It’s a buyer’s market in the local real estate sector amid COVID-19, but especially for Grand Bahama and Abaco post-Hurricane Dorian, Bahamas Real Estate Association President Christine Wallace-Whitfield said yesterday
She added that the rental market continues to have a difficult time, after many people’s livelihoods were affected by the COVID-19 pandemic’s shock to the job market.
Wallace-Whitfield, who was a guest on Guardian Radio talk show “Morning Blend Business”, said it is still a tough real estate market on Grand Bahama, since the passage of Dorian destroyed many properties. She added that there has been a noticeable decline in real estate prices.
“It’s definitely a buyer’s market,” said Wallace-Whitfield.
“Prices have been dropping because people want cash. You’re seeing people negotiate more.”
According to Wallace-Whitfield, the real estate markets of Abaco and Grand Bahama are still trying to get restarted since the rebuilding of those areas impacted by Dorian began near the end of 2019.
In 2020, the onset of the COVID-19 pandemic in The Bahamas in mid-March led to job losses and difficulties in the rental market. Wallace-Whitfield said those “difficult times” continue to persist.
“During the pandemic a lot of people had to readjust their lives because they couldn’t afford the current rental they were used to because of no jobs, things like that,” she said.
“So they had to move in with friends or family or just look for a rental that was a little less costly, so it’s been challenging.”
On the other hand, Wallace-Whitfield said, some people who are taking advantage of the buyer’s market are contacting “their lenders to see if it’s possible for them to go ahead and buy a home, because they’re just tired of renting”.
The post BREA president: It’s a buyer’s market amid COVID-19, especially in GB, Abaco appeared first on The Nassau Guardian.
source https://thenassauguardian.com/brea-president-its-a-buyers-market-amid-covid-19-especially-in-gb-abaco/
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