

Mistake #9 – Choosing the Wrong Realtor®
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select a Realtor® who is a good match for you. Experienced real estate agents often cost the same as brand new agents. Chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles. Take your time when selecting a real estate agent. Interview several; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.

Newest Bahamas Subdivision Pride Estates Opens

PRIDE Estates Three was officially opened yesterday, the fifth Bahamas government subdivision to be opened and completed under the Ingraham administration.

Bahamas Housing Minister Kenneth Russell said this subdivision is in keeping with the Government's commitment to "reduce the presence of unregulated communities" in the Bahamas.

According to Mr Russell, the Bahamas Ministry of Housing has already constructed 480 houses and sold 237 serviced lots in this current term, with an additional 180 houses now under construction in New Providence, Grand Bahama and Abaco.

He said: "I am pleased to report that we have not only met our goal to construct 600 homes, but we have surpassed it. We have estimated that $63 million is needed to complete what we have planned and we will continue to move forward ever increasing our numbers until either the money runs out or my position expired."

Mr Russell said the development of the 27-acre Pride Estates Three plot and Fire Trial Gardens will cost around $17.6 million of which $7.9 million has already been spent.

"We have completed in Pride Estates 110 homes and 16 are under construction. We are also in the process of regularizing a number of squatters in this subdivision. We have also provided jobs for 52 contractors and their workers," he said.

"We are pleased that we were able to provide homes for Bahamians while at the same time contributing to the economic advancement of our country. These three-bedroom, two-bath, and two-bedroom, one-bath homes range from $83,000 to $135,000."

In addition to the homes, Mr Russell said the government is also building a children's park, a basketball court, a tennis court and maintaining a public open space with a pond.

Click here to view and read this entire article on Bahamas Real Estate Property Portal.

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Today’s marketplace is full of investment opportunities. It's possible that this is the best time in a generation to invest in real estate.

If you have investing in mind - no matter how serious or modest your goals are - you need an experienced real estate agent on your side.

The Right Agent for You

RE/MAX, with offices in more than 80 countries, has thousands of agents experienced in working with investors, and specialists in all types of investment properties, from foreclosures to luxury homes.

Get the Facts

- With low prices, favorable interest rates and strong demand, most rental properties these days are generating positive cash flow.

- Homeownership rates are dipping in the U.S. This tends to drive rental rates up and keep vacancies down.

As we’ve all seen in recent years, housing values can rise and fall. But even when values are static or worse, those rent checks keep coming in.

Investing Can Be for You!

By the way, you don’t have to be wealthy to invest in real estate. In 2009, half of all residential real estate investors earned $75,000 or less.

Interested in seeing what's out there in the Bahamas real estate market? Search RE/MAX Bahamas Paradise Realty for current listings throughout the Bahamas and contact us for further information on the property. Questions about finances? Call us. We will be happy to assist.

Abaco's Serenity Point targeting $75- $100m build out value

An upscale Abaco real estate development is targeting a $75-$100 million total value when its 46 home sites are fully built out, telling Tribune Business yesterday that the project expects to kick into high gear in the New Year after completing its first sales last month.

Gustaf Hernqvist, Serenity Point's project manager, said increased construction activity at the adjacent Schooner Bay development in south Abaco was helping to create a critical mass that encouraged potential buyers both projects were for real.

Telling Tribune Business that construction on Serenity Point's clubhouse was set to begin imminently, and that the first homeowner was anticipated to start building within the next six months, Mr Hernqvist said that reducing the project's real estate prices by up to 35 per cent - in response to market conditions - had also helped to stimulate buyer interest.

"We've found Schooner Bay has switched into a new gear, completing the harbour," Mr Hernqvist explained. "Over the last four-five months the pace has been incredible, with all the construction. The construction of the hotel is underway, a restaurant is coming soon, and a harbourmaster's office is open.

"These are all considerations for owners at Serenity Point; to be able to get into a golf cart and go to places next door. The difference between us and Schooner Bay is that we're a gated community."

Access to Schooner Bay's amenities and facilities is a key selling point for Serenity Point, which is being created as a boutique, upmarket real estate development featuring its own clubhouse, affinity pool, tennis courts and 24-hour security.

To make Serenity Point even more attractive and stimulate buyer activity, Mr Hernqvist said the developers had cut their lot prices by up to 35-37 per cent, dropping a beachfront location from an initial $850,000 to $535,000. Beachfront, and hillside sites, start at $300,000 for a half-acre lot.

"Since all these activities at Schooner Bay have been taking off, we've had a lot of inquiries," Mr Hernqvist told Tribune Business. "As of last month, we sold two beachfront lots. Another beachfront lot was reserved, and two ridge lots have been reserved with deposits.

"We are actually now just in the process of commencing construction for a clubhouse. Our projection is that this is going to be completed in a about a year."

Click here to view and read this entire article on RE/MAX Bahamas Paradise Realty.

Bahamas aims to attract the Canadian tourist market

THE BAHAMAS is committed to promoting its tourism assets to the Canadian market, Public Works and Transport Minister Neko Grant said.

Addressing a reception for Sunwing Airlines' inaugural flight from Canada on November 3, Mr Grant said: "As you are aware, tourism is our country's lifeline. We depend on it for the health of our economy and indeed for much of our quality of life.

"We take the tourism sector of our economy seriously and take pride in developing strategic partnerships with companies such as the Sunwing Travel Group, Canada's largest leisure company."

