2011 Bahamas Realty Search - Are you ready?

It's the start of another New Year; The perfect time to begin your search for real estate!

If you have been keeping your eye on the Bahamas real estate market waiting for that perfect home or condo to pop on the scene, you may be waiting for a while. Needing a place to move into and looking for another place are two different priorities all together. On one hand you are actively engaging with real estate agents whilst you pursue websites and neighbourhoods looking for what is available, and on the other hand you are simply looking at pretty pictures.

If you are serious about purchasing real estate in The Bahamas you need to get your ducks in a row. The first step is sitting down with a Loans Officer to see what you qualify for and to figure out what you can afford. Once this step has been completed then you can actively search for real estate possibilities.

Contact an Agent or Agency to assist you in finding your perfect real estate match. Research which real estate agent or agency will represent you best in your endeavor. It's best to work strictly with one agent or agency otherwise it gets confusing because there will be duplicate work being done. Make sure to work with an agent that you gel with nicely.

Are you planning on purchasing real estate this year? Are your ducks in a row? If they are and you would like to inquire on some real estate listings we would be happy to assist you. If you have any questions or concerns please contact the RE/MAX Paradise Realty Team via the Contact Form or telephone (242) 325-3000.

Choosing RE/MAX helps when Selling or Buying a New Home

All those who have had the experience of buying a new home or selling a home know it is not an easy task in our current market conditions. RE/MAX and it’s RE/MAX balloon logo has assisted in creating a world famous real estate company. RE/MAX associates help people sell a home or buy a new home. It has been in business for over three decades and caters to clients from different parts of the world and has offices and associates that serve the smallest cities or towns.

RE/MAX has offices worldwide where real estate agents work tirelessly to help clients buy or sell properties and homes. RE/MAX Realtors have dominated the ranks in all the Certified Residential Specialist (CRS), the Certified Distressed Property Expert (CDPE), the Seniors Real Estate Specialist (SRES) and the Accredited Buyer Representative (ABR) designations and continuing education. This means their agents have some of the best expert knowledge related to the real estate industry and are able to serve buyers and sellers in a professional and highly skilled manner.

Whether you want to buy a new home or sell a home your task will become very easy and less stressful if you hire a RE/MAX Realtor because they:

• Keep themselves up to date with the latest trends in the industry.
• Use a comparative market analysis to determine the best price of a home or property.
• Use the MLS (Multiple Listing Service) listings to list their client’s homes and properties for sale with pictures and demographics on the Internet.
• Their knowledge of the local area and the market conditions help the process to be as smooth and easy as possible.
• Assist you from the beginning to the end of the process and work to earn your trust in hopes of repeat and referral business.

RE/MAX understands it’s responsibilities to society and has taken initiatives to give back to the community. Whenever you hire a RE/MAX Realtor for either buying a home or selling a home, they may donate a part of their earnings by participating in the Miracle Home Program or the Home for the Cure Program. Under the Miracle Home Program, real estate agents make a contribution to a local hospital affiliated with the Children's Miracle Network. The donation remains in the area and benefits the local residents. Under the Home for the Cure Program, a donation is made to Susan G. Komen for the Cure which uses the funds to help fight breast cancer.

Why Do Buyers Insist on Putting the Cart Before the Horse?

Sitting in my office the other day I received an inbound inquiry from the switchboard. It was a prospective purchaser that was relocating from one of the 'family islands' and wanted to see a home listing we had. As usual, I asked some qualifying questions to get a feel for the prospect's needs. After getting satisfactory answers to my battery of questions I asked the most important question of all, "Will you be financing your purchase? and Have you been pre-qualified at the bank for a loan?"

You would have thought I asked the lady how much she weighed (which is a question that should never part your lips unless you are a physician)! Immediately following the uncomfortable silence on the other end of the phone, she proceeded to tell me that she owned other property and that qualifying for a loan shouldn't be a problem. That may be so, but I for one don't even put the key in the ignition, nor will I inconvenience my seller or another listing agent unless I know for sure that the prospect can qualify for the purchase price of the listing, or at least get real close!

After diplomatically explaining my position and offering to recommend a couple of lenders that could likely do an over the phone pre-qualification, she abruptly said, "I don't want to go through all of that, I just want to see the home!" Well I'll be a monkey's uncle! Let me just stop what I am doing, call the owner and ask them to stop what they are doing and make arrangements to show you a home that neither you nor I know you can afford, and all because you want to circumnavigate the natural order of things?!!

I was absolutely amazed, but regrettably not terribly surprised. In this case, the interested buyer didn't want to bother herself getting pre-qualified. In many other cases, it seems that banks would rather not go through the rigorous process of qualifying buyers before they begin shopping. All too often, the prospective purchasers tell us that the bank said, "Go find a property you like, get an offer letter and/or contract and we'll see if you qualify." In either case, the buyer is clearly putting the cart before the horse!

