Pensacola Real Estate Market, in a nutshell!

If you are interested in buying, selling or investing in Real Estate, it is extremely important to have good, up to the minute information on that market.  So here it is…Pensacola Real Estate market, in a nutshell!

Since it is the end of August, the numbers are not quite all in yet.  At the end of July 2016, there were 3058 active listings.  In July 2016, there were 739 completed Sales in the Greater Pensacola area.  Median Sales price was $162,775 and the Average Sales price was $193,856.  Homes listed on the MLS were available on the market an average of 96 days.  These numbers may appear to be disappointing considering national averages, but considering how bad the Florida market was after the collapse of 2008, things are starting to look really good in the Pensacola area.

Last month, the Pensacola market posted unemployment figures of 5.3 percent, compared to the national average of 5.5.5 percent. No more than a year ago, Pensacola’s unemployment rate was at 6.4 percent. These numbers alone would be promising, but they have also led the way for job growth. The one year growth rate of 3.4 percent is greater than the national average of 2.1 percent. With unemployment numbers declining and more jobs being created, this has led the way to a growing economy. This boost to the economy has led to a slight demand for housing. This is represented by an average one month increase in new building permits. The number of new housing is down over the last twelve months, but it appears that the market has hit the bottom and is on the way up.  Great time to sell!

Housing affordability in this area is an indicator of the economy and housing market. One of the trends to look at when dissecting affordability is the monthly mortgage payment to income number. Pensacola homeowners spend an average of 8.1 percent of their income on monthly mortgage obligations. The national average is closer to 14 percent. This indicates that Pensacola homeowners have more reserves and higher disposable income. Those should reduce the number of future foreclosures and increase the growth of local economy. Pensacola is historically strong in regards to affordability, and price to income ratio. Growth may be moving slowly, but there are driving forces that show it can be sustainable. Great time to buy!

Numbers, Number, Numbers….What does all this mean to you?  Let me show you.

Mandi K Willis
Realtor® with Realty Masters of Florida
(904)755-4795
mandiknowles@yahoo.com

Since we are not all psychic, there is no way to predict the future of the real estate/housing market.   The “Baby Boomer” generation is a great indicator of financial trends, as their spending habits have been researched quite heavily over the years.  Americans over the age of 55 are veering from previous generations, opting not to retire, but instead launching 2nd or even 3rd careers.  They are shunning the traditional patterns of retirement, and that could have a big impact on their housing choices, thereby affecting the entire housing market.

Baby boomers are defined as “Americans born during the demographic post–World War II baby boom, approximately between the years 1946 and 1964.” They make up 1/4 of the population of the US and control about 2/3 of the single-family home equity in the nation!  See why they are so important? Sixty-five-year olds who, on average purchased a home 35 years ago now tend to have a home value that is likely 3.7 times the purchase price.

Nearly 1/4 of baby boomers recently surveyed by Freddie Mac say they need major renovations in their current home in order to stay there as they age – and many say they face financial constraints to take on those remodels.  The financial costs of outfitting their home with age-in-place features average $25,000-$50, 000.  

As a result, about 18 million homeowners over the age of 55 may be shopping for another house in the next few years, according to the Insights Report.  Unlike earlier generations, however, baby boomers' main reasons to move aren't due to downsizing.  Instead, the survey showed the key influences making these generations move are: affordability of the community, the need for retirement amenities and a home with less maintenance.

Bottom line, the 55-plus population is likely to be an active part of the housing economy for years to come, and that is a great thing!  If you are reading this and you or anyone else you know is ready, willing and able to purchase a new home/condo in the Pensacola area, please feel free to call/text or email me and I will be more than happy to assist you through the process.  

Make it a great day!

Mandi K Willis, Realtor (904) 755-4795 cell / (850) 473-3983 office
Mandiknowles@yahoo.com 

A new article was released by GOBankingRates that compares the cost of renting to owning in all fifty states across the country. 

According to the data provided by Zumper, GOBankingRates determined that the cost of renting is approximately $398 more expensive than the cost of homeownership across the state of Florida! 

You can read the full article to see how each state compares. Renting is the more affordable option in 42 out of the 50 states! 

We are seeing shrinking inventory in the Pensacola real estate market which is driving up both rental rates and real estate sales prices. Mortgage rates are still at historic lows making it more affordable to own your home than ever.

If you have been considering making the leap from renter to homeowner and purchasing a house in the Pensacola, Florid aarea, contact our office to find out your options! 

Search Pensacola area homes for sale here!  

Nicole St. Aubin, Realtor (850) 473-3983 office

Nicoles@PensacolaRealtyMasters.com  

We are offering this gorgeous waterfront estate for sale! This property features over 3,000 square feet of living area plus 1,000 square feet of deck overlooking Pensacola's Escambia Bay. Take a quick tour of this waterfront property for sale 

Address:  106 Cypress Point East, Pensacola, Florida 32514
Bedrooms: 4  Bathrooms: 2.5   Square Feet: 3,118   Garage:  3 Car

Located in Northeast Pensacola off Scenic Hwy near Olive Rd., this home is convenient to I-10,hospitals, employment, schools and more.  A lot of Scenic Hwy is plagued by railroad tracks, higher elevation and loud noise. Not this area of Scenic! Enjoy tranquility from your backyard with one-of-a-kind sunrises and sunsets daily. No mowing, your backyard is sand and a beach! The small community association upkeeps a dock for the neighborhood so you can fish or build a boat slip. 

