By Marla Martin, Florida Realtors
You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
By Marla Martin, Florida Realtors
This month’s newsletter shares an article that sums up where we are in our current real estate market, our market stats and my favorite properties on the market. Enjoy!
EAST HILL | NORTH HILL | DOWNTOWN | THE BEACH
Your resource for navigating the real estate market in the greater Pensacola area.
JUNE 3, 2020 By kerry smith
Gov. DeSantis announced that Phase 2 of the state’s 3-step reopening plan will go into effect on Friday morning. It doesn’t change real estate services that were already deemed essential, but it could give hope to some buyers and sellers who pulled back during the pandemic.
Here's the latest on where we are with the real estate market these days. As always, feel free to give me a jingle to discuss the goings on:
Things are getting better, at least in consumers’ minds. The May confidence index rose to 86.7 from April’s 85.7, and while the component for current conditions fell 1.9 points, future expectations rose 2.6 points. According to the report, the “free fall stopped in May.” Read more
A 0.6% increase in new-home sales isn’t much, but it suggests that a healthy number of potential buyers is still ready to move forward on their plan to buy a home. Read more
As of Tuesday morning, Fla. DBPR approved plans for 42 counties to safely reopen vacation-rental properties – an increase from 26 counties last Friday. Read more
Additional local information can be found at myescambia.com and the Short Term Vacation Rental Plan for Escambia County.
Progress! Governor DeSantis released an executive order Wednesday evening to launch Phase 1 of the reopening of the State of Florida - Phase 1: Safe. Smart. Step-By-Step. Plan for Florida's Recovery.
Per the order, most of the state of FL can start reopening May 4th. Southern FL is excluded from reopening for the time being due to higher incidents of Covid-19 infections. The Governor's said approach is to take data driven steps to strategically open the state slowly and safely in line with the guidelines released from the White House this past week. Below are some highlights. Please refer to the Governor's official order for specifics and details:
• Schools remain distance learning
• Visits to senior living facilities are prohibited
• Elective surgeries can resume
• Restaurants may offer outdoor seating with 6 foot space between tables & indoor seating at 25%
• Retail can operate at 25% of indoor capacity
• Short-term vacation rentals prohibited until further notice.
• No changes for bars, gyms and personal services such as hair dressers and barbers.
• Movie theaters remain closed
• Vulnerable individuals should avoid close contact with people outside the home.
Phase 1 maintains Centers for Disease Control and Prevention recommendations to prevent the spread of COVID-19 - social distancing while in public, avoiding groups of 10 or more, using face masks in public when you can’t maintain 6 feet distance from others etc..
As always, please let me know if there is anything i may do to assist you with all things real estate. Be safe and well.
Your resource for navigating the real estate market.
EAST HILL | DOWNTOWN | THE BEACH
Family compound on private 3.24 acres within a 15 minute drive to downtown Pensacola. Huge lot in well established neighborhood so close to the downtown and shopping. This stately, well maintained, 2 owner home offers plenty of room for a growing family. This custom home is set back off of the road in a grove of oak trees. The 2 car garage with side entry is over-sized. There is a carport for boat or RV parking. There is a separate detached 1 car garage with separate heated and cooled space with another full bath (main square footage 3763 with 4 beds, 2 1/2 bath, guest house 375 with full bath). There are also three other out buildings. The possibilities are endless with this property!
Must see! CLICK HERE FOR DETAILS
I hope this message finds you doing well and staying healthy. Here are a few highlights from this past week affecting our state and real estate industry:
FL Governor DeSantis Team to Create Plan for Reopening State
Also Florida Realtors and 30+ advocacy groups announced a task force created to help the state reopen. The goal: Find a path that boosts the economy without undue risk. Read more A few beaches and parks in our state are starting to open with social distancing guidelines. There is still a vacation rental ban through April 30th. It does not apply to long-term rentals (rentals of 30 days or more) or hotels and resorts. Read more
Mortgage Rates Drop Again – 30-Year at 3.31%
Rates are hovering near all-time lows for the third week in a row as economists and businesses try to weigh the economic damage caused by the pandemic. Some lenders are holding capital and approving fewer mortgage loans. Banks that fear the unknown post-pandemic are trying to retain capital and, as a result, tightening loan standards by raising minimum credit scores and down payments. JP Morgan Chase, for example, now requires a 20% down payment and minimum credit score of 700. Read more
However, the local lenders I spoke with this past week, indicated they are still offering plenty of low down payment mortgage options on conventional loans for primary and secondary residences, with reasonable loan terms and closing times running between 30-45 days. Those with steady W-2 employment shouldn’t see much of a difference in their loan process these days. Self-employed folks and those with rental income, may find a more challenging time qualifying with IRS transcripts being difficult to obtain for underwriting income verification. Investment financing has also tightened up, requiring larger down payments.
For those of you waiting to make a purchase, you may want to consider the financing options available to you today. I would expect the mortgage industry to tighten and tweak its underwriting guidelines for the time being which may limit your financing options in the near future. Right now there are great loan products available with very competitive rates and terms for those who qualify. Some builders are also offering some very nice incentives.
As always, I welcome the opportunity to talk with you and to share what I know about the ever changing real estate market and to be a good resource for you. Please let me know if there is anything I may do for you.
I hope for health and prosperity for you and your families. As we are all hunkered down, staying in our homes, remember that in 9 months from now, when there’s a baby boom and you need a bigger house, I am your Realtor!
Be safe, be well. Chris J