Homebuyers & Sellers Get Top Agents

RE/MAX vs. the Industry Report Shows RE/MAX Agents Help More Buyers and Sellers in 2009

(Denver, CO – June 2, 2010) - As professional real estate agents across the country compete to get new homebuyers while marketing properties for anxious sellers, agents from one global franchise have been proven to be the most successful at getting the job done. According to independent real estate analysts and other government filings, RE/MAX agents are more productive than other real estate agents in the U.S., a claim now documented in the annual “RE/MAX versus the Industry” report.

The RE/MAX versus the Industry report is distributed through the RE/MAX Network, along with charts, tables and social media messaging, and shows RE/MAX agents average 13.5 transaction sides per agent compared to the next closest competitor at 7.3 transaction sides per agent. “These analysts, surveys and government documents substantiate the claim that RE/MAX agents are the most productive in the business,” said Dave Liniger, RE/MAX Chairman and Co-Founder. “Even in extreme market conditions, RE/MAX agents outperform others and are able to better help homebuyers and sellers across the country and around the world.”

The report is based on figures released from REAL Trends and the U.S. Securities and Exchange Commission Form 10-K, 2009 annual reports. But, two recently-released national surveys also confirmed the company‟s standings nationally. Both the 2010 REAL Trends 500 survey and the 22nd annual Power Broker Report, from RISMedia, show RE/MAX agents have a commanding lead in production by number of transaction sides and sales volume.

Liniger equates much of the success to the education and training RE/MAX agents pursued as market demands changed, including training to manage short sales, distressed properties and foreclosures. RE/MAX Associates hold the greatest number of professional learning designations compared to agents of other national real estate brands.

What is The Bahamas MLS?

The Bahamas MLS, which stands for Multiple Listing Service, is a centralized website portal where all the exclusive listings for a particular area, in this case The Bahamas, are kept and shared between real estate agent and property buyer alike.

Wikipedia defines a ‘Multiple Listing Service’ as, “a suite of services that enables brokers to establish contractual offers…, facilitates [broker] cooperation…, accumulates…information to enable appraisals, and is a facility for…correlation and dissemination of…information to better serve…clients…”

“A multiple listing service's database and software is used by real estate brokers… representing sellers under [an exclusive] listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property…”

“The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller.”

Recently The Bahamas implemented an MLS system where real estate agents and brokers alike participated in the growth of the database with exclusive listings throughout The Bahamas Islands. March 17th 2008, The Bahamas Real Estate Association (BREA) soft-launched The Bahamas MLS strictly for real estate agents to use. The Bahamas MLS has taken steps towards becoming a public media and soon estate agents and potential property buyers alike can search the same database for real estate listings in The Bahamas.

Click here to read the previous MLS article: The Bahamas MLS; Increasing in numbers

Nassau's Harbourfront Finally getting it's due!

Just when you think the good news for real estate in The Bahamas is starting to fizzle, we get the news that the government of The Bahamas has finally signed the deal to move the main shipping terminals from the ultra-valuable Nassau Harbour front to a more effective and environmentally friendly area to the west of the main harbour.

In a news release today, The Tribune reported, "Wider distribution of the profits from the freight shipping industry, reduced cost of living for Bahamians and the facilitation of the redevelopment and revitalization of downtown Nassau were highlighted as the major benefits of a signing between the government and private investors to develop Arawak Cay into New Providence's freight hub yesterday."

For the real estate industry in The Bahamas this means that downtown Nassau can be transformed into the charming harbour front city it used to be! New opportunities for commercial and residential development are imminent and I can tell you that most citizens and residents are extremely excited for the probable economic benefits.

The Bahamas MLS; Increasing in Numbers

After many years of real estate agents, property buyers and property sellers alike wondering if The Bahamas will have it’s own Multiple Listing Service (MLS), the call was answered. On March 17th 2008 The Bahamas Real Estate Association (BREA) soft-launched The Bahamas MLS for the strict usage by real estate agents only.

Two months later in May, there were 81 licensed agents of about a total of 600 licensed agents scattered throughout The Bahama Islands, that signed on board to take part in the future of real estate.

The Bahamas MLS Administrator at that time, Heather Joy Albury, informed me that "81 members from 23 different companies" had signed up. From these 81 licensed estate agents, they had added 115 active exclusive listings. She added further, that "I believe that in 6 months time we would have doubled the agents and listings [on the Bahamas MLS] if not tripled [them]."

In November, six months later, the number of participating licensed estate agents increased from 81 to 129, the amount of participating offices almost doubled from 23 to 42 and the number of active exclusive listings increased more than five times from 115 to 615 listings.

Today (April 28th 2010) there are 181 licensed agents from 61 different real estate firms with more than 1,400 exclusive Bahamas listings on the MLS. The direction is clearly looking positive and I'm sure that this trend will continue to grow. To learn how The Bahamas MLS can help sell your real estate, contact an agent at RE/MAX Paradise Realty today!