The home was built in 1987 and has been extensively remodeled inside and updated with a new flooring, new kitchen cabinets, counters, and appliances, and new bathrooms! Call or email us if you are interested in a personal viewing.

Pam Brantley, Broker, CRS, Retired Navy Captain (850) 473-3983 office
Pam@PensacolaRealtyMasters.com 

The Phases of a New Construction Home Build

1. Prepare site and pour foundation
2. Complete rough framing
3. Complete rough plumbing, electrical, and HVAC
4. Install insulation
5. Complete drywall, interior fixtures; start exterior finishes
6. Finish interior trim; install exterior driveways and walkways
7. Install hard surface flooring and countertops; complete exterior grading
8. Finish mechanical trims; install bathroom fixtures
9. Install mirrors, shower doors, and finish flooring; finish landscaping
10. Final walkthrough!

• Depending on your timeline, you have a few options for buying or building your brand new construction home!

1. You can purchase a newly constructed home already built and close within 60 days.  
2.  You can have a home built on a cleared lot with the option to pick your builder, floor plan, and upgrades which takes between four and six months.
3.  You can also have a home built on a lot that hasn’t been cleared which can take upwards of a year to complete.

If you want to explore your options to purchase new construction, the best thing to do is contact a new construction specialist like myself, so an experienced realtor can guide you through the home buying process. As a buyer, there is no cost to you to have a realtor represent you in your new construction purchase! 

Don’t make the mistake of going to the model home in the neighborhood. You may end up making the mistake of writing a contract in the first subdivision you visited without exploring your options.

Mitch Adcox, Realtor (210) 232-5791 cell / (850) 473-3983 office
Mitch@PensacolaRealtyMasters.com 

We've compiled a comprehensive list of new construction home builders that are continously building new homes in Escambia and Santa Rosa Counties in Northwest Florida. 

• Builder: D.R. Horton (http://www.drhorton.com/)

Builder: Mitchell Homes (http://www.mitchellhomes.com/)  

Builders: Paragon Custom Home Group (http://www.paragonpensacola.com/)

Builder: Henry Homes (http://www.henrycompanyhomes.com/)

Builder: Adams Homes (http://www.adamshomes.com/community/location/homes-for-sale-in-florida/)

Builder: Holiday Builders (https://holidaybuilders.com/regions/gulf)

With so much new commercial and residential new construction in the area, the plethora of options involved in the new construction building process can be overwhelming for a prospective home buyer! We are here to help.

As your realtor, I can help you identify home builders in a specific area you want to live in and can help you narrow down this huge list of new construction builders to helpl you find the perfect Pensacola builder to construct your dream home.  Give me a call or email me today! 

Mitch Adcox, Realtor (210) 232-5791 cell / (850) 473-3983 office
Mitch@PensacolaRealtyMasters.com 

What are Closing Costs when buying or selling your home?

Rick Puckett, Realtor is here to give you an introduction on a short series of videos by Realty Masters to explain what closing cosst are.

Winsor Villas, Milton, FL 32583 55 Housing Community 
Sheri Harris takes you on a quick tour of this 55 Senior Housing Community.

Sheri Harris, realtor, has the scoop on 55 senior housing communities in the Pensacola, Florida area and takes you on a quick tour of Windsor Villas in Milton, Florida 32583. 

Windsor Villas is a gated senior 55 community in northern Santa Rosa County, Florida. This neighborhood is a covenant enhanced community with new construction and resale opportunities designed for 55 home owners.  The neighborhood offers a community pool, community activities, lawn maintenance and more through the homeowners association!

In 2015 and 2016, home prices in Windsor Villas ranged from $134,900 to $197,500.   It is very rare for properties in this neighborhood to be offered for lease.  

Development began in Windsor Villas in 1999, with the majority of homes built in the community early 2000's. There are still a few lots available for new construction opportunities in the community. Let me know if you are interested in purchasing a lot or building a house in this neighborhood as I can help! 

Give Sheri Harris a call at (850) 255-3872 to learn more about 55 housing communities in the greater Pensacola area.

Sheri Harris, Realtor (850) 255-3872 cell / (850) 473-3983 office
Sheri@SheriHarris.com / Follow us on Facebook ~ Pinterest ~ Twitter ~ YouTube 

Escambia County Finance Authority Bond Program

Did you know about the first time home buyer program available in Escambia, Santa Rosa, Okaloosa and Walton Counties?  The Escambia County Finance Authority offers up to $7,500 towards your down payment and closing costs.  Here's our friend Rachael Springfield at Caliber Home Loans explaining some more details about this first time home buyer program available in the Pensacola, Florida area. 

