Gulf Coast Real Estate with Tonya Zimmern.
Tonya Zimmern explains why the Gulf Coast Real Estate market has never looked better!
It is inherently clear that 2020 is the “year of the seller” concerning Gulf Coast real estate. The last time we sat down with Tonya Zimmern Team powered by Keller Williams Gulf Coast Realty to discuss the Gulf Coast market watch, she explained in detail the nuances of a seller’s market. With low levels of inventory nationwide, and especially across Northwest Florida, not only have bidding wars become an increasingly common occurrence, but the length of time a home stays on the market has steadily decreased. Indeed, homes are regularly and quickly selling at market value or above; however, this does not mean it is a less-than-ideal time to buy a new home.
Tonya explains, “While a buyer in today’s market has to search a bit more diligently or have a Realtor® who is willing to do it for them, this is one of the more advantageous times for someone interested in buying a new home.” She continues, “Despite decreased levels of inventory, interest rates are on track to hit a record low, with interested falling below three percent just a few weeks ago. We have not seen rates this low since 2012.” Landlords, house flippers, and those desiring to purchase a vacation property in Northwest Florida are experiencing unique opportunities with the current market. Not only are they finding homes that meet or exceed their wishes, but the interest rates are also leaving them smiling.
For example, in January 2019, a 30-year mortgage at 4.46% on a $500,000 home would have resulted in a total cost of a mortgage of roughly $908,000. Today, a 30-year mortgage at 3.0% on a $600,000 home will yield a total mortgage value of approximately $910,000, which is roughly equivalent to the lower-priced home at the higher interest rate.
Tonya is not the only person optimistic about current real estate trends. According to a recent Gallup poll, real estate investment has been the safest form of investment for the last seven consecutive years. Reports from numerous real estate experts support 2020 being one of the best times to purchase. Ivy Zelman – leader of one of the top house and research investment firms in the U.S. – reports that purchaser demand has remained strong throughout 2020 despite the economic setbacks the world has faced this year. Additionally, the National Association of Home Builders Housing Market Index indicates that builder confidence has returned to the high levels we saw before the pandemic, and Realtor.com data shows that the U.S. Housing Market has also returned to the pre-pandemic growth levels.
With more than 23 years serving the Gulf Coast real estate industry, Tonya Zimmern is one of the highest-rated, most award-winning Realtor’s in NWFL. As a Gulf Coast native, she is an active member of the community and continuously remains on top of trends affecting the real estate market. As an expert in the Gulf Coast real estate market, Tonya Zimmern aspires to not only place her clients in the right home but command the best price, whether buying or selling.
TONYA ZIMMERN, NORTHWEST FLORIDA REALTOR®
Tonya Zimmern Team powered by Keller Williams Gulf Coast Realty