The dormancy of Bermuda’s real estate market for a number of fiscal cycles reached its lowest point in the sales of 2012, reflecting a number in the region of 200.This represented a formidable 70% decline in market activity since the height of the market in 2008 which boasted a lofty 600 sales.Presently, an abundance of inventory pushing values lower has solidified a buyer’s market and there are hopes that recent land policy changes and license fee reductions which are subject to ratification on April 1st 2013, will stimulate the real estate market and result in a projected increase in potential buyers.One of the most notable changes is equality for the Bermudian Purchaser married to a foreign spouse.This means Bermudians whose spouse is a Non-Bermudian no longer require a spousal license in order to purchase their first home. In the past, Bermudians married to fellow Bermudians were preferred purchasers as they were not subjected to the six month waiting period to receive a spousal license.More changes affecting international buyers are the reduction in License Fees from 25% to 8% for a stand-alone home (rising to 12.5% after 18 months) and from 18% to 6% for a condominium (increasing to 8% after 18 months). The reduction in license fees for PRCs has now been reduced to 4% for the first 18 months and following that, PRCs will pay 6%.Further encouraging changes include making the inventory more attainable by expanding the opportunity for Bermudians to sell their homes and condominiums over a certain Annual Rental Value “ARV” to International Purchasers and PRCs. The minimum ARV for houses is $177,000 and $32,400 for condominiums. Currently houses on the market for sale with a qualifying ARV start at around BM$3.5m and condominiums at around BM$550,000.In anticipation of these proposed changes and upward thrust in the market, it is advisable that potential sellers be prepared in advance.More buyers also equates to more competition, so do some homework to find up-to-date market knowledge on what current inventory will be compared to yours out there. Concretely compare aspects such as number of beds, baths, size, location, condition, functionality, amenities, views etc, and take a look at what has sold in the past three to six months.You will most likely have a certain price in mind for what you want for your home already, but try not to overprice.A new property on the market will quickly be considered stale if, for the first month it hasn’t received any real attention from truly qualified buyers.Connect with a market-savvy realtor from whom you can draw key knowledge and rely on to find the right buyer for your home. A good agent with an excellent reputation will be your window to the market and is completely invested in getting your home sold. They will handle and arrange all showings and provide you with invaluable client feedback.They will also advise and collaborate with you on timely pricing strategies before the offer comes in. Your agent will facilitate and negotiate pretty much everything up until the final closing.They should also be candid and direct in recommending the best way to stage your home so it can be presented correctly to maximise the potential of getting the highest possible offer.Quality properties priced right that show well are getting more interest and moving into contracts faster as buyers start to compete for good properties. Similarly, buyers should be ready with their cash or financing pre-approval, 10% deposit, stamp duty and conveyance fees, expect to move quickly to secure good properties.The power of preparing your home properly for viewings should never be underestimated.The value of many offers put forth is directly linked to the buyer’s first impression and you’ve got one chance to get it right.The first priority is to create curb-appeal. Replace cracked windows, shutters, light bulbs, plaster and tiles. Power-wash walkways and patios, mow the lawn and weed the garden. Buy potted and hanging plants to display at various locations outdoors and prune your shrubs.Focus on the interior next by eliminating excess furniture and clutter, personal items and collectables.Your home should also be spotless from top to bottom, be sure to mop, dust, vacuum and wash all windows and baseboards. Apply a fresh, neutral coat of paint to dirty walls. Make sure the air smells fresh and have the carpets cleaned.Ensure your electrical and plumbing systems are in order as well.Finally, selling your home represents a new beginning for both the buyer and seller, so be proactive and cover all your bases so you can achieve success and satisfaction from the process.This week’s column was submitted by Rego Sotheby’s International Realty. Visit their website periodically and touch base with agents to get the latest status on inventory at 441.292.3921 or www.regosothebysrealty.com