Still buyer’s market in real estate

It is still a buyer’s market.

This is the assurance coming from Junior Sparks, Real Estate Broker with Global Estate Agency Inc. who offered his comments on the real estate market in Barbados ahead of a home ownership Expo to be hosted at Scotiabank, Sky Mall this Saturday.

“Even though the economy has presented its challenges, the real estate market in Barbados is still pretty active, especially with properties below the $700,000 mark,” said Sparks.

Despite it being a buyer’s market, the realtor said sellers with “high-quality turnkey properties,” still tend to garner the asking price for their properties.

In addition to a general outlook on the market, he also had advice for prospective homeowners.

“It is important for you to ensure that you get pre-approved by your lender,” he said. “Many real estate agents will not show you property if you missed this step. It is also important for you to decide on a budget for your home and have enough money in your savings account to cover unforeseen expenses.”

He also highlighted the importance of research in the home ownership process, stressing that persons should investigate transaction-related costs including insurance and legal fees. He further noted that it is important not to skip the crucial step of having a property of interest inspected.

“Do not skip an inspection. All of the work that you may have done up to this point may be wasted if you do not thoroughly investigate the home you intend on purchasing.” (PR)