He described the new service as the first step in a long and lasting partnership between the Sunwing Travel Group and the Bahamas - and an opportunity to introduce Canadians and others to the country's rich heritage and its friendly, hospitable people.

"We are excited to have Canada's leading high frills, low cost airline service the Bahamas. Your award winning 'Champagne Service' which has been voted number one by customers and travel agents for the last four years, is a welcomed addition to the Bahamas' airlift from Canada," he said.

The Bahamas continues to upgrade infrastructure in Nassau and the Family Islands, Mr Grant said.

Some of the latest initiatives include: major roadworks throughout New Providence, a new airport gateway dual carriage road, the Baha Mar resort which is currently under construction, and upgrades to the Lynden Pindling International Airport and the Marsh Harbour airport in Abaco.

"Downtown Nassau is being rehabilitated to provide an exciting historic, entertainment and shopping experience for residents and visitors," Mr Grant added.

"Construction of a new Straw and Craft Market is completed and it will soon open for business, the historic parliament buildings are being refurbished, public green spaces are being established, commercial shipping is being moved from the downtown area, extensive road paving and sidewalk works are being done and Charlotte Street will be upgraded and pedestrianised."

Other Family Island airports are scheduled for improvements as part of the government's efforts to accommodate growth and development, and increase capacity for airlift and tourism, he said.

Click here to view and read more articles on RE/MAX Bahamas Paradise Realty.

SCHOONER BAY development Targets Growing most of their own Food

THE SCHOONER Bay development in Abaco is aiming within 10 years to produce 75 per cent of the food it eats itself, and is employing renewable technologies to reduce its power bills.

James Malcolm, Schooner Bay's marketing director, explaining that the developers' construction/development methods would "pay ecological dividends for years to come", said the use of solar water heaters would cut power bills in the development by one-third.

And, through the use of geothermal energy for air conditioning and cooling properties, Mr Malcolm said the developers would slash power bills by a further 50 per cent.

"We feel fairly vindicated in our philosophy that while it takes more time, and more attention to detail, building in that way will pay ecological dividends for years to come, for our children and grandchildren," Mr Malcolm said.

Of the 120 lots placed on the market for sale two-and-a-half years ago, some 50 had been sold to buyers of whom 75 per cent were from Nassau.

"We have an amazing group of initial buyers who we call pioneers. They're diverse," Mr Malcolm said. "We're building at a very slow and deliberate pace. That's a key to sustainability - to not bite off more than you can chew.

"We believe we are a model for redevelopment. One of the reasons for our success is affordability. People are getting into Schooner Bay for lots and homes at $350,000. This not about $2 million and foreign buyers."

Click here to view and read this entire Schooner Bay development Growing their own Food article.

RE/MAX International Launches a truly Global Real Estate Listing Website

global.remax.com Offers Customized Search of More Than 60 Countries

(Denver, CO) – RE/MAX, LLC, the recognized real estate leader, has launched a new website, global.remax.com, the first truly global resource for consumers, with hundreds of thousands of home listings in countries around the world. The site features customized search tools that allow buyers to search for properties in 30 languages, translate currencies and find the latest international real estate news. At launch, the site will contain listings from Brazil, France, Italy, India, Portugal, the United States, Canada, Italy and New Zealand - a total of more than 60 countries and territories around the world.

“We make our customers our priority, and they told us they needed a comprehensive resource for international properties,” said William E. Soteroff, RE/MAX Executive Vice President, U.S. and International Regional Development. “We’re seeing an increasing number of foreign buyers looking for property in the U.S. and American buyers looking overseas. global.remax.com is essentially a one-stop source for residential and commercial real estate, no matter where you live.”

Real estate trends differ from country to country, city to city and even neighborhood to neighborhood. Buyers and sellers who visit global.remax.com can stay on top of the latest real estate news and events through an in-depth and detailed news feed. The site will also feature a rotating spotlight on a specific country or region, offering visitors insight into that market and any new developments.

In countries like India, Brazil and China, as the population grows and incomes rise, families are searching for homes of their own and investment properties.

RE/MAX is also growing, adding offices around the globe. Franchise sales were up nearly 15% in the first half of 2011, a mark that looks to outpace last year’s total franchise sales, which recorded an impressive 30% increase over 2009. In Brazil alone, RE/MAX has seen 133% growth over 2010.

“We’re growing because there’s a need for experienced and professional agents,” said Soteroff. “In some countries, RE/MAX has been the first real estate brand to go in and open for business. It’s exciting to be a part of that.”

RE/MAX has a presence in more than 80 countries, a reach far greater than any competitor. With more than 6,300 offices around the world and a sales force of nearly 90,000 agents, buyers and sellers can take advantage of the experience and knowledge of the most productive professionals in the real estate industry.

For more information about RE/MAX global listings, please visit: www.global.remax.com.

Watch a video about global.remax.com.

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About the RE/MAX Network: RE/MAX was founded in 1973 by Dave and Gail Liniger, real estate industry visionaries who still lead the Denver-based global franchisor today. RE/MAX is recognized as a leading real estate franchise company with the most productive sales force in the industry and a global reach of more than 80 countries. With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $100 million for Children’s Miracle Network Hospitals, Susan G. Komen for the Cure® and other charities. Nobody in the world sells more real estate than RE/MAX.