If you are like most people you have been glued to the TV and Internet watching the world financial crisis unfold. There is certainly plenty of bad news out there and itís worldwide. Usually the bleak economic picture is reserved for Freeport, but it seems that every corner of the globe is having its own financial problems. The good news is that from a historical perspective the Stock Market drops are not as bad at Black Monday 1987 or The Great Depression and world governments having learned lessons from the past are doing their best to stabilize the world economy. The US Federal Reserve and six other major central banks from around the world slashed interest rates yesterday and Central Banks around the world are working together to free up the credit market to get us moving in the right direction which is a good sign.
Governments may not have all the answers but I am confident that this is just another cycle and after the dust settles the markets will rebound and we will slowly get back on our feet again. Unfortunately, there is uncertainty and fear in the market as these recession/recovery cycles do take their time and people are worried about their jobs, their retirement accounts, their investments and their future. So what does all this bad news mean to our Freeport Housing Market. Well for one if you own a home it is still a great investment and you should be comfortable knowing that historically even with the ups and downs in the economy Real Estate has always proven to be the BEST investment you can make. If you are trying to sell your home today you must be realistic with the pricing as the world housing market is off up to 20%. If you absolutely must sell in this market as many of you must do for many different reasons, then you have to be prepared to accept less for your house as it is clearly a buyerís market and buyers want great deals. If you are not willing to reduce your prices then you should take your home off the market so you donít waste your time and end up disappointed.
As far as prices are concerned there is no doubt that temporarily the value of your home has decreased over the last few months and especially from 4 weeks ago as there are fewer buyers, credit is difficult, people have lost as much as 30% of their net worth in financial markets and the future of the world economy and Freeport economy is uncertain. Having said this, the good news is that even if you reduce your prices you are still making good money because the value of your property has increased over the last few years and some of you have had the benefit of appreciation over the last 10 - 15 years. If you are trading up or down the prices of the new property you want to buy has decreased so you are still ahead of the game as it will cost you less to purchase the new property. So believe it or not this could be the right time for you to buy or sell or buy and ell.
So if you are a buyer get away from the bad news on the TV and the internet, Stay Positive and keep looking for that great real estate deal because this is the time to make your move as sellers are very willing to negotiate. If you are a seller then adjust your price, make a deal, sell your house and move on with your life.
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James Sarles Realty: Commercial and Residential Bahama Real Estate Properties for Sale or Rentals. Bahama homes for sale, Grand Bahama Property and Bahama Investment Property.
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