Our market is Pensacola, FL and surrounding areas, Daphne, AL and surrounding areas, and Shalimar, FL and surrounding areas. When you put all of them together, you get some impressive names, such as Destin, Fort Walton Beach, Navarre, Gulf Breeze, Pensacola Beach, Orange Beach, Gulf Shores, Foley – all shapes and sizes and all experiencing a good real estate market. The market, according to the National Association of REALTORS®, has slowed down nationally. Fortunately, our market is steady.
TEAM Hughes tries to keep current on real estate happenings in each of our market areas. Since Bob and I no longer practice real estate, we rely on talking with brokers and agents who are out in the trenches. According to one local broker, the days a listing stays on the market have been decreasing in and around Pensacola. Consensus in all three of our areas is that prices are still rising, and there are still multiple offer situations on well-priced listings. That sounds like our market is steady.
Will the market remain steady? Anyone who has had a real estate career for any amount of time has been able to experience most of the cycles in our economy, and we all know what goes up, must come down. Bank of America predicts housing prices will eventually decline as mortgage rates begin to sneak up.
Our market is steady and I’m an optimist. I come from the era that saw double-digit interest rates as high as 18%! I remember when interest rates went into a single-digit number, we were selling houses like hotcakes! The consumers were ready for it, and by about 1990, single-digit interest rates hit. So, to someone from my era, anything under 9% is going to be exciting. Even if interest rates are on the rise, it’s going to take a while to get into double-digits, and personally, I doubt we’ll see that again in my lifetime. Our country has a way with its economic cycles, and the cycles always come around full circle.
Our market is steady for another reason as well. We are a transient nation and some people actually love to move. I was one of them for years (older age makes me more docile). When I was a kid, families normally stayed in their homes for 10-30 years. After WWII, with the inception of the VA loan, people began moving more. With that in mind, is it any wonder people move here? After all, this is as close to Paradise on earth as you’ll ever get!
Because our market is steady, it’s a good time to get a real estate license and to begin a real estate career. That’s what TEAM Hughes Real Estate School is all about, so if we can help you get started, just give us a call. We’d love to help!