We are starting to face a transition in our real estate market in NW Florida. Our inventory is getting depleted, developers are building again, and we are seeing some appreciation in niche markets. If the property is priced right, it is not lasting on the market and we are even starting to see multiple offers again. A perfect example was a recent foreclosure in Rosemary Beach. WIthin 2 weeks of allowing offers to come in, the listing agent had 24 offers on the table before cutting off the bidding. This home will be sold well above the asking price.
If a new property comes on the market and it is priced extremely competitively, you usually have to jump on it immediately or it is gone. Overall our market seems to be stabilizing and the appraisers seem to think so too. My last 12 appraisals on sales have stated stable market vs. declining market which is a huge step in the right direction. ResortQuest is up approx. 50% over last year in regards to sales absorption which is a huge step in the right direction.
For buyers…NOW is the time to buy before it starts becoming a sellers market again as it feels we have already reached the bottom with signs of positive movement. The rental market this year is also out of control with activity and we continue receiving positive national exposure for our area.
For sellers.. NOW is a great time to put your property on the market due to the increase in activity. You still have to price your properties realistic to the market to sell, but if they are priced right, you have a great potential of selling your property. There is definitely more buyer urgency than in the past. If market accepts the price value of the listing, it usually is not on the market for long.
If the Nathan Abbott Team can ever be of service, please don’t hesitate to contact us. We are your NW Florida Gulf Coast’s real estate specialists and always welcome the opportunity to serve you. Thank you