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!

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

 

Dec. 24, 2019

NEW BUILD for Sale East Hill Pensacola

1718 N 15th Ave East Hill Pensacola NEW BuildClick this link for more property information

NEW CONSTRUCTION - HIGH-END AND ECO FRIENDLY. This is not your standard new construction. Owner/Contractor paid special attention to elevate the attention to detail found in this property. From the GEO thermal HVAC system with A.O. Smith Hybrid water heater to the electric car charger and Nest thermostat, doorbells & smoke detectors for smart house compatibility, this house offers easy low maintenance and energy efficiency for years to come.

Posted in Property For Sale
Oct. 16, 2019

Bayshore Condo Unit 300

Bayshore Condo Unit 300

Click here for more information about the property

A RARE OPPORTUNITY to own a 3 BEDROOM WATERFRONT unit at Bayshore Condo. These three bedroom units with 1434 square feet rarely come onto the market. EXPANSIVE BAY VIEWS of Pensacola Bay the Intra coastal waterway and to Pensacola Beach from EVERY WINDOW. This property makes a wonderful full time residence, a great second home or lock and go. This is one of the few properties in Pensacola with a 24hour doorman. 

Posted in Property For Sale
Oct. 16, 2019

Seascape Lakefront Condo Destin

 

Click here for more info about the property

GULF VIEW with Gulf access condo in the Lakefront area of Seascape Resort on Scenic Hwy 98. This 2 BEDROOMS WITH TWO EN SUITE BATHS. This unit has been owner occupied and well cared for. Freshly painted, new granite counters, driftwood vinyl plank flooring, new windows and sliding door. Sold Fully Furnished. Open loft unit is light and bright. Seascape beach access at the Whale's Tail. One of five community pools right behind the condo. Pool view with easy access makes this unit highly desirable.

Posted in Property For Sale
Sept. 16, 2019

Classic Victorian in North Hill Historic District

620 N Barcelona St, North Hill Historic District

Click Here For Details of 620 N Barcelona St.

PRESERVED VICTORIAN IN THE HISTORIC NORTH HILL PRESERVATION DISTRICT KNOWN AS THE SCARRITT MORENO HOUSE BUILT IN 1895  - A CLASSIC EXAMPLE OF A LOVINGLY RESTORED HOME OF THE VICTORIAN ERA. MORENO, A LOCAL LUMBER BARON, STARTED TO BUILD THE HOUSE FOR HIS WIFE IN 1888. IT TOOK SEVEN YEARS TO COMPLETE. THE HOME WAS PAINSTAKINGLY RESTORED AROUND 1996 BY IT'S PREVIOUS OWNERS THE CARLTON'S. AFTER REFINISHING THE HOUSE, IT WAS TURNED OVER TO THE PENSACOLA SYMPHONY TO BE USED AS THEIR DESIGNER'S SHOWCASE HOUSE IN 1997.

 

Posted in Property For Sale
Aug. 14, 2019

East Hill Craftsman Cottage for SALE

1300 E Yonge St, East Hill Pensacola

CLICK HERE FOR PROPERTY DETAILS

Quintessential East Hill living in this renovated Craftsman Coastal Cottage on .27 acre double corner lot with HUGE GARAGE. 3BEDROOM AND 3 FULL BATHS. Heart pine floors, walls & ceilings throughout. A 2017 master suite edition built by Omega Construction offers ample master bedroom w/ vaulted ceilings & French door onto the back deck & yard. HUGE walk in closet & en suite bath w/ double vanity, tile shower w/ glass door, soaking tub & tile floor. The 470 sq ft addition built in the style of the rest of the house, engineered heart pine plank floors & exposed rafter tails make a seamless addition.

Posted in Property For Sale
July 17, 2019

Buyers Waiting for List Prices to Drop? They’ll Be Disappointed

Buyers Waiting for List Prices to Drop

By Natalie Campisi, Capital Gazette Newspapers

Home prices plummeted during the recession, and some buyers are waiting for it to happen again. But investors who dream of easy money – sure they can make even more by flipping – aren’t driving the current market. 

WASHINGTON – Homebuyers sitting on the sidelines waiting for housing prices to backslide might be waiting longer than expected, according to experts. Although the high price of housing in many parts of the country seems to signal a possible bubble, the usual signs – like oversupply, an uptick in investors and loose credit standards – are not there.

The strong demand for housing coupled with a supply shortage is spurring home-price growth rather than speculative buying. A speculative buyer purchases a home with the intention of selling for profit, which played a role in the housing crisis, says Michael Neal, a senior research associate at the Urban Institute.

