The Market Says...

There are three basic ingredients in the recipe for selling a home - location, condition and price.

Sellers have the most control over the final ingredient.

Generally, if your home isn't selling within the average period, overpricing is the likely culprit. Deciding how much to adjust your asking price by will depend on a revaluation of the local market.

Look what the market has gone through in recent years. The U.S. housing crisis, followed by the global recession, adversely affected our job market.

This led to an increase in foreclosures and it's now more difficult to qualify for a loan, although some banks, such as RBC, are actively courting buyers.

All of these factors influence market conditions.

If you priced your home based on sales of comparable homes that took place in your community some time ago, the price may not be realistic because of current market conditions.

If your home isn't selling, ask your Bahamas Real Estate Association agent for a new comparative market analysis.

This will factor in the current asking and selling prices of homes in your area and the prices of expired listings.

The homes that sold were in all likelihood priced correctly.

Look at listings that haven't sold within the average period. The price is probably too high.

Then look at the price on expired listings. Those prices were definitely too high for the home, factoring in the condition and location.

Location. Condition. Price.

You can't move your home and it will take money to improve its condition. You can, however, change the price.

* Your leading Bahamas real estate source.