As a newcomer to the blogging scene, I have decided that blogging about buying and selling real estate in The Bahamas is an important service that I can offer that will hopefully be helpful in assisting interested parties in navigating the sometimes daunting task of real estate transactions in a foreign country. As an experienced realtor, broker and sales manager I hope to be able to impart some of my personal thoughts on the real estate market in The Bahamas. Over the last several months, I have often been approached by buyers and sellers alike wanting to know how the real estate market in The Bahamas has been effected by the global economic downturn. In many parts of the world, real estate has taken a dramatic hit. The credit crisis in the United States and other parts of the world has caused a huge inventory of property for sale, and thus a huge drop in prices across the board. Interestingly, The Bahamas has weathered this storm quite well. Firstly, we have not experienced a "credit crisis" as most of our local lenders have maintained strict lending practices. We have our share of foreclosures but not as a result of loose lending practices. Secondly, we do not have an overabundance of inventory, keeping the supply low and the demand steady. As the world economy stabilizes, demand for real estate in The Bahamas will continue to rise, resulting in rising prices. If you have considered buying property in The Bahamas, now is a great time to get off the side lines and get in the game!
One of the best ways to ensure you have a successful real estate experience in The Bahamas is to make sure you use the services of a licensed real estate professional and that professional is a member of The Bahamas MLS. You should feel confident in asking your real estate agent for a copy of their license. The Bahamas Real Estate Association is the regulatory body for real estate in The Bahamas and you can visit their website at www.bahamasrealestateassociation.com or call their office at 242-356-4578 to verify that the professional you have chosen is licensed to practice real estate sales in The Bahamas.
Stay tuned for regular posts as I am excited to share my thoughts, tips and experiences with real estate in The Bahamas!