This is a good thing for people who are worried that home values are going to nosedive. An Urban Institute analysis of recent housing price index data from Black Knight concluded that today’s housing demand is primarily coming from people who plan to live in the home, not real estate investors.

“The investment piece of the (index) is shrinking quite dramatically,” Neal says. “It explains why house-price growth has slowed. It stands in contrast to the housing boom when investors were driving up home-price appreciation.

“You see the same thing when you look out West – that investment piece has declined, as well. It’s actually slightly negative, so it’s detracting from housing prices.”

Supply not keeping up with demand

The supply shortage also gives cover to home values, as there are still more buyers than homes on the market. And that naturally drives up prices.

Despite housing starts of new homes rising in April, there continues to be a shortage of single-family units, says Joel Kan, associate vice president for industry surveys and forecasts with the Mortgage Bankers Association.

“On an annual basis, we’re about 300,000 to 330,000 units short,” Kan says. “If you think about the early 2000s and through the crisis, we had price appreciation that outpaced income growth. And we had overbuilding in many markets. When there was a price correction, there was still inventory and demand lessened; that’s the perfect storm,” Kan says.

Today’s market is very different, though. Builders are mostly focusing on the high-end market, leaving entry-level homebuyers with limited options.

Consider that 15 years ago, nearly 55% of new homes were priced under $200,000, but today that number has dropped to almost 13%, according to a recent report from the Urban Land Institute. Similarly, homes priced under $400,000 have slid from 91% 15 years ago to just 67% of new-home sales today.

Although cooling home prices and waning bidding wars are a welcome reprieve from last year’s housing frenzy, entry-level buyers still face a market with limited options. That means home prices aren’t likely to stop growing anytime soon. Couple this with a tighter credit market and stricter borrowing guidelines, and the looming threat of a housing bubble is unlikely.

“We could loosen lending standards and still be within very reasonable 2001 to 2003 levels,” Neal says.

Tighter lending standards and a robust economy

Unlike the lead-up to the housing crisis when subprime loans were being made to many borrowers who didn’t have the ability to repay, the landscape has tightened considerably in recent years through stricter federal lending regulations. As a result, fewer homeowners are defaulting on their loans today. Foreclosure rates sunk to the lowest level in March for any month in the past 20 years, according to data from CoreLogic.

Qualified mortgage, or QM, standards put into place by the Consumer Financial Protection Bureau, or CFPB, mitigate risk from once-dicey mortgage products like adjustable-rate mortgages, or ARMs. The CFPB put caps on the variable interest rates on ARM products after they reset so that borrowers’ payments can’t jump too high over a short period of time.

While there might be more pronounced fluctuations in certain metro areas, a nationwide housing bubble is doubtful, Kan says. Today’s housing demand is fueled by a strong economy, low unemployment and solid household formation. The sustained growth in housing might even be more impressive if the supply were greater but, instead, home prices have grown.

“Housing is still getting tailwinds from low rates and the strong economy,” Kan says. “We’ve already seen home prices start to break, but they’re still going up, just at a slower pace.”

As of March, U.S. home-price growth has fallen for the past 12 months and is now at its lowest level since September 2012, according to the latest S&P CoreLogic Case-Shiller’s national home price index. Despite the cooling market, Kan predicts home-price growth to continue into 2020, easing fears that today’s homebuyers will lose money next year.

“Our expectation is for prices to grow between 3% and 4%. So even if someone were to buy now, generally, we’re going to see some home-price growth next year,” Kan says.

Buying a house now can help you later

Although it can be a challenge to find affordable housing, there are still good reasons for homeownership, Neal says. First, homeowners get the benefit of having a consistent housing bill each month for the life of their mortgage. And the longer homebuyers stay in their house, the more money they’ll likely save in rising rent down the road.

A stable housing payment with a fixed-rate mortgage can shelter you from the inflation that renters have to pay, something called shelter-cost inflation. Average rents have grown about 1% over the past two months, the fastest pace of growth in nearly two years, according to data from Apartment List’s National Rent Report. Over time, those increases add up for renters.

Today’s homebuyers also benefit from low mortgage rates, which help keep loan costs down. However, not all areas are better for buyers, Kan says. In fact, it’s cheaper to rent, on a monthly basis, than it is to buy a home in nearly 60% of the nation’s major metro areas. There are a few markets where the opposite is true like Detroit, Cleveland and Philadelphia, but those areas are the exception to the rule.

©Florida Realtors®, Copyright© 2019 Capital Gazette Newspapers, Natalie Campisi

Posted in Market Updates