The Real Estate Market in Northwest Florida is moving in a positive direction. Buyers are taking advantage of homes that are "value" priced, low interest rates, and first time homebuyer (those buyers who never before have owned or haven't owned a home in 3 years) incentives such as the up to $8000 tax incentive credit which, in the State of Florida, may be applied at closing toward their down payment.
Information supplied by the Pensacola Association of Realtors® indicates the numbers of available homes in all price categories continue to decrease as sales are increasing over the same time period last year. Much has been written regarding "distressed properties" or those who unfortunately are and have been listed and sold as "shortsales" and/or "foreclosures" (Bank owned properties.) The number of homes in the Pensacola Bay Area of northwest Florida listed under these two categories appears to have declined over the last 3 months from sales during the same period in 2008; and, represent less than 10% of the total sales in this 3 month period in 2009. Although homes sales are less by a small percentage than last year we have seen a steady increase in sales in 2009; the median sales price has increased, and inventory continues to decline.
With sellers "value pricing" their homes and pent up purchase demand causing supply and demand to once again move toward each other, purchasers are taking advantage of the low interest rates and purchasing homes. Even with the plethora of available homes many sellers are receiving multiple purchase offers for their homes that are priced correctly, presented properly in clean, maintained upgraded condition with a maintained lawn -- move in ready condition.
Are we at the "bottom" of the market? Statistics indicate that we are and may, in fact, be moving up. The question purchasers should be asking themselves is, would you rather wait and see if the price of the home you want will go down further; and if it does, will it out weigh the cost of a potentially higher interest rate being charged on the home loan? The question sellers should be asking themselves is, should I wait to see if the value of my current home goes up and hope the value of the one I want doesn't go up as well?
An experienced, educated and qualified Realtor® will be able to help you determine the answers to these questions and aid and guide you through the home purchase/sale process. Through their years of experience and their current research they will be able to give you the current market value of the home and the data and detail to support it. An experienced Realtor® has built a team of business partnerships qualified, experienced and certified if required in the functions necessary to sell or purchase a home or property and will share their contact information with you. Lenders which will assist in determining which financial programs match the personal financial needs and goals of a purchaser, and the Expected cost for the purchase of the home; home inspectors who will inspect all facets of the interior and exterior of the property to determine its condition, repairs necessary for functionality and/or expected maintenance timelines; insurance needs and requirements, environmental disclosures and concerns, surveyors, pest inspectors and treatment companies; closing companies and/or attorneys that will research the title of the property insuring all transfers of title have been performed properly and will issue title insurance for the lender and purchaser insuring against potential defects of title which were not of record; and, home warranty companies should you want or need one to cover major expenses of repair to the home mechanicals (electrical and plumbing, heating and air, water heater, etc.) during the first year of home ownership.
Which opportunity is of the most value to you? The opportunities are numerous. Are you ready to take advantage of the opportunity?