We are happy to help you make the transition from renting to purchasing! Let us know what questions you have.  

Search here for Pensacola area homes for sale. 

Nicole St. Aubin, Realtor  (850) 473-3983 office
Nicoles@PensacolaRealtyMasters.com 

Pensacola Real Estate New Construction Homes Infographic 
A snapshot showing 2016 New Construction homes in the Pensacola area.

In recent years, distressed inventory represented a significant portion of the Pensacola area rental market and new construction was minimal. That has officially changed!

Distressed homes, including short sale and foreclosed homes, currently represent about 7% of the active homes for sale in Escambia and Santa Rosa Counties while new construction homes for sale now represent approximately 18% of the sales market. 

What's better than a brand new home?  Here's a fun infographic breaking down the new construction being built in the Greater Pensacola area! 

There's approximately 550 new construction homes being built with 44% under construction, 27% newly completed, and the other 30% to be built.  

The top areas for new construction include Pace in Santa Rosa County and the Beulah (32526 zip code) and the Cantonment (32533 zip code) area in Pensacola with Southwest Pensacola's 32507 zip code falling behind. 

If you want a list of new construction builders and neighborhoods in the Pensacola area, give our agents a call.  Email Nicoles@PensacolaRealtyMasters.com and we'll send you a full list! 

Nicole St. Aubin, Broker Associate
Realty Masters of FL~ (850) 473-3983
4400 Bayou Blvd. #58B, Pensacola, FL 32503
#1 in Pensacola Rental Houses & Apartments
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Comparing a New Construction Home Purchase versus Existing Home Purchase
Mitch discusses the benefits of purchasing a new construction home in the Pensacola area.

Pensacola Realtor Mitch Adcox compares buying a New Construction Home in the Pensacola area versus buying an existing residential home.  

There's nothing like that new home feel! Mitch is a new construction specialist and can help you navigate the many options new construction has to offer.  

1. New construction is booming! 18% of active homes for sale in the Pensacola area are newly constructed or under construction. 

2. Purchasing a new construction home translates to a smoother home buying experience with no fear of failing inspections or causing financing to be denied.

3. New construction means lower maintenance costs.

4. New commercial buildings, parks, and other projects often follow new construction. 

5. It's easier to sell as the original owner later.

6. New construction offers you limitless options.  

7. You can customize your new home and many builders offer to pay a portion of your closing costs!

New Construction is booming- have you thought about building your very own new home? Let Mitch help. Contact Mitch to learn more about new subdivisions in Escambia County and Santa Rosa Counties, new home builders,  and tour the newest homes in the Pensacola and surrounding areas.  

Mitch Adcox, Realtor (210) 232-5791 cell / (850) 473-3983 office
Mitch@PensacolaRealtyMasters.com 

When is the right time to sell your home?
David discusses seasonal Pensacola Real Estate Market Trends.

Realtor, David Keen, discusses the best time to sell your home. Statistically, April through July are the best time to sell your home in Escambia and Santa Rosa Counties.  

There are many reasons that real estate is more active in the late spring and early summer months, especially in the Pensacola area.

1) It's easier for families to move while school is out!
Imagine the stress of a cross country move with three young children during the school year.  Many families prefer June and July to move because school aged children are on summer break. 

2) The majority of Military PCS relocations are done during this time. 
Especially in Northwest Florida, we have a lot of military families that move, on average, every three years. Pensacola is home to Naval Air Station Pensacola and several smaller bases including Corry Station and Whiting Field in Milton, Florida. The majority of these PCS military relocations take place between April 15th and August 15th each year.  With so many military service members relocating during this time, the summer Pensacola real estate market heats up. 

Because of these reasons, more people also rent homes in April through July. We are seeing extremely low rental inventory in the Pensacola area. Coupled with rising rents, more renters are choosing to buy instead. 

With more home buyers searching for properties,sellers benefit from higher sales prices and fewer days on the market. If you have questions about selling your home in the greater Pensacola area, give me a call or email me today. 

David Keen, Realtor (850) 375-7529 cell / (850) 473-3983 office
David@PensacolaRealtyMasters.com 
 

First Time Home Buyer To Do List

If you are interested in purchasing your first home and are unsure where to start, this To Do List is for you! Provided by the Florida Realtors, this checklist gives you a good idea of the steps to purchasing a home. 

The first steps are critical- saving money for your down payment and improving your credit score so you can get a better interest rate.  If you need help with tips on how to improve your credit, check out this article. 

Of course, you need a great Realtor, so if you are ready to get more information about buying your first home in the Pensacola, Florida area, give Pam or David a call at Realty Masters (850) 473-3983 or email David@PensacolaRealtyMasters.com with your list of questions! We look forward to working wth you. 

Realty Masters of FL~ (850) 473-3983
4400 Bayou Blvd. #58B, Pensacola, FL 32503
#1 in Pensacola Rental Houses & Apartments
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