What is going on in Walton County Florida?
Let's take a look. May experienced a jump in Single Family Homes sales. Up 19% for the year and 14% over May of 2011. Lower interest rates and affordable homes are making a difference.
Condo and Townhome sales were only up slighty by 9.28% for the month of May and down overall slightly for the year by -.44%. Condo and townhome loans are more difficult to obtain. You must have excellent credit and at least 25-30% cash down. On top of that, the condo association cannot have more than 15% deliquencies of non-paying condo owners past due on their quarterly fees. Condos are much harder to finance, but Debbie Parmer at Regions Bank and Sue Botelho at Waterstone Mortgage both seem to have condo packages to meet the need of my buyers and can get them done.
Residential lots are selling like crazy right now. Not an easy purchase unless you have the cash to buy them, but they are up 75.22% for the year over last year. Foreclosures and Short Sales have driven the prices of lots down and then you have DR Horton, America's Largest Builder, buying up failed subdivisons and building brand new homes on these lots at affordable prices. If you need a lot loan, my best source is John Kelly at Trustmark Bank. They require 25% down and rates are around 6% today.
What is interesting is the "shadow inventory" that is beginning to come back on the market. The number of Lis Pendens or Notices of Foreclosures increased by 92.11% for the month of May over last year and for the year is back up to 63.67% as the banks are slowly dripping their inventory back into the market again after last year's robo signing debatacle.
If you are looking to buy property in Walton County, please consider using someone who represents your best interests. I work Exclusively as your Buyer's Agent and represent you. My services are free and I am compensated through shared commissions in the local MLS. However, I will walk you through the process from searching to getting you to the closing table successfully all the while educating you and empowering you to make the smartest buying decision you can possibly make.
I look forward to hearing from you soon. The summer is "hot" and getting "hotter" when it comes to sales.
Kelly Klein, Lifeguard Real Estate, Inc.