The local area housing market in the Pensacola MLS region has shown tremendous recovery from the housing market recession. While much of the recovery varies from neighborhood to neighborhood, the overall housing market for the area is on the rise to surpass sales and prices from the 2004-2006 pre-recession timeframe.
What does this mean for local home and property owners? It means that we are now in a Seller's Market. If you have been sitting on the fence, waiting for the market to recover in order to have enough equity to sell, you may want to jump off the fence and request a FREE CMA (Comparable Market Analysis- similar to an appraisal) to find out what your residential or commercial property may be worth in today's market.
Please review the data below and contact us at 850-449-0908 (Trish Sarfert) or 850-380-1667 (Kristi Sims) if you would like to learn more, or to find out how to list your property for sale. We have plenty of buyers and not enough sellers, so home and commercial property prices are on the rise, potentially giving you more equity than you have had since 2006. Cash out that equity now if you are looking to relocate, down-size, up-size, or move to a newer and more energy efficient home.
The year-to-date figures for the number of properties sold for this year is set to outpace the number of homes sold since the pre-recession highs of 2005. Those numbers have been climbing steadily, and this means that more inventory is needed in order to keep pace with demand. When demand is high and inventory is low, prices tend to rise.
We have fewer properties on the market currently than any time since 2005, when local housing prices rose to high levels due to high demand and low inventory.
Local area real estate prices are steadily rising, helping homeowners who have been upside down on their mortgages. Now may be the time that you may, once again, be gaining equity in your home.
Homes are selling much more quickly as well. The days of waiting for short sale approvals and long mortgage loan processing times are decreasing steadily. Many homeowners are listing properties for sale and getting instant offers that close quickly at full price or above (when priced properly- always listen to the advice of a real estate or appraisal specialist when determining a list price for your home).
What does this all mean for you? If you are a property owner, it could mean higher offers and quicker closings for your property. If you have been upside down on your mortgage, you may be able to sell now, potentially with equity to put into your next home. If you would like to find out, give Kristi or Trish a call today, and we will prepare a FREE CMA to give you an idea of your home's current value. When you are ready to list your home for sale, we are ready to market it for you to get the best price! Call today!