Pensacola Area Real Estate News & Market Trends

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!

May 27, 2020

Real Estate Update from Chris Reid Realtor

Pensacola Beach Florida

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:

Consumer Confidence Bouncing Back after Pandemic Low

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

New-Home Sales Post Surprising Gain in April

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

Fla. Approves 63% of Counties for Vacation Rentals

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.

Posted in Market Updates
April 30, 2020

Today's Real Estate News from Chris Reid Realtor 4/30/2020

Pensacola Beach Florida

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..

Click here for a link to the Governor's order.

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.

Posted in Market Updates
April 27, 2020

An Inside View - Monthly Newsletter

Pensacola Beach

CLICK HERE FOR AN INSIDE VIEW - THIS MONTH’S REAL ESTATE NEWSLETTER

Your resource for navigating the real estate market. 

EAST HILL   DOWNTOWN   THE BEACH

Posted in Market Updates
April 21, 2020

Family Compound 5011 Muldoon Cir Pensacola

5011 Muldoon Cir Pensacola FL 32526

FAMILY COMPOUND 5011 MULDOON CIR., PENSACOLA, FL 32526

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

Posted in Property For Sale
April 17, 2020

This Week's Real Estate News from Chris Reid Realtor

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

Posted in Market Updates
April 10, 2020

Today's Real Estate News from Chris Reid Realtor 4/10/2020

Pensacola Beach Florida

I hope this update reaches you in good health and spirits. I have analyzed the inventory and sales in our greater Pensacola area over the last two months. So far it looks like the real estate market in our area is holding as properties that were under contract prior to and during the pandemic have closed.

We don’t have the official sales data from our MLS system for March as of yet, but I was able to pull figures for the last 30 days of activity for comparison to February’s data. In the last 30 days - Active listings remain very low for our area at 2930. There were 828 transactions closed. That is sold houses, condos, town homes in the 30 days prior to 4/9/2020. Sales are up from February which one would expect with an annual seasonal increase. Transactions pending closing 759.

Compare this to February, before the social distancing and travel restrictions etc. came into play. Active listings 2939 (again very low inventory for our area) 695 Sales closed (good solid sales when comparing February year over year).

What does all of this mean to those looking to buy or sell in today’s real estate market in the greater Pensacola area? The market is holding at the moment. What do I expect to happen in the next 30 days? Although new listings continue to enter the market, I expect inventory to remain low as it has been. I would be surprised if there weren’t fewer closings compared to the same month last year due to the pandemic and potential delays. I would think it weird if our market wasn’t affected, but I see many of those 759 pending sales (sales that would likely have gone under contract within the last 30-60 days) closing within the next month or two. This gives me confidence in the stability of our local real estate market. That is very good news for residents in our Pensacola area. Time will tell how things pan out, but so far so good. I will keep you posted. As always, please do not hesitate to give me a call, text or email. I strive to be a good solid real estate resource for you.

Be safe and well, Chris

Also, it was a volatile week in the secondary mortgage market, however, it was a good week for mortgage rates! 3.25% Conventional 30 YEAR FIXED *Rate reflected is for 80% financing on purchase transactions of primary residences with loan amounts up to $510,400 with full credit qualification. Rates change often, please contact me for more information.

Snapshot from Pensacola MLS as of 4/9/2020:


Information pulled from the Pensacola MLS is deemed reliable but not guaranteed.

Posted in Market Updates
April 1, 2020

Today's Real Estate News from Chris Reid Realtor 4/1/2020

Pensacola Beach Florida

Florida Governor Issues Statewide Stay-at-Home Order

This afternoon, April 1, 2020, Gov. Ron DeSantis issued an executive order calling for all Floridians to stay home except to obtain essential services. This order is effective tomorrow at midnight.

Per the order, residential and commercial real estate, including settlement services, are considered essential.

In every real estate market, no matter how unprecedented, there are properties that are bought and sold. How are Realtors showing properties in today’s world? We are doing virtual showings. A virtual showing is when a licensed real estate agent tours the listing and utilizes a video chat with their client. We have the technology! So much of what we do as real estate agents involves technology, and this is no different. The process can be made easy for you. We are also doing remote closings, practicing social distancing, and following CDC policies and procedures to keep our communities safe.

The National Association of Realtors is also urging the passage of a Remote Notarization Bill. A new bill introduced in the Senate would pave the way for remote notarizations across state borders and make it easier for buyers and sellers to complete transactions entirely digitally. Read more

As we know things are changing ever so quickly and I will update you with new real estate developments as they come.

Be safe and well, Chris

Posted in Market Updates
March 31, 2020

Today's Real Estate News from Chris Reid Realtor

Pensacola Beach FL

Today's Real Estate News from Chris Reid Realtor, 3/31/2020

Things are certainly changing at a rapid pace and moving along in the real estate world. It’s hard to keep up with the new normal. My goal is to provide you with the most up to date and reliable information in regard to the real estate market here in Florida. 

Suspension of Vacation Rentals - In an effort to discourage visitors to the state who may be carrying the coronavirus, Gov. Ron DeSantis announced Friday a two-week suspension of new vacation rentals (30 days or 1 calendar month, whichever is less). The order does not apply to current occupants of vacation rentals. The Executive Order can be found here.

Property Tax Deadline Extended – The Florida Department of Revenue (DOR) issued an emergency order to extend the final due date for property tax payments for the 2019 tax year. DOR has extended the due date from March 31, 2020, to April 15, 2020. More information can be found on DOR's media website.

Fannie, Freddie Unveil Easy-to-Use Mortgage Help - The mortgage giants that back over half of all U.S. mortgages will allow owners to skip two mortgage payments for any reason and add them to the end-date of their loan. Read more (PLEASE – contact your lender to see if you are eligible, before you miss a payment!!!) 

 

I am here to answer any real estate questions or concerns you may have. The real estate world is dynamic and luckily a lot of the work we do as agents behind the scenes is on the computer. We are using technology and safe social practices to keep the wheels a turnin'. Closings in our area are happening on schedule, new listings are hitting the market and properties are going under contract every day. Feel free to call, text or email anytime I may be of assistance. I'd love to hear from you.

 

Be safe and stay well! We will get through this together. Chris

Posted in Market Updates
March 23, 2020

Uncertain Times

Pensacola Beach FL

 

We are in a time of uncertainty on many levels. It’s unsettling to say the least. However, we can take control by how we react. We can strive to be in the moment, and look and plan for the future. We can anticipate the positives and prepare for the negatives.

Economic change happens and we can adapt accordingly. Our homes are our shelters, our places of refuge. Properties also serve as investments toward our financial goals.

We are experiencing a shift which may result in a new normal. This will pass and the steps we take today will set us up for success in the future. 

If you have questions about how today’s market is affecting your real estate, my virtual office doors are open. I’m here to serve your real estate needs and strive to be a resource you can always trust.

Be safe, Chris Reid, Realtor

Posted in Market Updates
Jan. 28, 2020

Chris' Favorite January Newsletter Properties

The properties featured as my favorite East Hill picks for the month are ranch style homes from the 1950’s and 70’s that have been renovated from top to bottom. These properties are great examples of how current style and appeal can be brought to these older homes with good bones. This is such a great example of repurposing! ....

Chris' Favorite January Newsletter Properties