Pensacola FLorida Sales and Rental Market Update

Rentals-  We are experiencing more vacancy, alot of inventory, and tenants who are just not as qualified as we would like them to be due to job losses, foreclosures and other financial difficulties that have affected credit scores of our potential renters. 

Higher inventory, what can we do to get them rented? Please be assured that we are doing everything we possibly can to get the word out on the internet, word of mouth and in print.  Some food for thought if you have a vacant home:  Rents must be competitive and your property must be clean and in good condition.  If your property manager recommends lowering the rent, painting, carpet or vinyl replacement,removing some outdated wallpaper or paneling, adding a shed or a fence, or other needed maintenance or repairs on a lease renewal or for your recently vacated home, you should consider these things as there are plenty of homes out there and renters are looking for the best value for their money. 

Are you considering renters with pets? A large percentage of the population are pet owners.  If you will consider pets, how about advertising your home as pet friendly and waiving the pet deposit for a 1 year lease?  If renters do not have pets and meet certain criteria, how about offering a lower security deposit?   

Real Estate Values- I think our market is at or near the bottom, and since the offering of the first time homebuyer tax credit we have seen the number of available listings drop and prices seem to have stabilized in all but the luxury home and condo market, especially waterfront.  If you are considering buying another investment home, now might be the time to do so if the numbers make sense to you.

Behind on payments? If you are having financial problems, you have options.  I know that some owners have successfully negotiated loan modifications and short sales on investment property. I have closed  a few short sales, have others in progress and have recently completed the classes necessary and have applied for the Short Sale Certification designation from National Association of Realtors.  Give me a call to see if I can help.

Not all our sales are bank owned or short sales, I am hopeful that with the extension and additions to the home buyer tax credits available, we will be able to move alot of homes between now and deadline. Any questions, give me a call or reply to this email. 

My goal is to be the best management  firm in the Pensacola Area and we are here to serve you with all your real estate needs, and that means buying or selling too. I can tell you that the fall and winter months always bring a slow down in our rental and sales market and this year is certainly no exception, but we are doing our best to get those vacant homes sold or rented.